Saudi Aramco has 2M b/d in Spare Capacity: CEO
Saudi Aramco has 2 million barrels per day (b/d) in spare capacity, double the expected OPEC-sanctioned increase in production.
News / International
Congo Republic Becomes OPEC Member
The Republic of the Congo, one of Africa’s major oil producers, has become the newest member of OPEC.
OPEC, Russia Agree to Raise Production
OPEC has agreed with Russia and other non-OPEC producers to raise oil production from July.
Oil Falls 2% Ahead of OPEC Meeting
Oil prices fell on June 21 as producers prepared to discuss the lifting of production cuts at the biannual OPEC meeting on June 22 in Vienna.
Iran Rules Out Agreement at OPEC Meeting
The Iranian oil minister has stated that a deal on oil output at the June 22 OPEC meeting in Vienna is unlikely, setting the stage for a clash with Russia and Saudi Arabia, who are pushing to curb the current production cuts.
Rig Builder Lamprell Agrees Saudi Joint Venture
UAE-based rig builder Laprell has set up a joint venture in Saudi Arabia to increase its business in the kingdom after a Saudi company acquired a 10% stake in the company.
Gas Natural Fenosa Extends Sonatrach Gas Deal to 2030
Spain’s Gas Natural Fenosa has signed an agreement with Algeria’s Sonatrach that will extend their gas purchase contracts until 2030.
ADIPEC To Focus on Digitalization in 2018 Conference
Digitalization will be the key focus for the 21st edition of Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Saudi Arabia, Russia Propose 1.5 M b/d Output Increase: Ecuador Oil Minister
Saudi Arabia and Russia are reportedly seeking a 1.5 million barrel per day (b/d) increase in production from signee countries to the OPEC and non-OPEC agreement.
Libya Oil Facilities Suffer ‘Catastrophic Losses’ After Clashes
Libya’s National Oil Company stated that clashes at oil facilities on the country’s northeast coast have caused “catastrophic losses” after two storage tanks were destroyed.
