cuts | Egypt Oil & Gas

OPEC+ Sees No Need for Further Oil Output Cuts: Russian Deputy PM

OPEC+, the Group of leading oil producers, saw no need for further oil reductions despite lower-than-expected Chinese demand, but that the organization can always adjust its policy if necessary, according to Russi ...

Saudi Arabia Maintains Crude Supply to Asian Refiners Despite OPEC+ Cuts

Despite OPEC+’s surprising announcement last weak about extra production cut of 1.16 million barrels per day from May for the rest of the year, Saudi Aramco will maintain the same crude volumes supply to several N ...

Oil Prices Surge as OPEC+ Suprises Markets with Production Cuts

After the Organization of the Petroleum Exporting Countries and their allies including Russia (OPEC+) shocked the markets by announcing further production cuts of about 1.16 million barrels per day, oil prices inc ...

Saudi Aramco to Continue Full Oil Supplies to Asia in November Despite OPEC+ Cuts

Several people with knowledge of the situation said on Monday that Saudi Aramco has informed at least seven customers in Asia that they will get full contract volumes of crude oil in November before the peak winte ...

Eni Cuts Back on 2020 Targets

Italian company Eni has adjusted the company’s financial outlook for the coming year and has announced capital expenditure (Capex) cuts of 2.3 billion EUR for 2020.

Oil Minister: Iraq is in Compliance with Production-Cut Agreement

Iraq’s crude oil production fell to 4.32 million barrels per day (b/d) in August.

Saudi Arabia to Reduce Crude Oil Cuts to 350,000 b/d for October

Saudi Arabia will cut its exports of crude oil by 350,000 barrels per day (b/d) during the month of October.

Kuwait Promises to Reduce Oil Production, Following UAE

Kuwait is promising to decrease its oil production in response to Saudi Arabia’s call for fellow members of the Organization of the Petroleum Exporting Countries (OPEC) to cut more supply in order to aid in restraini ...

Iraq, Algeria Signal Consensus on OPEC Cuts

OPEC and major oil exporters reached consensus to extend the limits of cuts until the end of 2017.

China’s Oil Giants Take Spending Cuts Deeper

PetroChina Co., Cnooc Ltd. and China Petroleum & Chemical Corp., which together produce more crude than any country in OPEC besides Saudi Arabia, will reduce combined capital expenditure by about 8% this year.

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