Oil Cuts

  • Canada Ramping Up Production to End Year on a High 

    Canada Ramping Up Production to End Year on a High 

    Monday, 2nd November 2020

    Canadian producers are rigorously producing extra crude in an attempt to try and offset a dire year for the Canadian oil industry.

  • OPEC+ Warns of “Precarious” Oil Market

    OPEC+ Warns of “Precarious” Oil Market

    Tuesday, 20th October 2020

    The Organization of Petroleum Exporting Countries and its allies (OPEC+) has warned that the state of the oil market is in a “precarious” position and has hinted towards a change of tack in regards to oil cuts.

  • Iraq Asks for Exemption From OPEC+ Production Deal in 2021

    Iraq Asks for Exemption From OPEC+ Production Deal in 2021

    Wednesday, 2nd September 2020

    Iraq, the Organization of the Petroleum Exporting Countries’ fourth-largest producer of oil, is seeking a pardoning from the existing OPEC+ deal in Q1 of 2021 but insists it will adhere to cuts over the next 3 months.

  • Saudi, Russia Agree to Extend Oil Cuts

    Saudi, Russia Agree to Extend Oil Cuts

    Thursday, 4th June 2020

    Saudi Arabia and Russia have agreed to extend the existing oil cuts by another month and intend to ramp up pressure on non-compliant oil producing nations.

  • Iraq’s Production Cuts Below Third of OPEC’s Required Rate

    Iraq’s Production Cuts Below Third of OPEC’s Required Rate

    Thursday, 14th May 2020

    Iraq has announced that it will only cut production by 700,000 barrels per day (bbl/d), a third less than the required amount from the OPEC+ supply pact, after international oil companies (IOC) rejected further cuts.

  • Kurdistan Reaches Agreement With Iraq to Cut Production

    Kurdistan Reaches Agreement With Iraq to Cut Production

    Tuesday, 21st April 2020

    The Kurdistan Regional Government (KRG) and the federal Iraqi government have come to an agreement to cut oil output in line with a new deal between top oil producers to lower global supply.

  • UAE Committed to Oil OPEC Cut Deal

    UAE Committed to Oil OPEC Cut Deal

    Monday, 19th February 2018

    UAE intends to continue following the efforts of Saudi Arabia, which are aimed to stabilize the oil markets, said Suhail Al Mazrouei, UAE's Minister of Energy and Industry.

  • OPEC, Russia Renegotiate Production Cut Agreement

    OPEC, Russia Renegotiate Production Cut Agreement

    Thursday, 18th January 2018

    Russia will withdraw from the production cut agreement with the Organization of the Petroleum Exporting Countries (OPEC) if oil prices remain at $70 per barrel for six months.

  • Oman to Host OPEC Meeting for the First Time

    Oman to Host OPEC Meeting for the First Time

    Wednesday, 17th January 2018

    Oman will host the 7th meeting of Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) on January 21st.

  • Kuwait Urges Deepening OPEC Oil Cuts

    Kuwait Urges Deepening OPEC Oil Cuts

    Thursday, 25th May 2017
    OPEC and non-member oil producers could deepen output cuts or extend them for a year.