oil supply glut

  • Most Countries Back OPEC, non-OPEC Agreement Extension: Al-Mazrouei

    Most Countries Back OPEC, non-OPEC Agreement Extension: Al-Mazrouei

    Tuesday, 17th April 2018

    The majority of OPEC and independent oil producing countries support turning the OPEC non-OPEC agreement into a long-term producers’ alliance.

  • OPEC Meets 82% Compliance with Freeze Deal

    OPEC Meets 82% Compliance with Freeze Deal

    Tuesday, 31st January 2017
    The Organization of the Petroleum Exporting Countries' (OPEC) oil output was set to fall by more than 1mb/d in January to prop up oil prices and reduce a supply glut. Supply from 11 OPEC members with production targets under the deal has averaged 30.01mb/d in January, compared to 31.17mb/d in December.
  • OPEC: Tehran, Riyad to Continue Pumping Oil Despite Price

    OPEC: Tehran, Riyad to Continue Pumping Oil Despite Price

    Sunday, 6th December 2015
    At the OPEC Summit, both Iran and Saudi Arabia said they would keep on pumping despite oil prices hovering near a six-year low as OPEC was not expected to curb the global supply glut.