oil supply glut
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.
Tuesday, 31st January 2017The 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.
Sunday, 6th December 2015At 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.