OPEC non-OPEC agreement | Egypt Oil & Gas
OPEC-led Group Able to Cover Supply Shortage: Russian Energy Minister
Russian energy minister Alexander Novak has expressed confidence that the OPEC-led group of crude exporters are capable of covering potential supply shortages, S&P Global reported. There are concerns that the grou... OPEC Supply Cuts: Oil Production 9% Lower than Agreed
Signatories to the OPEC non-OPEC supply cut agreement reduced production in July by 9% more than agreed, according to an official committee, Reuters reported. The output figures for July show steadily increasing produ...
Kuwait Raises Output by 85,000 bpd
Kuwait started raising its oil output by 85,000 barrels per day (b/d) from July 1, in accordance with the recent agreement between OPEC and non-OPEC producers to increase production by 1 million b/d, according to Reut...
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, CEO Amin Nasser said on June 25, Reuters reported. Aramco currently produces around 10 mi...
OPEC, Russia Agree to Raise Production
OPEC has agreed with Russia and other non-OPEC producers to raise oil production from July, Reuters reported. Saudi Arabia stated that the increase will be “measurable” but did not give specific numbers or quotas. OPE...
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, Reuters reported. Benchmark Brent crude fell more than 2% to a low of $72.9...
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 producti...
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, the Ecuadorian oil minister stated on June 18, Reuters...
