OPEC Slashes Oil Demand Forecast by 9.1%
The Organization of the Petroleum Exporting Countries (OPEC) has dramatically cut its expected forecast for global oil demand this year, citing that this upcoming quarter will see the steepest decline.
OPEC | Egypt Oil & Gas - Part 11
Iraq’s Production Cuts Below Third of OPEC’s Required Rate
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 cu ...
Russia to Curb Oil Production in Siberia by 15%
Russia’s top producing oil region in Western Siberia is expected to cut production by 15% in line with the OPEC+ cuts.
Kuwait to Voluntarily Further Reduce Production by 80,000 bbl/d
Kuwait’s oil minister, Khaled Al-Fadhel, announced that Kuwait will support the Kingdom of Saudi Arabia’s efforts to restore stability to oil markets by cutting production by 80,000 barrels per day (bbl/d).
UAE to Voluntary Cut Production by 2.5% in June
UAE’s Minister of Energy, Suhail bin Mohammed Faraj Faris Al-Mazrouei, announced that the UAE will voluntarily cut its oil output by 2.5% (100,000 barrels per day (bpd)) in June to rebalance the global oil market ...
Saudi Arabia to Reduce Oil Production Worth 1% of Daily Global Supply
A Saudi Ministry of Energy Official stated that Saudi Aramco will reduce its crude oil production in June by a voluntary amount of 1 million barrels of oil per day (mmbbl/d) or 1% of daily global oil supply.
Oil Producers to Cut Oman’s Production by 200,000 bbl/d
Oman is preparing to slash oil output during May and June which will see the Sultanate reduce its production by 201,000 barrels per day (bbl/d).
KPC to Coordinate with Clients Concerning Oil Cuts
Kuwait Petroleum Corporation (KPC) is set to cooperate with clients in international markets in an effort to cut its supply of Kuwaiti crude oil in accordance with OPEC oil cuts.
Saudi Arabia Ready for Long Term Cooperation with Russia
Saudi Arabia and Russia confirmed their commitment to implement the OPEC agreement of limiting production to 9.7 million barrels per day (mmbbl) for the coming two years.
Saudi Arabia Crude Oil Exports Falls to 7.2 mmbbl in February
Saudi Arabia’s crude oil exports in February slipped to 7.2 million barrels per day (mmbbl) from 7.29 mmbbl in January.
