OPEC and non-OPEC petroleum producing countries will agree to introduce a mechanism for monitoring crude oil production before the end of 2018, Kuwaiti Oil Minister Bakheet Al-Rashidi stated.
Saudi Arabia was forced to cut oil production by more than 200,000 barrels per day (b/d) last month after OPEC’s forecasted demand figures were lower than expected, raising concerns about oversupply.
Saudi Arabian crude exports are expected to drop by roughly 100,000 barrels per day (b/d) in August as the country refrains from oversuppling the market, the kingdom's OPEC governor stated on July 19.
Saudi Arabia is looking to increase its oil exports to Asia, according to anonymous sources.
Abu Dhabi National Oil Company (ADNOC) revealed on July 3 that it has the ability to increase oil production by several hundred thousand barrels per day (b/d).
Libya has declared a force majeure on significant ammounts of its supply, pushing oil prices to highs not seen since 2014.
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.
Saudi Arabia plans to pump 11 million barrels per day (mb/d) in July, a record high for the country, up from 10.8 million b/d in June.
Oil prices rose on June 27 after US officials ramped up pressure on its allies to end imports of Iranian crude by November.
Saudi Aramco has 2 million barrels per day (b/d) in spare capacity, double the expected OPEC-sanctioned increase in production.
