OPEC Members Suggest Supply Cuts Extension
A number of oil exporting countries have suggested a six-month extension to the supply cut deal agreed by OPEC and non-OPEC nations.
OPEC | Egypt Oil & Gas - Part 22
OPEC, Russia Consider 10-20 Year Oil Alliance
Riyadh and Moscow are considering extending Russia’s current short-term alliance with OPEC to curb oil production that began in January 2017 after a crash in crude prices.
Iraq Agrees with OPEC Output Cuts
Iraqi President Fuad Masum stated on March 26 that Iraq supports OPEC’s agreement to cut oil output.
Saudi Oil Shipments to US Down 14% in 2017
American imports of Saudi crude oil dropped to 943 b/d in 2017, a 14% decrease from 2016, according to US government statistics.
Saudi Arabia Offsets OPEC Cuts with Record Fuel Exports
Saudi Arabia exported a record amount of gasoline and diesel in January 2018, helping the kingdom to offset the crude production cuts mandated by OPEC.
UAE Committed to Oil OPEC Cut Deal
UAE intends to continue following the efforts of Saudi Arabia, which are aimed to stabilize the oil markets, said Suhail Al Mazrouei, UAE's Minister of Energy and Industry.
OPEC Oil Output Hikes in January
The Organization of the Petroleum Exporting Countries (OPEC)'s oil production increased in January 2018, following an eight-month low, due to higher output from Saudi Arabia and Nigeria.
OPEC, Russia Renegotiate Production Cut Agreement
Russia will withdraw from the production cut agreement with the Organization of the Petroleum Exporting Countries (OPEC) if oil prices remain at $70 per barrel for six months.
Iraq to Boost Oil Output Capacity to 5 mb/d
Iraq’s oil output capacity is coming close to 5 million b/d. Yet, the OPEC member will comply with the global supply cut pact.
OPEC Production Fell by 300K b/d in November
OPEC oil production fell by 300,000 barrels per day (b/d) in November.
