OPEC | Egypt Oil & Gas - Part 22
ADNOC: We Have Several Hundred Thousand b/d in Spare Capacity
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), Reuters reported. ADNOC plans to increase its output from...
Libya Declares Force Majeure on Supplies, Oil Rises
Libya has declared a force majeure on two facilities exporting 850,000 barrels of crude per day (b/d), pushing oil prices to highs not seen since 2014, Reuters reported. Brent crude futures rose 0.8% to $77.90 per bar...
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 Arabia Plans to Pump 11 mb/d in July
Saudi Arabia plans to pump 11 million barrels per day (mb/d) in July, a record high for the country, up from 10.8 mb/d in June, a source close to the situation told Reuters. OPEC agreed at its meeting in Vienna on Jun...
Oil Rises on Iran Supply Concerns
Oil prices rose on June 27 after US officials ramped up pressure on its allies to end imports of Iranian crude by November, Reuters reported. Brent crude futures reached $76.61 per barrel at 08:00 GMT, 30 cents higher...
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...
Congo Republic Becomes OPEC Member
The Republic of the Congo, one of Africa’s major oil producers, has become the newest member of OPEC, Reuters reported. “The conference considered Congo’s request to join the organization and decided to approve its ad...
Egypt Declares Support For OPEC Deal
Egyptian oil minister Tarek El Molla has emphasized his support for measures taken by the Organization of Petroleum Exporting Countries (OPEC) to stabilize the oil market, Egypt Oil & Gas reports. The announcement...
