Saudi Oil Shipments to US Down 14% in 2017

• Wednesday, 21st March 2018
• by Editorial Team

American imports of Saudi crude oil dropped to 943 b/d in 2017, a 14% decrease from 2016, according to US government statistics, CNN Money reported. This is the lowest annual amount of crude imported by the US since 1...

Saudi Arabia Offsets OPEC Cuts with Record Fuel Exports

• Wednesday, 21st March 2018
• by Editorial Team

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, Bloomberg reported. Data released by the Joint Organizations Data...

UAE Committed to Oil OPEC Cut Deal

• Monday, 19th February 2018
• by Sarah Samir

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, according to Gulf News. Al Mazrouei, w...

OPEC Oil Output Hikes in January

• Thursday, 1st February 2018
• by Sarah Samir

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, which offset a decrease ...

OPEC, Russia Renegotiate Production Cut Agreement

• Thursday, 18th January 2018
• by Sarah Samir

Russia will withdraw from the production cut agreement with Organization of the Petroleum Exporting Countries (OPEC) if oil prices remain at $70 per barrel for six months, stated Vagit Alekperov, Russian Lukoil’s CEO,...

Iraq to Boost Oil Output Capacity to 5 mb/d

• Monday, 15th January 2018
• by Sarah Samir

Iraq’s oil output capacity is coming close to 5 million barrels per day (b/d). Yet, the member of the Organization of the Petroleum Exporting Countries (OPEC) will comply with the global supply cut pact, Iraqi Oil Min...

OPEC Production Fell by 300K b/d in November

• Sunday, 17th December 2017
• by Editorial Team

OPEC oil production fell by 300,000 barrels per day (b/d) in November, Reuters reports. Production declined from 32.78 million b/d to 32.48 million b/d, data collected by Reuters showed. The decline marked the lowest ...

Plans for Exiting Production-Cut Agreement to be Announced in June

• Wednesday, 13th December 2017
• by Editorial Team

OPEC and its oil-producing allies will announce in June their plans for exiting the production-cut agreement, the UAE Energy Minister, Suhail bin Mohammed El Mazroui, indicated, Reuters reports. “We will announce … a ...

OPEC Oil Production Drops to Lowest Levels Since May

• Tuesday, 5th December 2017
• by Sarah Samir

Oil production of the Organization of the Petroleum Exporting Countries (OPEC) dropped in November 2017, by 300,000 barrels per day (b/d) to reach its lowest output level since May 2017, according to a Reuters‘ ...

Production-Cut Exemptions to be Discussed at OPEC Meeting

• Wednesday, 29th November 2017
• by Editorial Team

Libya and Nigeria’s exemptions from the production-cut agreements could be questioned at tomorrow’s meeting between OPEC and some non-OPEC oil producers, sources told Platts. The two OPEC members have been exempted fr...