OPEC | Egypt Oil & Gas - Part 28
OPEC Production Falls in August
OPEC production fell in August as Saudi Arabia cut back its production, Bloomberg reports. This decrease marks the first decline in production for the oil cartel since March, according to CNBC. Excluding Nigeria and L...
Saudi Arabia, UAE Signal Willingness to Extend Production Cuts
The oil ministers of Saudi Arabia and the UAE indicated that their countries were willing to consider an extension of the production-cut agreement between OPEC and major, non-OPEC oil producers, Reuters reports. The d...
PetroLogistics: OPEC Oil Exports & Consumption to Fall 419K b/d in August
PetroLogistics is predicting a 419,000 barrels per day (b/d) drop in OPEC oil exports and consumption for the month of August, Reuters reports. “OPEC-14 supply is expected to average 32.8 million bpd in August r...
OPEC will Reconsider Production Cuts in November
OPEC members will discuss OPEC’s production-cut strategy when they meet in November, the Kuwaiti oil minister, Essam El Marzouq, told Kuwaiti media, Reuters reports. “At our next meeting at the end of Nove...
OPEC Expects Higher Oil Demand in 2018
OPEC is predicting record oil demand in 2018, reports Egypt Oil & Gas. Demand for crude oil will rise to 97.8 million barrels per day (b/d), an increase of 1.28 million b/d or 1.3% from 2017, according to OPEC’s A...
Iraq, UAE, Kazakhstan Recommit to Oil Cut Deal
Iraq, the UAE, and Kazakhstan, reiterated their support for January’s production-cut agreement between OPEC and other major oil producers, according to a statement released by OPEC, Egypt Oil & Gas reports. ...
Iraqi Oil Minister Visits Saudi Arabia
Iraqi Oil Minister, Jabar El Luaibi, visited Saudi Arabia on August 8th to discuss the oil market and OPEC’s efforts to stabilize prices, Reuters reports. During the visit, he met with the Saudi Oil Minister, Kh...
US Oil Prices Sink Below $50
The US price of crude oil is hovering under $50 per barrel despite this week’s meeting of oil producers in Abu Dhabi to discuss compliance with January’s production-cut agreement, Reuters reports. Increasi...
