OPEC | Egypt Oil & Gas - Part 31
Rosneft to Raise Crude Output if OPEC Deal Ends
Russia’s largest oil company, Rosneft, has served notice that it will step up production in the event of a sudden end to the agreement among major crude producers to curb output in an effort to prop up prices, Financi...
Nigeria Exempted from OPEC Production Cuts
The Nigerian Minister of State for Petroleum Resources, Ibe Kachikwu, has announced that the Organization of Petroleum Exporting Countries (OPEC) and its other non-producers allies granted Nigeria another exemption fr... Oil Producers Extend Output Cuts for 9 Months
Oil producers chose to extend supply cuts of 1.8mb/d for nine extra months, amidst a global glut of crude and rising US shale gas production, which saw prices more than half in the past three years, Normangee Star rep...
Equatorial Guinea is the 14th OPEC Member
The Organization of the Petroleum Exporting Countries (OPEC) has accepted Equatorial Guinea as a new member of the Organization, Reuters reported. Equatorial Guinea is considered to be Africa’s third-biggest oil... Kuwait Urges Deepening OPEC Oil Cuts
Kuwait stated on the 24th of May that OPEC and non-member oil producers could deepen output cuts or extend them for a year as they seek to clear a global stocks overhang and prop up the price of crude, reported Channe...
Qatar Announces Support to OPEC Deal Extension
Qatari Oil Minister, Mohammad al-Sada, joined a growing number of major oil producers calling for an extension of the output cut deal established by the Organization of Petroleum Exporting Countries (OPEC) and non-OPE...
Saudi Arabia, Russia to Extend Oil Cut until March 2018
Saudi Arabia and Russia, the world’s top two oil producers, agreed on the need to extend output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices, Reuters informed...
OPEC Loses $76b for US Shale
The Organization of the Petroleum Exporting Countries (OPEC) lost $76b in 2016 due to low oil prices caused by rising US oil production due to US fracking, according to a report published by the Energy Information Adm...
