OPEC | Egypt Oil & Gas - Part 32
Saudi Arabia Remains as China’s Biggest Oil Supplier
Saudi Arabia maintained its spot as China's top oil supplier in February, two months into the first OPEC output cuts in almost a decade, despite a near 13% fall in shipments from 2016.
Libya’s Oil Production Reaches 700,000b/d
Libya’s National Oil Corporation (NOC) announced that oil production has reached 700,000b/d, recovering from a drop earlier in March caused by fighting at two key oil ports.
Iran to Keep Oil Production at 3.8mb/d
Iran will keep its oil production cap at 3.8mb/d in the second half of 2017 if OPEC members stay committed to the oil cut agreement signed in November 2016.
Oil Inventories Increase Despite OPEC Deal
Saudi Arabia, the biggest member of the cartel, showed a surprising output jump, increasing production in February by 263,000b/d to 10mb/d.
Kuwait Favors an OPEC Output Cut Extension
Kuwait wants the Organization of Petroleum Exporting Countries (OPEC) to extend output cuts beyond June, becoming the producer group’s first member to call for more time to balance the global oil market.
OPEC Reaffirms Commitment to Production Cut
According to Saudi Energy Minister, Khalid al-Falih, oil market fundamentals were already improving after the agreement, and oil prices are up more than 10% since the output curb deal was struck in November 2016, sta ... Iran’s Oil Exports Hike to 3mb/d
Iran's crude oil exports hit a record 3mb/d in the Iranian month of Esfand (late February to late March). The country was released in 2016 from trade restrictions.
IEA Predicts Slump on Oil Supply by 2020
According to the International Energy Agency (IEA) latest report, investment in new projects fell during the slump in oil prices that began in mid-2014, which may compromise production levels by 2020.
