Production Cuts | Egypt Oil & Gas - Part 4

OPEC, Russia Consider Relaxing Production Cuts

Saudi Arabia and Russia will discuss allowing oil production to increase by around 1 million barrels per day (b/d) in an effort to ease concerns over a supply shortage and high oil prices.

Oil Reaches $80 for First Time since November 2014

Oil prices reached $80 a barrel on May 17, driven by concerns over falling supplies due to renewed US sanctions on Iran.

No Extension Needed on OPEC Cuts if Prices Continue to Rise: Iran

An extension to the oil production cuts will not be necessary if crude prices continue to rise, Iranian Oil Minister Bijan Zanganeh has said.

OPEC Cuts Necessary for High Oil Prices: Qatar

Qater has affirmed the need to maintain current oil supply curbs over the long-term to ensure the market continues to stabilise and guarantee that prices fully recover from the 2014 crash.

OPEC Members Suggest Supply Cuts Extension

A number of oil exporting countries have suggested a six-month extension to the supply cut deal agreed by OPEC and non-OPEC nations.

Brent Price Tops $60 per Barrel

The price of Brent crude oil climbed to over $60 per barrel during Friday’s trading.

OPEC will Reconsider Production Cuts in November

OPEC members will discuss OPEC's production-cut strategy when they meet in November.

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.

Saudi Arabia Maintains Market Share in Japan Despite Production Cuts

Saudi Arabia has maintained the same share of Japan’s crude-oil imports since the end of 2016 despite reducing its production in accordance with the production-cut agreement between OPEC and major, non-OPEC oil produ ...

OPEC, Non-OPEC Countries to Discuss Non-Compliance with Agreement

Kuwait and Russia will chair a meeting in Abu Dhabi on August 7th and 8th to discuss why some signatories of last year’s oil-production agreement are failing to fulfill their promises to cut production.

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