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, Reuters reported. The strict...
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, according to Reuters. Crude prices have not breached the $80 mark since November 2014. Brent cru...
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, Reuters reported. “There will be no decision on this in OPEC’s ...
OPEC Cuts Necessary for High Oil Prices: Qatar
Qatar has affirmed the need to maintain current oil supply curbs over the long-term to ensure that the market continues to stabilise and guarantee that prices fully recover from the 2014 crash, Reuters reported. Qatar...
OPEC Members Suggest Supply Cuts Extension
Iraqi oil minister Jabar Al-Luaibi said on March 28 that a number of oil exporting countries have suggested a six-month extension to the supply cut deal agreed by OPEC and non-OPEC nations, Reuters reported. The OPEC ...
Brent Price Tops $60 per Barrel
The price of Brent crude oil climbed to over $60 per barrel during Friday’s trading, Bloomberg reports. The last time Brent crude surpassed $60 per barrel was in 2015. At the close of trading on Friday, the price benc...
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...
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. ...
