Venezuela | Egypt Oil & Gas - Part 5
OPEC, Russia Agree to Raise Production
OPEC has agreed with Russia and other non-OPEC producers to raise oil production from July, Reuters reported. Saudi Arabia stated that the increase will be “measurable” but did not give specific numbers or quotas. OPE...
Oil Falls 2% Ahead of OPEC Meeting
Oil prices fell on June 21 as producers prepared to discuss the lifting of production cuts at the biannual OPEC meeting on June 22 in Vienna, Reuters reported. Benchmark Brent crude fell more than 2% to a low of $72.9...
Iran Rules Out Agreement at OPEC Meeting
The Iranian oil minister has stated that a deal on oil output at the June 22 OPEC meeting in Vienna is unlikely, setting the stage for a clash with Russia and Saudi Arabia, who are pushing to curb the current producti...
Iraq Opposes Calls for OPEC Production Boost
Iraqi oil minister Jabar al-Luaibi released a statement on June 11 in which he warned producers against being pressured to boost output levels, adding that unilateral decisions could collapse the OPEC and non-OPEC sup... Aramco Raises Price of Crude Exports to Asia
Saudi Aramco has increased the price of crude exports to Asian buyers to their highest levels since 2014 amid rising demand for Saudi oil, Bloomberg reported. Aramco raised its price for July shipments of Arab Light c...
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... UAE: More Pressing OPEC Issues than Iran
The Organization of Petroleum Exporting Countries (OPEC) has more important issues to consider than the US decision to withdraw from the 2015 nuclear agreement with Iran, United Arab Emirates Energy Minister Suhail Mo...
