Energy Economy

OPEC’s Oil Revenues Fell by 18% in 2019

The Organization of Petroleum Exporting Countries (OPEC) Tuesday announced that 13 member nations lost 18 percent of their income in 2019 due to both the fall in oil prices and the loss of markets. According to OPEC’s Annual Statistical Bulletin data, the most affected countries were Iran and Venezuela, which …

Read More »

IMF: Mideast Loses $270B Oil Income amid Virus, Recession

The Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund’s outlook released Monday. The international lender expects an overall economic …

Read More »

OPEC and Russia May Ease Oil Production Cuts

Saudi Arabia, the world’s largest oil exporter, and other major oil-producing countries are likely to increase their output in August, as coronavirus lockdowns ease and demand begins to rise again. The Organization of the Petroleum Exporting Countries, Russia and other producers are expected to modestly ease the record production cuts …

Read More »

Iran will Surge Oil Production Capacity

Iranian Oil Minister Bijan Zanganeh has announced that his country plans to increase its oil output capacity to take its share back from the market in case of the US sanctions termination. Iran is expanding its oil-production capacity in anticipation that an eventual end of sanctions would allow it to …

Read More »

OPEC Cuts June Oil Exports by 1.84 Million bpd

OPEC cut oil exports in June by 1.84 million barrels per day (bpd) from May levels as it works to implement an output reduction agreement with Russia and other allies, according to estimates from Kpler, which tracks oil shipments. OPEC’s crude exports averaged 17.2 million bpd last month, Kpler said …

Read More »