Social and Events

The global agreement to limit production is making progress in re-balancing supply and demand for oil.

The importing goods included cars. tires. bicycle spare parts. banana. rice. car spare parts. butter. toys. tea and cereals.

Iraq plans to double its production from oilfields in Kirkuk to one million barrels per day.

Libya agreed its oil production would not exceed 1 mln bpd. and Libya said it would bring its output in line with the target next year.

BP completed seven major projects this year. in Egypt. Trinidad and Tobago. Oman. Australia and in the North Sea.

The UAE. which is a net importer of gas. has been looking to diversify its supplies to meet growing demand.

The experts attending the conference highlighted that Turkey and Iran are about to start significant energy cooperation.

OPEC is expected to stick to its current policy of output cuts in the second half of 2018.

At $60. the Kingdom and some other Gulf countries (though not Oman and Bahrain) will probably run a current account surplus for 2018.

The Declaration of Corporation’ by Opec and non-Opec participating countries gave hope and stability to the market at a very critical time.