Tag Archives: Libya

Iran'.s crude oil production rose by 50.200 barrels per day in January over the previous month. reaching 3.75 million bpd.

.The world’s largest oil-consuming country could sell as much as 800.000 barrels per day of crude overseas this year

.OPEC’s agreement lasts for six months. with the goal of shrinking bloated oil inventories that are keeping a lid on prices

.The price of OPEC basket of thirteen crudes stood at $53.92 a barrel on Feb.2

.The January drop in OPEC output has been offset slightly by higher supply from Libya and Nigeria

Russian oil producers achieved a major milestone in 2016.

The global 2016 output stood at over 1.6 billion tons. up 0.7% year on year.

Iran is eligible and capable to absorb some $370-380 billions within the next decade.

Iran was the only country allowed to slightly boost output.

It was decided during the meeting that majority of members curtail production by a combined amount of 1.2 million barrels.