Tag Archives: Libya

.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.

The average production of oil during the first 6 months of the year should stand at the established quota.

The OPEC 171st session aiming at reviewing the oil freeze plan was held in Vienna on November 30.

Iran is now pumping around 3.8 million barrels per day of oil and condensate.

In November. Obama extended a separate national emergency against Iran.