Tag Archives: Market

Production has plummeted by about 850.000 barrels per day (bpd) from little more than one million bpd.

The total amount of oil Saudi Arabia supplied to the market in June was around 10.579 million bpd.

The world’s third largest crude oil supplier currently produces about 10 million bpd and has the capacity to produce 12 million bpd.

The US ultimatum has also contributed to upward pressure on world oil prices.

Iranian President Hassan Rouhani said: ``It has no meaning for Iranian oil not to be exported. while the region’s oil is exported"..

Iran has warned it would not accept other producers reaping the benefits by taking its market share.

In addition to demand growth. LNG supply projects have an opportunity to capture legacy demand.

OPEC and non-OPEC countries decided in late 2016 to cut output by 1.8 million barrels per day to boost oil prices.

Moscow and Riyadh recently announced their desire to pump more oil after a relative hike in prices.

The U.S. is unlikely to join with China and India. though it should.