Tag Archives: Oil Market

OPEC’s crude oil production rose by 70.000 bpd from June to stand at 32.64 million bpd in July.

US oil rig counts were up by two to 1.048 for the week ended July 27. according to Baker Hughes

China’s economic growth eased in the second quarter of this year to 6.7 percent.

The study is based on date only up to October 2014.

The rise in the price of crude is obviously very good news for oil companies.

Venezuela’s production collapsed due to a lack of investment and Iranian exports have suffered due to US sanctions.

As Saudi Arabia raised its production. the number of rigs drilling for oil in the US fell by 80%.

The global oil and gas industry has significantly increased the pace at which new projects are brought to peak production levels.

Venezuela’s crude oil production dropped in June by 47.500 bpd from May. to average 1.340 million bpd last month.

Last month. members of OPEC agreed to pump an additional 1 million barrels of crude daily.