Tag Archives: Oil Price

A surge in OPEC production in late 2018 means the market started this year better supplied than the last.

In recent months. the Saudis increased production by more than 1 million barrels per day.

Russia and Saudi Arabia were the world’s top two oil producers until this year.

Zanganeh said on Wednesday that the current volatility in the oil market is psychological.

Washington had been pushing governments to cut imports of Iranian oil to zero.

Russia has for years been cooperating with OPEC. helping to engineer a rebound after a 2014 oil price slump.

Oil price hit their low for the year Friday as U.S. production continued to grow.

Thanks to shale. US oil production surged to a record level of 11.6 million barrels per day earlier this month.

Iran is OPEC’s third-largest producer. providing more than 2 percent of global oil output.

As oil prices have headed south. Saudi Arabia said it would cut exports by 500.000 bopd next month.