Tag Archives: Oil Price

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.

Reduced Saudi oil imports tend to reflect in lower weekly U.S. inventories.

Saudi Arabia’s in a more precarious position for this upcoming OPEC meeting.

Other Chinese oil companies are also gearing up for the winter season.

Rosneft will work on increasing its market share if oil prices drop.

Gazprom Neft could partner with Mubadala. Adnoc and other companies in the development of oil and gas reserves.

OPEC member Venezuela last year produced more than 2 million bpd.

Vitol has now revised down its oil demand growth forecast for next year to 1.3 million bpd.