Tag Archives: Oil Production

At the current price of USD 70 per barrel. the annual value of global oil output is USD 2.5 trillion.

Iran’s production from the oilfields in West Karoun has risen to 350.000 barrels per day during the last two years.

Crude oil production in the U.S. rose by 100.000 barrels to 12.2 million barrels per day (bpd) for the week ending March 29.

Venezuela'.s state-run energy company. PDVSA. kept oil exports near 1 million barrels per day in March despite US sanctions.

Ghawar in Saudi Arabia is the world'.s largest conventional oil field.

Now prices are higher than they were in January.

Beyond OPEC. oil prices have been boosted by U.S. sanctions against OPEC members Iran and Venezuela.

The Trump administration is seeking to sign contracts leasing new coastal waters for oil drilling under favorable terms.

The event then will feature a presentation on the pace of oil market development.

The Organization of Petroleum Exporting Countries reduced production by 221.000 bpd in February.