Tag Archives: Oil Production

OPEC and non-OPEC producers will hold an extraordinary meeting and do what is necessary to balance the market.

Total oil production in the United States will be nearly equal to that of Russia and Saudi Arabia combined by 2025.

The 1.2-million-bpd cut is basically the currently expected production growth in the United States for next year.

Iran. Libya and Venezuela are exempted from the cuts.

The OPEC+ alliance agreed earlier this month to remove 1.2 MMbpd from the market in the first quarter of 2019 to revive prices.

Rosneft said the total recoverable oil reserves at five blocks may amount to 670 million barrels.

Oil production from Libya’s biggest oilfield will only restart after ``alternative security arrangements are put in place``.

Both U.S. crude and Brent have shed more than 30 percent from early October amid swelling global inventories.

Iraq’s crude production jumped as much as 6% in 2018.

The UAE pumped 3.175 million bpd in October and boosted further its output in November by 71.000 bpd to 3.246 million bpd.