Tag Archives: Oil Production

Global oil supplies had already become tight even before the decisions to cut production and embargo the United States.

Members of OPEC and non-OPEC countries participating in a supply-reduction agreement are on course to reach 100 percent compliance.

Saudi Arabia is India’s second largest oil supplier after Iraq.

India is the world’s third-largest consumer of oil.

Offshore production in federal waters of the U.S. Gulf of Mexico accounts for 17 percent of total U.S. crude output.

Saudi Arabia has the capacity to produce 12 million bpd and is currently producing 10.7 million bpd.

The BOC-operated fields will add 700.000 bpd to overall production by 2024.

Total OPEC oil production is expected to average 32.46 million b d in 2018. down 220.000 b d from 2017.

Chinese oil product consumption between January and August rose by 5.8 percent compared to the same period last year.

Oil producers have added a total of about 1 million bpd output in ``recent weeks and months``.