Tag Archives: Oil Production

OPEC and non-OPEC countries had agreed to review current oil production as a countermeasure to the lack of Iranian oil caused by the US sanctions.

Iran argues one member has no right to steal the quota of another.

Compliance with supply cuts was 109% in July.

OPEC and its non-OPEC allies will gather in Algeria over the weekend to review compliance with existing cuts.

Crude oil exports from southern Iraq are close to a record-high so far in September.

In the near-term. the US seems to be counting on Saudi Arabia and Russia. along with American shale drillers. to offset the losses from Iran.

Saudi Arabia is expected to take the issue of balancing the market at the upcoming summit of OPEC.

At the last OPEC meeting in Vienna. the agreement was extended again until the end of 2018.

Iraq had oil reserves of 153 billion barrels as of last year.

Russia has already reversed most of its own production cuts as part of the deal.