Tag Archives: Oil Production

Under a deal agreed last year. oil exporters committed to cut production in an effort to reduce global stockpiles that have depressed prices for more than two years.

Oil cartel is going to continue the dialogue with shale producers in Q42017 and extend cooperation with the US companies which have not established the contact with OPEC.

Nigeria and Libya have been exempt from quotas under the Vienna deal between OPEC and 10 other major oil producers on limiting oil production agreed in November 2016.

In 2016. ExxonMobil'.s refining amounted to 4.268.000 barrels per day (a decrease of 3.7%).

Russia has no shortage of such natural resources as oil. gas. coal. as their new reserves are systematically discovered.

NISOC has held negotiations and signed agreements with various foreign companies on studying Iran'.s hydrocarbon reservoirs.

Russia will hold a ministerial meeting for several representatives of OPEC member states as well as a number of non-members in St. Petersburg towards the end of this month.

Libya and Nigeria have seen a significant increase in oil production in May and June.

Supply and demand now ``show us we are on the right course`` to achieving OPEC’s goal of reducing stockpiles to their five-year average

The new pipeline. with a length of 941.8 kilometers. stretches from Mohe at the Russian border to Daqing.