Tag Archives: Oil Production

SOMO and Russia'.s Litasco have set up a joint trading company in Dubai to market crude.

Extension of the agreement to cut oil production meets the interests of Azerbaijan.

Late last year. the 24 countries. including the OPEC and Russia. agreed to cut production by 1.8 million barrels per day in order to reduce global oil inventories.

Iran’s average oil output increased by 232.000 b d and 1 b d compared to 2016 and 2015 respectively.

Texas shale producers forced OPEC this morning to extend its oil production cuts for nine months.

Libya. along with Nigeria and Iran. was exempted from the original agreement.

Equatorial Guinea has been accepted as a new member of the Organization of the Petroleum Exporting Countries (OPEC).

OPEC members would decide during the meeting on May 25 to extend the 1.2 mb/d oil cut for six or nine months.

This year it is planned to produce about 5 million tons of oil and 3.1 billion cubic meters of natural gas at Kashagan

Over the next two months. the UAE will cut another 278000 bpd. demonstrating its compliance with its quota under the agreement.