Tag Archives: Oil Supply

Luaibi did not say which countries have suggested a six- month extension of the agreement.

Crude prices has recovered to $70 per barrel but fast-growing oil exports from the United States (US)’s producers have restricted prices.

China is already one of the largest clients of Saudi crude oil.

The EIA is forecasting US oil production will lift 14.8% to 10.70 million barrels per day this year.

The IEA expects Venezuela'.s crude output will fall to 1.38 million barrels per day (mb d) by the end of 2018.

In countries like Brazil and Mexico. the slowdown at old fields jumped to double-digit rates last year.

The study predicted that Middle East oil production would reach 37 million barrels per day (bpd) by 2040.

Saudi-Iran tensions. and the stand-off on the Korean Peninsula. could impact oil markets this year.

Last year. Saudi Arabia pledged billions of dollars of investments in projects in Indonesia and Malaysia.

Saudi Arabia and Iraq are OPEC’s two biggest producers.