Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

China’s own oil consumption is down sharply as factories stay closed and travel restrictions remain in place.

Deutsche Bank now expects a slight contraction in the fourth quarter. and cast doubt on the prospect of any rebound at the start of 2020.

OPEC and its partners have been limiting supply since 2017.

According to the latest report of OPEC. Iran produced 2.086 million barrels of crude oil per day in the first month of 2020.

Non-oil trade between Beijing and the Gulf Cooperation Council (GCC) has grown from just several billion dollars two decades ago to nearly $200 billion last year.

Global benchmark Brent crude has fallen to around $55 a barrel this year. alarming producers.

OPEC+ is still waiting for Russia to clarify its position on deeper oil output cuts.

The slowdown in China’s industrial activity is causing the worst shock to oil demand in over a decade.

Beijing has improved its crisis management since the 2003 SARS virus.

Chevron has ramped up output at a key Venezuela oil project to levels not seen in almost a year. offering a thorny reminder of how U.S. sanctions are failing to deliver a knockout of Nicolas Maduro’s regime.