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

There is a concern that divestment from the industry will lead to critical resources not being developed.

OPEC members pumped 29.50 million barrels per day (bpd) last month.

OPEC’s output declined last month as several Persian Gulf producers stepped up their implementation of cutbacks aimed at balancing global oil markets.

Oil in New York capped its biggest annual increase since 2016. as OPEC’s production cuts tempered supplies while a trade pact between the U.S. and China.

Russia agreed to expand its 228.000 bpd in cuts by an additional 70.000 bpd for a total of about 300.000 bpd.

OPEC+ will meet in early March to discuss options for future cooperation on supply.

The OPEC+ decision to increase the reduction of oil output in the first quarter of 2020 was not linked to the Saudi Aramco IPO.

The deal could take as much as a year to bring the field back to full capacity.

Kuwait and Saudi Arabia could reach an agreement by the end of this year to renew oil output.

Iraq has been one of the weakest links since the OPEC+ alliance began in late 2016.