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

Crude oil futures were lower as global economic outlook dimmed over an escalation in US-China trade tensions.

Among countries with higher output. Gulf producers Kuwait and the United Arab Emirates both raised supply while remaining below their OPEC targets.

China imported a record amount of crude from Saudi Arabia in June.

OPEC reduced output at the start of this year as part of an agreement with other producers.

The biggest supply drop came from Saudi Arabia. which has cut supply even further below its OPEC target in a bid to reduce oil inventories.

For Russia. the ongoing OPEC+ production cap deal allows it a lot more flexibility that it allows Saudi Arabia.

Two North Sea farm-out deals were announced today in another sign that the mature UK basin can still generate fresh investment for oil and gas projects.

Libya'.s oil industry has been at the mercy of groups vying for control of valuable assets.

Russia is now preparing to dilute the contaminated oil stuck in the pipeline with clean crude.

Saudi Aramco regularly produces 10 million barrels a day.