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

OPEC+ account for nearly 49 million of the 84 million bpd of global crude.

The Persian Gulf and then the Strait of Hormuz are the key export routes of Iraqi crude oil from its southern ports.

Saudi Arabia hopes OPEC and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July. according to the country’s energy minister.

The outlook for oil demand growth in 2019 also put pressure on prices.

Iraq’s government is expected to launch a tender to develop the field this year.

OPEC and its allies have been reducing oil output by 1.2 million barrels per day since Jan. 1 to support the market.

Japan is the world’s fourth-largest consumer of oil — after the US. China and India.

Falih hopes oil producers will be able to balance the oil market before next year.

Global oil supplies will increase far more than demand next year with the start of a host of new projects. putting further pressure on the OPEC cartel.

Oil demand is shriveling as the trade war between the U.S. and China trips up the global economy.