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

U.S. sanctions have removed 800.000 bpd of heavy crude from the global market.

In 2018 OPEC+ decided to increase output at its mid-year meeting. only to return to production cuts in 2019.

The UAE can raise production to 3.5 million barrels per day. only if needed.

Venezuela. plus Iran and Libya. were exempted from making voluntary curbs under the OPEC+ deal.

The sudden risk to Libya’s oil supply comes at a time when the broader global oil market is tightening.

Libya is a significant supplier of oil to Europe. producing around 1.1 million barrels per day (bpd) of crude in March.

Surging oil prices over more than a decade helped many Gulf states expand aggressively at home and abroad.

The joint ministerial monitoring committee of OPEC+ is meeting in May.

Iraq had a company like EIED which could establish ties with its Iranian opposite number.

Sanctions can cut 500.000 bpd of Venezuelan exports.