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

OPEC+ is scheduled to meet in the Austrian capital of Vienna in April for an extraordinary general meeting.

The event then will feature a presentation on the pace of oil market development.

OPEC+ provides main support to the oil market.

Russia will cut production by 228.000 barrels per day.

The JMMC includes major oil producers Saudi Arabia and Russia and monitors the oil market and conformity levels with supply cuts.

The Organization of Petroleum Exporting Countries reduced production by 221.000 bpd in February.

Venezuela´s oil output has long been on a downward spiral thanks to years of underinvestment and mismanagement.

Rystad Energy forecasts that some operators in Venezuela will run out of naphtha by this month.

OPEC members agreed to trim 800.000 barrels a day from October’s production levels for six months through June of this year.

The IEA warned that the oil industry is in danger of creating a major supply gap in the 2020s.