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

The cuts have been supported by some non-OPEC producers. most notably Russia.

The 21-mile Strait of Hormuz at the mouth of the Persian Gulf handles roughly 40% of global crude trade.

Countries that do not stop buying oil from Tehran after the deadline risk facing Washington sanctions.

The main theme of the event is production boom in the country.

Iraq has adequate supplies of natural gas but has been flaring gas at increasing rates as oil production climbs.

Trump’s choice has faced opposition of the international community.

Crude oil prices have been moving higher since last month and are up 33 per cent in the year to date.

Donald Trump is betting that Saudi Arabia and other OPEC members make up for the shortfall.

Saudi Arabia’s April crude oil production was nearly steady with previous months.

IEA expects Iraq to add 1.2 million bpd in 10 years to reach 6 million bpd of production in 2030.