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

OPEC forecasts India'.s crude oil demand will expand to 5.8 million barrels per day by 2040.

Oil Rises amid US Lower Imports. Venezuela Sanctions.

In late 2017. the kingdom announced plans to build the US$500 billion NEOM mega city in the northern Red Sea.

The Trump administration on Monday imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA.

Saudi Arabia'.s voluntary limit under the December cuts deal with Russia and other producers was 10.33 million barrels a day.

Russia has been a long-standing ally of Venezuela and has acted as a lender of last resort for Caracas.

Aramco'.s plan to buy a stake in Hyundai Oilbank can be seen as Saudi Arabia'.s move to secure its market share in South Korea.

Russia and Saudi Arabia have been steadily developing economic cooperation over recent years.

China is trying to stem the slowdown with aggressive fiscal stimulus measures.

The compliance with the agreed output cuts will be key to balancing the market in 2019.