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

A slowdown in oil demand growth is compounding the emerging oversupply.

A decision on the production policy in 2019 can be reached at an OPEC+ ministerial meeting in Vienna on December 6-7.

Saudi Aramco plans to boost its gas production to 23 billion standard cubic feet (scf) a day from 14 billion scf now.

OPEC and other major producers are considering coordinated output restrictions to stem a further drop in prices.

Crude reserves increased 6.4 billion barrels. or 19.5 percent. to 39.2 billion barrels at year-end 2017.

The biggest boost to Saudi exports to China comes from contracts inked with new refineries starting up this year and next.

Russia is the key non-OPEC partner in the production cut deal with OPEC.

On Tuesday. the American Petroleum Institute (API) reported an estimated inventory increase of 3.453 million barrels.

Saudi Arabia has been pushing for an OPEC cut. indicating it may reduce supply by 500.000 bpd.

The output from the troika is the fastest-growing element in global oil supplies.