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

The U.S. has been rapidly cutting into its own net import dependence on crude.

The current trend in the market indicates that the OPEC'.s positive move on cutting the oil output was accepted.". the minister said.

The UAE pumped 3.175 million bpd in October and boosted further its output in November by 71.000 bpd to 3.246 million bpd.

OPEC expects global oil demand to slow next year and sees little support from the economic backdrop.

Zanganeh said on Wednesday that the current volatility in the oil market is psychological.

Washington had been pushing governments to cut imports of Iranian oil to zero.

The producer group needs to stay 700.000 bpd below its agreed target of 31.8 million bpd through 2019.

The producer club will curb output by 0.8 million bpd from October levels.

Saudi Arabia shouldered most of the production cuts on the OPEC side.

President Rouhani said that Iran’s oil sales have been faring much better than how they did before sanctions.