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

The oil market could tip into a shortage in the 2020s because ``nobody is allowed to fully invest in future oil production.

OPEC and 10 non-OPEC partners. led by Russia. will meet December 6-7 to decide on output policy.

Iran is OPEC’s third-largest producer. providing more than 2 percent of global oil output.

Saudi Arabia and its allies are now considering cutting output by 1 million to 1.4 million barrels per day.

As oil prices have headed south. Saudi Arabia said it would cut exports by 500.000 bopd next month.

Surging production from the world’s biggest oil producers have more than offset Iranian and Venezuelan supply losses.

The US is now pumping an unprecedented 11.6 million barrel per day (bpd) of oil.

Iran began gas exports to Baghdad in June 2017.

Japanese refiner Fuji Oil is set to resume Iranian crude purchases after Japan received one of those waivers.

OPEC and its allies are considering cutting oil output in 2019 as the group is increasingly concerned about the potential for oversupply.