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

Saudi Arabia had been ``very helpful`` in bolstering oil supplies while the U.S. moved to reimpose sanctions against Tehran.

Russian oil output peaked during the Soviet era. averaging 11.416 million bpd in 1987. according to BP data.

The US sanctions were re-imposed on Tehran following the withdrawal of the United States from the Iran nuclear deal in May.

In Asia. America’s closest allies Japan and South Korea have followed suit for now.

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC).

Fears of a global economic slowdown could be behind the rare move.

The 15 countries in OPEC produced an average 33.31 million barrels per day in October.

A month later. Russia’s production alone hit another post-Soviet record of 11.41 million bpd.

OPEC agreed in June to pump more oil after pressure from U.S. President Donald Trump to curb rising prices.

There are ongoing transformations at the level of OPEC’s member countries.