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

Washington is pushing allies to cut imports of Iranian oil to zero.

Oil prices have been rising in recent months following the decision of the US president to reimpose sanctions on Iran.

Russian-Saudi-OPEC collusion reduced the slack in oil markets. and led to lower stockpiling of crude oil and petroleum products in 2017.

ADNOC has a target to have production capacity of 3.5 million bpd by the end of this year.

Saudi Arabia has been raising its production faster than many expected.

Russia has increased its oil production by 400.000 barrels per day.

Production from the nation’s major shale plays is expected to rise by almost 100.000 bpd month-on-month in November.

Top exporter Saudi Arabia pumped most of the extra oil. raising output by 524.000 bpd in September compared to May.

OPEC estimates India will account for about 40 per cent of the overall increase in global oil demand by 2040.

Global oil supplies had already become tight even before the decisions to cut production and embargo the United States.