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

Oil prices have come under downward pressure from rising supplies.

OPEC and Russia may use cuts to support $70 per barrel.

The next OPEC+ meeting is scheduled for 4 December.

The committee is away from its mission and for the same reason should be stopped.

OPEC member Venezuela last year produced more than 2 million bpd.

China was given a waiver to import around 360.000 bpd from Iran during the exemption period.

The Kirkuk area in northern Iraq produces about 230.000 bpd for local refining.

Saudi Arabia. the world'.s largest exporter. has claimed that it can respond to the Iranian shortfall.

Vitol has now revised down its oil demand growth forecast for next year to 1.3 million bpd.

Saudi Arabia is the only producer with significant spare capacity around 2 million bpd.