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

Sanctions on Iran are expected to remove about 1 million barrels a day from the world market by the end of the year.

U.S. crude oil production has climbed by almost a third since mid-2016 to around 11 million barrels per day.

Russia will take leadership for the new secretariat.

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.

Global supply next year could be helped by Brazil. Kazakhstan and the United States.

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.