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

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.

Members of OPEC and non-OPEC countries participating in a supply-reduction agreement are on course to reach 100 percent compliance.

Russia and Iran are in permanent contact which will help reinforcing cooperation in all levels of trade ties especially in energy sector.

Global oil demand is expected to increase by 14.5 million bpd from 2017 to 111.7 million bpd in 2040.

Crude has retreated more than 5 percent after reaching a four-year high earlier this month.

The meeting is about the possibility of further oil output regulation.