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

World oil consumption would hit 100 million barrels per day later this year. ``much sooner`` than earlier projected.

The second-largest production increase came from Iraq and the United Arab Emirates.

Saudi Arabia still wants to keep oil prices as high as possible without offending Washington.

OPEC’s production rose in August as a recovery in Libyan output helped offset a cut in Iranian exports.

Qatar also set its August Qatar Land crude OSP at $74.00 a barrel. down from $75.25 for the previous month.

For 2020. Barclays said it expects Brent to average $75 per barrel. up from its previous forecast of just $55 a barrel.

Iraq’s exports from the south were set on a record pace in August.

Oil prices have stabilized over the last two years largely thanks to a deal between OPEC and non-OPEC oil producers.

The October OSPs will also mark the first change in Saudi’s crude price benchmarks since the mid-1980s.

The biggest increase in supplies this month has come from Libya. whose output remains volatile due to unrest.