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

The Europe is reliant on oil imports for 98 percent of demand.

OPEC oil output rose last month to a 2018 high as Libyan production recovered and Iraq’s southern exports hit a record.

Iran is also awaiting European guarantees on the sale of Iranian oil and banking relations.

U.S. crude oil production in 2018 is expected to rise 1.31 million barrels per day.

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

Over the next seven year the government plans to build another 11 terminals which would raise India’s LNG import capacity.

Russia would maintain its oil production on the level of July within OPEC+ deal.

Currently. non-OPEC supply outages are at a 15-month high of 730.000 barrels per day.

OPEC and its partners agreed in late June to raise output by 1 million b d.

OPEC and its allies agreed in late 2016 to cut output from 2017 by around 1.8 million barrels per day (bpd) versus October 2016 levels.