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

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.

OPEC-member Iran has exported around 2.5 million barrels per day of crude oil so far this year.

The committee groups representatives are from Saudi Arabia. Russia. the United Arab Emirates. Kuwait. Algeria. Venezuela and Oman.

China is under the pressure to cut oil purchases from Iran.

According to analysts. Iran’s crude oil exports have fallen sharply due to US sanctions.

Oil prices rose on Friday. supported by signs that US sanctions on Iran are already reducing global crude supply.

Trump’s administration is pushing allies to cut imports of Iranian oil to zero.

Fifteen of the 25 analysts polled by International Business Times expect Iran’s sanctions to drive oil prices up.

The Trump administration will offer 11 million barrels of crude from its reserves.