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

The US ultimatum has also contributed to upward pressure on world oil prices.

Iranian President Hassan Rouhani said: ``It has no meaning for Iranian oil not to be exported. while the region’s oil is exported"..

Iran has warned it would not accept other producers reaping the benefits by taking its market share.

The two-way trade volume totaled US$12 billion in 2017. with South Korea exporting $4 billion worth of products.

South Korea’s second largest refiner GS Caltex has bought 4 million barrels of Mars crude in recent months. the sources said.

OPEC and non-OPEC countries decided in late 2016 to cut output by 1.8 million barrels per day to boost oil prices.

Moscow and Riyadh recently announced their desire to pump more oil after a relative hike in prices.

The U.S. is unlikely to join with China and India. though it should.

The statement said the kingdom will coordinate with other producers.

The terms of the agreement reached last month were ambiguous.