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

Saudi Arabia cannot add 2mn bpd to the oil market.

In China'.s case. the Iranian crude oil is essential.

Oil prices have been steadily rising since early 2016. when OPEC and non-OPEC producers struck a deal to cut output.

OPEC agreed with Russia and other oil-producing allies this month to raise output from July by about 1 million bpd.

Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports.

Russia reduced its crude production by 300.000 b d from October 2016.

US president says convinced Salman to raise output by as much as 2 million bpd.

According to the Iranian Oil Ministry. Iran is currently exporting 2.5 million barrels of oil a day.

For more than 45 years. ADNOC has been entrusted with Abu Dhabi’s oil and gas resources.

US President Donald Trump sustained attempt to disrupt Iran’s oil exports would push crude prices above $90 per barrel.