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

The total amount of oil Saudi Arabia supplied to the market in June was around 10.579 million bpd.

Trump was trying to intensify tensions between Iran and Saudi Arabia.

The world’s third largest crude oil supplier currently produces about 10 million bpd and has the capacity to produce 12 million bpd.

Nigeria has historically assumed a strong. proactive leadership role in OPEC.

Iran is OPEC'.s second-largest crude exporter with more than 2 million barrels a day.

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.