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

OPEC and its 10 non-OPEC partners have agreed to restore compliance with their production cuts to 100%.

Caracas will support those OPEC + decisions that will lead to an acceptable oil price for all producers.

Saudi'.s Falih suggested negotiations will take place between countries with spare capacity to increase production and those unable to do so.

Without further investment. liquids supply would decline steeply leading to major price fluctuations down the line.

Real increase would be smaller than the nominal gain of 1 million bpd. meaning a compromise with Iran remained possible.

Saudi Arabia and its allies estimate that total cuts now amount to 2.8 million barrels.

The parties will discuss possible increase of oil production.

U.S. President Donald Trump has called on OPEC to raise production to cool down oil prices.

OPEC. together with other key producers including Russia. started withholding output in 2017 to prop up prices.

Zanganeh said that Iran would try to maintain its export levels in the face of US sanctions.