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

Oil turns higher as dollar moves. looming decision on Iran sanctions tug at market.

The good news of this recovery this year is that the outlook is positive for both oil-importing countries and oil-exporting countries.

Russia committed to reduce oil production by 300.000 barrels a day. had been gradually heading towards this level since early 2017 and reached this level last May.

OPEC focus on market stability and managing surpluses that have a big impact on inventories in global markets.

U.S. crude inventories rose by 3.4 million barrels to 432.575 million in the week to March 27.

Indonesia announced four winners from five blocks in a direct offer tender on Wednesday.

Concerns rise that US exit from nuclear deal with Tehran will result in sanctions on Iranian oil and reduced exports.

U.S. President Donald Trump has until May 12 to decide whether to restore the sanctions on Iran that were lifted after an agreement over its disputed nuclear programme.

India will work to create a network with other major oil buyers in Asia to negotiate better terms with sellers.

The average price of Iranian light crude oil has been $65.39 a barrel. and the average of the Iranian heavy crude oil has been $63.88.