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

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers.

Moscow and Riyadh must first resolve those substantive issues before they can hammer out an oil deal that truly matters.

Luaibi did not say which countries have suggested a six- month extension of the agreement.

Crude prices has recovered to $70 per barrel but fast-growing oil exports from the United States (US)’s producers have restricted prices.

Ecuador cut shipments to the United States by 86 percent and Kuwait cut exports by 58 percent. week-over-week.

Kuwait wants to transform into a business hub that attracts investments.

West Texas Intermediate crude was last seen up about 1.8% at $63.15 for the April spot.

The risk for OPEC and its allies is that this sort of market share is hard to recover once the self-imposed production cuts are lifted.

OPEC’s headquarters in Vienna could not immediately be reached for comment.

IEA in the Oil 2018 envisaged that excess global refining capacity would grow. but Asian refiners need more crude.