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

Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries.

Energy ministers of Russia and Saudi Arabia discussed prospects of cooperation between both countries.

OPEC agreed to lower production in 2017 and has agreed to maintain output cuts for the whole of 2018.

Oman will host the joint ministerial monitoring committee. known as the JMMC. on Sunday.

The price of Iran'.s light oil increased by 1.69 dollars in the mentioned period to reach 69.26 dollars per barrel.

Falih and UAE minister Suhail al-Mazroui said they did not think the rise in prices would hurt global demand for oil.

OPEC. supported by Russia and other non-members. began to reduce output a year ago to remove an oil glut built up in the previous two years.

Saudi Arabia’s energy minister urged global oil producing nations on Sunday to extend their cooperation beyond 2018.

Oil prices edged higher after the report was released to trade above $69 a barrel and later steadied.

Oil prices this month have not been so high in three years.