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

OPEC’s cut has boosted oil prices. which in January topped $71 a barrel for the first time since 2014.

Since the OPEC non-OPEC production reduction was agreed to in November 2016. the producers haven’t publicly disclosed how this benchmark is defined.

Russia is cutting 300.000 bpd as part of the pact with OPEC.

Saudis mull importing gas while planning to double own output.

Iraq in December 2017 earned around US$6.5 billion from crude sales. at US$59.3 per barrel.

The deal had achieved two thirds of what it was intended to do.

The market is only expected to return to balance towards the end of this year.

Demand for this year is expected to be good. if not better than 2017.

OPEC member Iran revealed plans to ramp-up production by at least 700.000bpd within the next four years.

Algeria is a major gas supplier to Europe.