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

Russia. the largest producer outside the group. is keen to exit as soon as possible.

OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018.

Libya agreed its oil production would not exceed 1 mln bpd. and Libya said it would bring its output in line with the target next year.

Russia has three oil export terminals on its Arctic coast.

Under the current deal the producers are cutting supply by about 1.8 million barrels per day (bpd).

Iraq has asked BP to help increase output from Kirkuk oilfield to more than 700.000 barrels per day.

Producers in the Middle East. most of which are OPEC members. have supplies that are relatively less expensive to produce.

Venezuelan crude exports to the U.S. fell last month to their lowest levels since January 2003.

The region is seconds away from a full-blown catastrophe.

Saudi Arabia and Iraq are respectively the biggest and second biggest producers of OPEC.