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

The OPEC Joint Technical Committee was created to monitor the implementation of countries’ commitments to cut oil production.

Over the 8 months of the agreement in force. surplus of global oil reserves decreased by 168 mln barrels and now stocks exceed the five-year standard by only 170 mln barrels.

For the first quarter of 2017. according to OPEC figures. ADNOC pumped an average 2.935 million bpd and in the second quarter. it produced 2.91 million bpd of crude.

Chinese companies have moved into Venezuelan upstream activities as well. However. here the primary play has been to control oil export revenues.

In this context. the IPO of Aramco becomes even more essential for Prince Mohammed’s diversification plans.

The country is aiming to raise oil output to around 4 million bpd by the end of the year and 4.5 million bpd within five years from around 3.8 million bpd in recent months.

Indian companies. both public and private. have invested about $5 billion in US shale assets.

The OPEC leader has lost ground to rivals selling in some of its key Asian export markets. most particularly China and India.

In the meantime. the Saudis have lost some of their market share. both to Russia and Iraq.

Last year Exxon said they may invest over $10 billion in Vaca Muerta shale projects over the next few decades.