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

In July. Iran exported 2.2 million bpd of oil to Asian and European markets. with its exports to Asia up by 100.000 bpd.

The price for September futures of West Texas Intermediate (WTI) grew by 0.02 percent and stood at $48.83 per barrel.

Tiny Kuwait. an OPEC member nation. has the world'.s six-largest estimated oil reserves.

OPEC crude output rose by 230.000 b d in July to a 2017 high of 32.84 million b d. led by a strong recovery in Libya. according to IEA estimates.

The US output is forecast to rise by 0.6 million b d and 1 million b d in 2017 and 2018. respectively. according to the report.

Al-Falih told Arab News that they discussed Iraq’s huge mineral reserves. which have yet to be explored or invested in.

A drilling boom in the United States has allowed the government to store more oil than it needs to meet international spare supply agreements.

Saudi Arabia told OPEC it cut output to 10.01 million bpd last month. from 10.07 million bpd in June. meaning its production fell back below its OPEC target of 10.058 million bpd.

The IMF noted that the medium-term growth prospects for Iraq are positive.

OPEC crude oil production is expected to average 32.53 million barrels per day in 2017 and 32.96 million barrels per day in 2018.