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

On July 26 oil prices continue rising.

Between January and June 2017. the participating producing countries adjusted their production downwards by an estimated volume of 351 million barrels.

Under a deal agreed last year. oil exporters committed to cut production in an effort to reduce global stockpiles that have depressed prices for more than two years.

In three out of five regions of the US the level of commercial stocks has reached the average 5 year'.s level.

Kingdom to limit crude oil exports at 6.6 million barrels per day in August. almost 1 million bpd below levels a year ago.

Oil cartel is going to continue the dialogue with shale producers in Q42017 and extend cooperation with the US companies which have not established the contact with OPEC.

Ministers from countries including Kuwait. Venezuela. Algeria. Saudi Arabia. Russia and Oman will discuss production caps on Nigeria and Libya.

Compliance with production cuts by members of the Organization of Petroleum Exporting Countries is excellent.

Arabian Gulf stocks may be roiled by crude.

A rebalancing of the oil market is progressing more slowly than expected. but it will speed up in the second half of the year.