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

In the Middle East. the United Arab Emirates will take 111.000 bpd. up 3 percent from July.

The price for September futures of West Texas Intermediate (WTI) dropped by 0.14 percent and stood at $49.09 per barrel.

Oil production has risen amid efforts to shift excess supplies.

Despite production cuts. kingdom holds onto 40% slice by discounting light grade.

The move is a sign that the market in the region is tightening.

Venezuela is a key source of heavy sour crude supplies for U.S. refiners.

OPEC hopes the market rebalancing will accelerate in the second half of this year.

Italy purchased 2.8 million tons in the four-month period. accounting for nearly 30% of all imports.

The U.S. buys about a third of Venezuela’s crude production and is the main buyer that pays in cash.

Iraq. the second-biggest producer in OPEC. will also attend the meeting. the people said.