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

The project has faced repeated delays since it was conceived in the 1990s to connect Iran'.s South Pars gas field to Pakistan.

Under the agreement OPEC is curbing its collective oil production by about 1.2 million bpd.

Russian oil output fell to a year-low of 10.91 million bpd in August from 10.95 million bpd in July.

Libyan output had also recovered to reach an average of 990.000 b d in July. its highest level in three years. up 180.000 b d in June. according to the latest S&.P Global Platts OPEC survey.

Russia’s publicly traded oil producers. both state-led and non-state. have voluntarily reduced output in order to support prices.

Nigeria'.s oil production. including crude oil and condensates. is currently at around 2.2 million to 2.3 million b d.

Iraq thus has fulfilled its obligations to reduce production by more than 100%.

The US is trying to prevent a flux of Iranian oil on the market.

Saudi Oil Minister Khalid al-Falih and his Russian counterpart Alexander Novak met to discuss the potential extension last month in St. Petersburg.

In July. the US Senate approved a bill on new non-nuclear sanctions against Iranian individuals and entities over the country'.s missile program and alleged human rights violations.