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

During his meeting with Russian counterpart Alexander Novak. the Venezuelan oil minister will discuss the implementation of the OPEC+ global oil output cut deal.

The price for October futures of West Texas Intermediate (WTI) dropped by 0.98 percent and stood at $47.40 per barrel.

Sharara. which was producing around 280.000 barrels per day. had been shut a week ago.

The rig count now stands at 940 overall. with four oil rigs and two natural gas rigs removed.

Iraq may change the benchmark but keep timing for lifting oil at a one-month gap.

Saudi Arabia has moved back up a notch in the race to supply oil to China and compete for market share in Asia’s biggest crude consumer.

The country'.s main export grade. marketed as Iran Heavy. gained 42 cents to reach $49.35 per barrel. matching its 2017 average.

OPEC will discuss at a meeting in November whether to extend or end production cuts.

Over the past few years. Iran had been pursuing exporting natural gas to Kuwait. Oman and Iraq.

The price for September futures of West Texas Intermediate (WTI) grew by 0.84 percent and stood at $47.77 per barrel.