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

The meetings are being co-chaired by Kuwait and Russia. in the presence of representatives from Saudi Arabia. which is serving as president of OPEC for 2017.

Shares of major shale producers. including Pioneer Natural Resources Co. and EOG Resources Inc.. tumbled this week as investors began to lose confidence in the prolific Permian basin.

It may be a challenge for Libya to maintain its current rate of exports.

OPEC’s biggest exporter and de facto leader. Saudi Arabia. has pledged to cut its total August exports to 6.6 million bpd.

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.