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

Economic pressure on Saudi Arabia is set to intensify as the state spends at home and abroad.

Iraq has undertaken the second largest cut in oil output after Saudi Arabia among the participants of the OPEC deal signed last year in Vienna.

The US shale oil output will make up more than half of the 1.5 mb d in non-OPEC supply growth forecast for the next year.

The reason for the discussion is an increase in the levels of U.S production which OPEC members had not predicted.

Saudi Arabia'.s crude exports in April fell to 7.006 million bpd. official data showed on Monday.

There are no plans for Russia to have an extraordinary meeting with the Organization of the Petroleum Exporting Countries and U.S. shale producers.

OPEC members Libya and Nigeria were exempted from the supply cuts because unrest had curbed their output.

OPEC holds its next regular meeting in Vienna on Nov. 30.

Gulf states accounted for 11.8 per cent of natural gas production in the world.

South Korea imported 4.23 million tonnes of crude oil. or 999.680 bpd. from the world'.s top crude exporter in May.