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

Russia will hold a ministerial meeting for several representatives of OPEC member states as well as a number of non-members in St. Petersburg towards the end of this month.

OPEC members Libya and Nigeria have boosted production since they were exempted from an OPEC-led deal to cut output. weighing on global prices.

The price for September futures of Brent crude oil has increased by 0.43 percent to $49.12 per barrel July 17.

Libya and Nigeria have seen a significant increase in oil production in May and June.

Supply and demand now ``show us we are on the right course`` to achieving OPEC’s goal of reducing stockpiles to their five-year average

The Yamal LNG terminal. which plans to have an output capacity of around 16.5 million tons per year. is expected to be operational by 2018.

Currently. Iran’s oil output stands at 3.8 million barrels per day. despite numerous statements that the country reached its pre-sanction production level of 4 million bpd.

OPEC must increase output cuts aimed at shrinking a global glut with little public announcement in order to jolt investors.

The BP head said that the company would spend $15 billion in projects this year. and in 2018 and 2019.

Despite U.S. production records. Saudi Aramco CEO Amin Nasser believes shale oil won’t be enough to prevent a future shortage.