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

OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018.

The SPR sales would not start until October 2018 and would amount to just 95.000 bpd. or 1 percent of current U.S. output.

Iran has 33.5 trillion cubic meters of proven gas reserves - the second largest in the world after Russia.

OPEC members are preparing to hold meeting on May 25 to discuss the market and oil cut deal in Vienna.

Traders are now awaiting the release this week of minutes from the Federal Reserve'.s latest policy meeting.

India. the world'.s third biggest oil consumer. imports 86 percent of its oil needs from OPEC nations.

Kazakhstan supports extending the cut but will need to renegotiate its own production ceiling.

The highly anticipated meeting is expected to extend the organization'.s output cut plan for another 6 months.

Trump’s first complete budget proposal. released in part on Monday. would raise $500 million in fiscal year 2018.

The price of OPEC’s basket of 13 crudes stood at $51.50 per barrel on May 22.