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

Iraq was close to implementing its share of the agreed production cuts and would be in full compliance by the end of the month

.Iran will launch new contracts to develop oil and natural gas fields in mid-February

. Analysts are watching closely whether OPEC and non-OPEC members stick to their commitments

.Production increased throughout 2016. rising from 2.94 million bopd in January to 3.7 million bpd by November

.The price of OPEC basket of thirteen crudes stood at $53.92 a barrel on Feb.2

.The US imported about 3 million barrels a day from OPEC last year

.Current oil byproducts exports capacity namely diesel and liquefied natural gas stands at 500.000 barrels per day

Iran was exempted from an OPEC deal in January to reduce output by 1.2 million barrels per day (bpd)

.The January drop in OPEC output has been offset slightly by higher supply from Libya and Nigeria

.Brent crude oil was up 10 cents a barrel at $55.33. US light crude was down 10 cents a barrel at $52.53. Reuters reported