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

.In the current situation. manufacturers were contented with prices standing at 55 to 60 dollars per barrel

Saudi Arabia’s output cuts are just the beginning of a trend that is expected to last for months and years to come.

An implementation rate of 75% would be higher than the level OPEC typically achieved in the past.

Iranian crude exports are now on the rise.

Russian oil producers achieved a major milestone in 2016.

Oil will trade at $55 to $60 a barrel this year and Kuwait is assuming a $45 price in its budget for fiscal year 2017-18.

Iran agreed in November to cap its oil output at an average of 3.797 million barrels for the first half of 2017.

The market is waiting to see how the Opec cuts and US supply situation plays out.

Iran used to sell around 800.000 bpd to European buyers before the tightening of international sanctions in 2011 and 2012.

The country reluctantly agreed in November to an OPEC deal to cut production in a collective effort to try and boost oil prices.