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

The OPEC 171st session aiming at reviewing the oil freeze plan was held in Vienna on November 30.

Kuwait chairs the five-member committee which also includes Algeria. Venezuela. Russia and Oman.

Trump’s goal may not be completely unobtainable as US oil production has been on the rise and signs point toward possible energy independence.

Higher crude oil and gasoline stocks in the United States weighed on prices on Friday.

In November 2016. OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million bpd.

The two largest economies need to sort out their differences for the wellbeing of the global community.

OPEC oil output also decreased by 220.900 b/d to 33.085 in December month-to-month.

Iran is now pumping around 3.8 million barrels per day of oil and condensate.

Several refineries in the Middle East and Asia have shut down in the past week due to fires and other technical problems.

The oil price in the beginning of 2016 plunged to below $30. but currently it is around $55.