Tag Archives: Persian Gulf Countries

Saudi Arabia is trying to convince fellow OPEC members to pump more oil.

Without further investment. liquids supply would decline steeply leading to major price fluctuations down the line.

Real increase would be smaller than the nominal gain of 1 million bpd. meaning a compromise with Iran remained possible.

Saudi Arabia and its allies estimate that total cuts now amount to 2.8 million barrels.

Most of the shortfall has come from Venezuela. where an economic crisis has savaged the nation’s petroleum production.

Falih said any raising of output would be measured.

The condition means no other country has the right to compensate for another country’s oil production decrease.

The market is now stuck in an OPEC-wary condition.

OPEC members and independent producers will meet in the Austrian capital. Vienna. on 22 June to discuss a future production policy.

An oil production shortfall in Iran and Venezuela has changed the scenario for the two countries and members of the oil cartel.