Tag Archives: Persian Gulf Countries

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.

The UAE minister said stock levels had dropped significantly since the beginning of 2017.

Tehran says it has Iraqi and Venezuelan support to veto any proposal for more output.

OPEC and its allies could consider a production increase of as much as 1.5 million barrels a day.