Tag Archives: Production

The Organization of Petroleum Exporting Countries reduced production by 221.000 bpd in February.

Venezuela´s oil output has long been on a downward spiral thanks to years of underinvestment and mismanagement.

Rystad Energy forecasts that some operators in Venezuela will run out of naphtha by this month.

Egypt became a major consumer of the fuel in 2015.

BP was in fact an early mover into renewables.

OPEC members agreed to trim 800.000 barrels a day from October’s production levels for six months through June of this year.

The IEA warned that the oil industry is in danger of creating a major supply gap in the 2020s.

Production from OPEC’s 14 members dropped by 221.000 bpd to 30.55 MMbpd in February.

International Brent crude oil futures marked a 2019-peak of $67.80 per barrel in Asian morning hours.

Oil prices have been receiving broad support this year from supply cuts by OPEC and non-affiliated allies like Russia aimed at tightening markets.