Tag Archives: Production

Russian government officials have become increasingly vocal about rising pump prices in recent weeks.

Libya’s National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday.

The total amount of oil Saudi Arabia supplied to the market in June was around 10.579 million bpd.

The world’s third largest crude oil supplier currently produces about 10 million bpd and has the capacity to produce 12 million bpd.

The US ultimatum has also contributed to upward pressure on world oil prices.

The two-way trade volume totaled US$12 billion in 2017. with South Korea exporting $4 billion worth of products.

South Korea’s second largest refiner GS Caltex has bought 4 million barrels of Mars crude in recent months. the sources said.

OPEC and non-OPEC countries decided in late 2016 to cut output by 1.8 million barrels per day to boost oil prices.

Moscow and Riyadh recently announced their desire to pump more oil after a relative hike in prices.

The U.S. is unlikely to join with China and India. though it should.