Tag Archives: Production

Move follows pressure from US as prices breach $80 a barrel.

The IEA said 80 percent of the growth in demand expected between now and 2040 should come from emerging markets. China and India chief among them.

The recent US oil rig peak of 1.609 was in October 2014. at a time oil prices had fallen to the mid-$80s b.

Shell expects its global deepwater production from already discovered and established areas to exceed 900.000 boe d by 2020.

The EIA estimates that the US pumped the equivalent of 30 million barrels of oil per day in 2017.

India has asked Saudi Arabia for assurances that oil prices will remain stable and moderate.

Concerns raised by the United States that oil prices were too high also made the exporting group start internal discussions.

OPEC and allied oil producers including Russia are discussing new ways of measuring global crude stockpiles.

Middle East oil producers and Russia have forged closer ties since striking a deal to cut global crude output in a bid to remove a glut in supplies.

This discovery as an important milestone in the development of exploration and production projects abroad.