Tag Archives: Saudi Arabia

OPEC and its allies have since last year been participating in a pact to cut output by 1.8 million bpd.

Iran. OPEC’s third-largest producer. was against the agreement at first since the country is facing export-crippling US sanctions.

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

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.

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.