Tag Archives: The News International (Newspaper)

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

Thanks to shale oil. the U.S. became the world’s largest crude oil producer and exporter for the first time in 2018.

The United States increased output by 2.1 mbd last year. the ".highest ever". annual growth ever recorded.

European peer Eni had earlier lowered its production growth target for the year after profits in the third quarter rose to beat expectations.

Top exporter Saudi Arabia pumped most of the extra oil. raising output by 524.000 bpd in September compared to May.

The Saudi delegation also met PM’s Adviser on trade Abdul Razak Dawood and discussed ways to increase bilateral trade.

Russia has been subject to Western sanctions since its 2014 annexation of Ukraine´s Crimea region.

The company has been underexposed to the hottest market in global oil since the sale of its U.S. shale assets in 2010.

Efforts now need to be made on devising a financial mechanism to overcome the US sanctions.

Novak said higher crude prices this year would add 2.5 trillion roubles ($40.14 billion) to state coffers this year.