Oil Price OPEC’s crude oil production rose by 145,000 barrels per day (bpd) in May compared to April, as Iraq continues to pump above its quota and boosted output alongside African producer Nigeria, the monthly Reuters survey showed on Tuesday. OPEC produced a total of 26.63 million bpd in May, an increase of 145,000 bpd compared to April, according to the Reuters
Reuters VIENNA/LONDON – OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for an unexpectedly short period of the first three months of 2020. The Organization of the Petroleum Exporting Countries (OPEC) began a meeting to discuss policy in Vienna at 1630 GMT.
From Reuters ABU DHABI (Reuters) – A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months’ time in Saudi Arabia, the UAE’s energy minister said on Monday. “By (the) end of March the document will be ready for signature,” Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be
International oil prices are contingent upon both the worldwide growth in oil production and the worldwide growth in oil inventories. Understanding the balance of these movements, and interpreting those movement is undertaken by the Energy Information Agency (EIA) and the International Energy Agency (IEA), in order to better evaluate and predict oil price movements. In the U.S., and across the
Non-OPEC cuts will rely on natural decline curves Oil prices continued to rise Monday on news that non-OPEC producers had come together over the weekend and agreed to cut 558 MBOPD, equal to the anticipated demand growth next year in China and India, according to data from the IEA. Taken together with OPEC’s 1,200 MBOPD cut, announced November 30, the
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