Cutting back on production levels is a difficult task for members of the Organization of Petroleum Exporting Countries, Iran’s oil minister said Wednesday. Iran ranks third among OPEC member states Continue Reading
OPEC and non-OPEC oil producers’ compliance with a deal to cut global output has reached its highest in May since they agreed on the curbs last year, reaching 106 percent Continue Reading
Libya—whose production has been hampered by civil unrest, political divides, and oil export terminals blockades over the past few years—is now targeting to further increase its oil output. Its most Continue Reading
The oil guru who predicted the market rout in 2014 said OPEC and its allies should have gone much further when they extended their supply deal last month. (Bloomberg) — Continue Reading
Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first Continue Reading
Market balance might be facing headwinds given strong production trends and high levels of oil in storage, the International Energy Agency said. File photo tlegend/Shutterstock. June 14 (UPI) — Pressure Continue Reading
Global oil consumption grew above the 10-year average rate for a second consecutive year in 2016. Global oil consumption grew above the 10-year average rate for a second consecutive year Continue Reading
Oil slumped again on Wednesday on a downbeat assessment from the IEA regarding the health of the oil market. After posting some relatively optimistic projections for the “rebalancing” process in Continue Reading
The International Energy Agency had a nasty surprise for OPEC and its partners in the oil output cut agreement today. According to the authority, non-OPEC production in 2018 will increase Continue Reading
All data below is based on the latest OPEC Monthly Oil Market Report . All data is through May 2017 and is in thousand barrels per day. OPEC crude only Continue Reading
