oil production cut deal

OPEC may attract new members to oil production cut deal

The agreement between OPEC and non-OPEC nations to slash crude oil production expires in end-March 2018 OPEC may attract new non-OPEC countries to the agreement on crude production cap, Kuwaiti Oil Minister Essam al-Marzouk said Wednesday. “We are considering the option to attract other non-OPEC countries,” he said, refusing to specify particular countries. The agreement…

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\ oil demand in 2017

IEA increases forecast for world oil demand in 2017

The International Energy Agency expects that world demand for oil in 2017 will increase by 1.6 mln barrels per day year-on-year The International Energy Agency (IEA) raised its forecast for world oil demand in 2017 by 100,000 barrels per day in comparison with the August forecast to 97.7 mln barrels per day, according to the…

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to join OPEC deal

Nigeria agrees to join OPEC deal

Nigeria has agreed to join the oil production cut deal once its daily crude production reaches 1.8 mln barrels Nigeria has agreed to join the OPEC+ deal once its daily crude production reaches 1.8 mln barrels, Kuwaiti Oil Minister Essam al-Marzouk said Wednesday. “In St. Petersburg we agreed that once Nigeria reaches the 1.8 mln…

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a day in August

OPEC oil output down by 79,000 barrels a day in August

OPEC production is still 260,000 barrels above the target of 32.5 million barrels, the organization says Average daily oil production by OPEC countries decreased by 79,000 barrels in August in comparison with July to 32.75 million barrels, OPEC said in its September report. However, OPEC production is still 260,000 barrels above the target of 32.5…

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to China — CEO

Rosneft may increase oil supplies to China — CEO

Rosneft plans to increase oil supplies to China and is already negotiating with its Chinese partners, the company’s CEO Igor Sechin said in an interview with Rossiya 24 TV channel. “We are confident that there is potential for growth, we are negotiating and we have proposals to increase supplies both with our traditional partners and…

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