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Saudi Arabia planning record oil production

Bloomberg reports sources informed about Saudi Arabia’s output policy as saying that the country is preparing to pump a record-breaking 10.8 million barrels per day (bpd) in July. This would follow the recent OPEC deal where members agreed to relax production caps by a million bpd. At the meeting, Khalid Al-Falih, the Saudi Arabian Energy Minister, said his country would prioritize its customers by doing “whatever is necessary to Continue reading Saudi Arabia planning record oil production

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OPEC reaches deal to increase oil production

OPEC members at the summit in Vienna have arrived at a deal to increase production by up to a million barrels per day (bpd). Some OPEC members were thought to object to a production increase because they lack the spare capacity to benefit from it.

The OPEC production caps, which came into force in Continue reading OPEC reaches deal to increase oil production

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Russia and Saudi Arabia raise oil production in run up to OPEC meeting

Both Russia and Saudi Arabia, two of the world’s biggest oil producers, have loosened the taps on oil production ahead of the next OPEC in Vienna on June 22. It is widely anticipated that the cartel, along with its non-member partners, will agree to relax the current production caps to some degree at the meeting.

Saudi Arabia, which has generally been producing Continue reading Russia and Saudi Arabia raise oil production in run up to OPEC meeting

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US asks OPEC to boost oil production

Bloomberg, quoting sources familiar with the matter, reports that the US Government has made a subtle request from OPEC to increase oil production by a million barrels per day (bpd).

While US politicians often criticize OPEC’s management and encourage the cartel to raise production when oil prices climb, it is uncommon for the government to suggest such a specific raise. One theory is that it may compensate for displaced oil production that could follow the reintroduction of Continue reading US asks OPEC to boost oil production