Venezuela which is sitting on one of the world’s largest crude oil reserves but which is suffering the worst loss of oil production in history outside of war-induced outages is getting ready to share macroeconomic data with the International Monetary Fund to avoid penalties including possible exclusion from the IMF.Add your comment!
President Donald Trump should stop interfering in the Middle East if he wants the price of oil to stop rising, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Wednesday.
The U.S. Energy Information Administration (EIA) said that the U.S. likely surpassed Saudi Arabia and Russia earlier this year to become the world’s top crude oil producer. The EIA based its disclosure on preliminary estimates in its Short Term Energy Outlook which is released every month.
Venezuelan President Nicolas Maduro is travelling to China to discuss economic agreements, as the crisis-struck OPEC nation seeks to convince its key Asian financier to disburse fresh loans.
The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
Venezuela’s oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the month, pointing to a grim near-term future that could see total production dip below 1 million barrels per day (mb/d) by the end of the year.
When reports emerged that India and China are in talks about forming an oil buyers' club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.
President Donald Trump said over the weekend that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets.
The Republic of Congo expects to raise oil production by as much 65% this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said.
OPEC ministers announced a deal on Friday that will increase oil supplies from the producer group, which has been capping output in order to balance the market and boost prices for the last 18 months. The agreement came after a week of tense negotiation at OPEC's headquarters in Vienna, Austria. Top OPEC producer Saudi Arabia faced the challenge of convincing a handful of reluctant producers including Iran, Iraq, and Venezuela to support an output hike.