The global oil market is stabilizing thanks to the full compliance of the OPEC countries to the cartel-administered deal that seeks to curb supply in
Category: Geopolitics
OPEC Head Urges All Producers to Join Production Cuts
OPEC’s Secretary General Mohammed Barkindo urged US shale oil companies to help curb global oil supply warning that the market might need to be rebalanced
Saudi Arabia “Flexible” on Oil Output Freeze Deal Extension
Saudi Arabia said it was flexible regarding the extension of a deal between OPEC, Russia and other producers on cutting oil supplies until the end
Kurdistan’s Oil Revenue Threatened Following Independence Vote
Iraqi Kurdistan’s independence referendum has once again brought attention to its oil industry. This prompted Turkish President Recep Tayyip Erdogan to threaten to cut off
Northeast Asian Flashpoint: China Limits Oil Trade with North Korea
China has decided to curb its oil exports to North Korea on top of stopping its textiles imports from the rogue country. China’s oil exports
Market Update: Venezuela Abandons US Dollar in Oil Trade
Venezuela is no longer receiving or sending payments in US dollars in response to the sanctions imposed by the White House in August. Oil traders
OPEC’s Output Freeze Starts to Be Working as Consumptions Rises
OPEC predicts higher demand for its crude oil in 2018 in response to increasing global consumption. The cartel also commented that the oil market was
India Curbs Iranian Oil Imports Making Iraq Win
India has been curbing imports of crude oil from Iran as part of the efforts to reduce imports by around a fifth by March 2018. There
Libya’s Rising Output Disturbing OPEC’s Attempts to Tame Supply
Output from Libya’s largest oil field Sharara has returned back to normal after it was disrupted by riots and armed demonstrations in the city of
Market Update: Libya Adds More Oil Challenging OPEC’s Output Freeze
OPEC oil production went up in July by 90,000 barrels per day (bpd) to a 2017 high, driven by a recovery in supply from Libya.