OPEC output remains below quota in April

The Organisation of the Petroleum Exporting Countries’ (OPEC) oil output in April stayed unchanged from March at 31.85 million barrels per day (b/d). That’s according to a new S&P Global Platts report, which shows the group is still showing high compliance with its production cut agreement, producing below its stated ceiling of 32.5 million b/d. This month, increases […]

‘OPEC likely to extend production cuts’

OPEC is reportedly likely to agree to extend production cuts into the second half of 2017. Reports claim Saudi Arabia’s Energy Minister Khalid al-Falih hinted at behind-the-scenes negotiations among big oil producers ahead of next month’s meetings. He reportedly said consensus was growing for the output cuts that began in January be extended after their initial six-month […]

OPEC acheives 98.5% of production cuts

The Organisation of the Petroleum Exporting Countries (OPEC) has achieved 98.5% of its total production cuts, up from 91% in January. That’s according to a new survey from S&P Global Platts, which shows output in February fell to an average of 32.03 million barrels per day (b/d). As the OPEC members move closer to full compliance, Saudi Arabia continues to […]