OPEC agreed on the world oil production cuts

The oil-producing countries have reached an historic agreement to reduce crude oil production and support prices. The OPEC countries are willing to cut production of 1.2 million barrels a day, starting next January and be extended for six months. They can also count on the cooperation of Russia and other non-OPEC producers for a further reduction of 600 thousand barrels. The deal that reconciles the positions of Saudi Arabia, Iran and Iraq, however, penalizes Indonesia and leaves the organization he had joined only last year. Immediate reaction in prices: WTI has jumped 10% and Brent exceeded of $50.

The agreement – available in full version in the annex, it says “There is a firm and common ground that continuous collaborative efforts among producers, both within and outside OPEC would complement the market in restoring a global oil demand and supply balance, in particular the drawdown in the stocks overhang, which is currently at a very high level. At this conjuncture, it is foremost to reaffirm OPEC’s continued commitment to stable markets, mutual interests of producing nations, the efficient, economic and secure supply to consumers, and a fair return on invested capital.” opec-agreement

Our News

Tethys Oil’s director: “Spark Is Back in Oil Industry”

According to Tethys Oil’s managing director Magnus Nordin, the Swedish oil company is strong and proposes an extra dividend through redemption. The Swedish Oil sector is not in crisis and the...

Read More

Eni’s drillship blocked off Cyprus by Turkish warships

A Turkish military operation blocked the drillship Saipem 12000 belonging to Italian energy giant ENI in the eastern Mediterranean. The Saipem 12000 rig was halted Saturday by a Turkish Navy ship...

Read More

Iraq will build a new 70,000 bpd oil refinery near Kirkuk

The new agreement signed with Ranya International will allow Iraq to build new Oil Refinery in the semi-autonomous Kurdistan region. Iraqi Oil Minister Jabbar al-Luaibi has signed a contract to build...

Read More

BP and Kosmos will explore new Oil Blocks in West Africa

The new blocks are located in the waters around Sao Tome and Principe, close to Nigeria, Cameroon, Equatorial Guinea and Angola A partnership between BP and Kosmos Energy has won exploration...

Read More

Libya’s Oil Fields production restarts

National Oil Corp. announced the reopening of the eastern As-Sarah oil fields, capable of 57,000 barrels per day The As-Sarah oil fields, in Jakhira, about 1000 kilometres southeast of Tripoli have...

Read More

What is the Norway’s oil future?

Artic Oil races between Russia and Norway; 75 oil exploration licenses granted; fear of unsustainable production over 2023. As Russia has started new drilling to find Oil in the Artic seas,...

Read More

PetroChina’s Refinery Doubles Output of Crude

After the new deal between Russia and China the Dalian refinery has reached a record production: 260,000 bpd, almost doubling the amount of Russian pipeline crude oil. Thanks to this high...

Read More

Oil Prices drop in early 2018

After hitting 2015 Highs Oil Price retreats The year that has just started has already shown signs of Oil prices downhill. Brent crude futures lost 50 cents or 0.7 per cent....

Read More

Trump Administration opens Drilling in Offshore Waters

The U.S. announced their intention to open most of the country’s offshore waters to oil and gas drilling, to expand domestic production. January 5th The U.S. Department of interior is ready to...

Read More

Saudi Arabia forecasts oil revenues to increase 80% by 2023

December 31st Saudi Arabia’s plan to delete its budget deficit by 2023 relies on the increase in Oil Revenues over the next six years. That is what Saudis predict, according to...

Read More

China stops oil product exports to North Korea as sanctions bite

After UN sanctions against North Korea for its continuing ballistic missile tests, China has ceased to export oil, gasoline, jet fuel and diesel to the rogue nation.   December 28th According to data...

Read More

Statoil strengthens its position in Brazil

The Norwegian oil company acquired for 2,900 million dollars 25% of the rights in Roncador, a large oil field in the Campos basin (Brazil) DECEMBER 18th Statoil, the Norwegian oil company has...

Read More

Become a partner

Our Partners

 

If you are interested in becoming a Dealoil partner please get in touch by emailing us at info@dealoil.co.uk. We look forward to hearing from you. The Dealoil team