OPEC+ Countries Agree on Oil Production Increase Following UAE Withdrawal
Seven OPEC+ countries with voluntary production cuts (Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) are likely to agree on another increase in oil production quotas; however, it will be adjusted to take into account the UAE’s withdrawal from the organisation, Reuters reported citing sources. The Emirates News Agency …
The United Arab Emirates Announced Withdrawal from OPEC and OPEC+, Which Unite the Largest Oil-Producing Countries
UAE Energy Minister Suhail Mohamed Al Mazrouei told Reuters that the decision to withdraw from OPEC was made after a thorough analysis of energy strategies. When asked whether the UAE had consulted with Saudi Arabia, the de facto leader of OPEC, he replied that the UAE had not raised this …
Restoring Oil Production Will Require Time and Investment, Iraq Said
The suspension of oil production due to the situation around Iran is damaging Iraq’s oil industry, and restoring previous production levels will require investment and time, RIA Novosti was told by Mazhar Mohammed Saleh, financial advisor to the Prime Minister of Iraq. “Closing oil fields is not the same as …
Iraq Reduced Oil Production at Southern Fields by 80%
Oil production at southern fields in Iraq has decreased by 80% since the beginning of the conflict between the United States and Israel with Iran, dropping to about 800 thousand barrels per day, and may decline further in the coming days, Reuters reports citing Iraqi officials. “Production at Iraq’s main …
Oil Production in the UAE Declined by More Than 50%
Oil production in the United Arab Emirates has fallen by more than 50% amid the military conflict in the Middle East and the effective closure of the Strait of Hormuz, Reuters reported on March 16, citing sources. According to the sources, the Abu Dhabi national oil company Abu Dhabi National …
Iraq Reduced Oil Production Almost Fourfold
Oil is being used only for domestic needs Oil production in Iraq has decreased due to the closure of the Strait of Hormuz from 4.3 million barrels per day to 1.2 million barrels per day (down by 3.1 million barrels per day). This was reported by Bloomberg, citing the spokesperson …
Oil Production at Fields in Southern Iraq Fell by More Than Half
Oil production in Iraq’s main oil-producing region — the southern province of Basra — has decreased from 3.3 million barrels per day to 1.3 million barrels per day amid escalation in the region, the newspaper As-Sabah reported, citing data from the Iraqi state company Basra Oil Company. “Production has now …
Saudi Aramco to Reduce Oil Production at Two Fields, Reuters Reports
The Saudi state oil and gas company Saudi Aramco is reducing production at two oil fields amid the effective blockage of the Strait of Hormuz, Reuters reports, citing sources. “The Saudi oil giant Aramco has begun cutting production at two of its oil fields… after the crucial Strait of Hormuz …
Vladimir Putin Allowed the Suspension of Oil Production Tied to the Strait of Hormuz
Vladimir Putin stated that a full rerouting of Middle Eastern oil supplies without the Strait of Hormuz will not be possible. The Russian president noted that the strait is “effectively closed,” and oil production in the region risks coming to a complete halt. A full redirection of Middle Eastern oil …
Kuwait Reduced Oil Production and Refining After Iranian Strikes
Kuwait, one of the world’s leading oil suppliers, has announced a reduction in crude oil production and refining. The country’s state corporation stated that the move was taken as a precautionary measure following recent Iranian attacks. Kuwait is cutting oil production and refining as a preventive step due to threats …