Oil production News

According to official data, the country's daily oil export volume was approximately 3.43 million barrels earlier this year, reports Xinhua news agency. 

Biden has said he has no plans to meet Saudi Crown Prince This comes after OPEC's decision to cut oil production The cuts have infuriated Washington

Saudi Arabia agreed to raise supply steeply in June, in response to calls from consumers, including the United States and India, to help cool oil prices and address a supply shortage.

Increased oil production in the United States is hampering efforts to balance out market supply and demand, OPEC said on Tuesday.

OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year.

Oil prices extended last week`s declines on Monday, dragged down by worries about oversupply as Organization of Petroleum Exporting Countries (OPEC) saw record crude production last month.

Tehran: Iran's oil minister said today that the Islamic republic supports "any decision" to stabilise the global oil market and that USD 50-60 per barrel is the desired price for most OPEC members.

The IEA's monthly report was published one day after news of a drawdown in US oil inventories that signalled strong demand in the world's top oil consumer -- and sent prices racing higher.

Oil prices rose on Friday and were poised for a third week of gains as market sentiment turned more upbeat amid signs a persisting global supply glut may be easing

Saudi Arabia will only freeze the level of its oil production if all other major producers, including Iran, do so, Bloomberg reported on Saturday, citing Saudi deputy crown prince Mohammed bin Salman.

 Oil fell on Thursday as the International Energy Agency trimmed its forecast for demand growth and on signs that a producers` meeting this weekend will not yield a concrete plan to reduce oversupply.

Oil prices rose on Friday, lifted by hopes that a punishing global excess of crude oil could be nearing a tipping point and firm economic indicators from the United States and Germany that cast a positive light on growth in fuel demand.

Russian government has approved ONGC Videsh Ltd's deal to buy 15 per cent in the country's second biggest oil field of Vankor from Rosneft for USD 1.268 billion

Iran announced a major boost in oil production Monday after the lifting of sanctions under its nuclear deal, while condemning new US measures against its missile programme.

Oil prices edged up in Asia on Thursday, lifted by bargain-hunting following a sharp decline the day before, although analysts said the market remains hobbled by an oversupply of the commodity.

Oil prices dropped on Tuesday as the stronger US dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

Oil rebounded in Asia today on bargain hunting following a sharp fall the day before as lingering concerns about the global crude supply glut continued to keep a lid on gains.

Buoyant oil prices sustained a rally in Asia on Wednesday driven by hopes the crude supply glut would ease and expectations the US central bank would hold off from raising interest rates.

The number of active rigs in the United States fell by 26 to 614 last week, the lowest in five years, helping ease concerns over the global crude oversupply that has depressed prices.