• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 7 mins is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 3 hours Why Trump will win the wall fight
  • 6 hours Prospective Cause of Little Ice Age
  • 5 hours L.A. Mayor Ditches Gas Plant Plans
  • 1 hour students walk out of school in protest of climate change
  • 7 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 42 mins Maduro Asks OPEC For Help Against U.S. Sanctions
  • 1 day Ford In Big Trouble: Three Recalls In North America
  • 1 day Why Is Japan Not a Leader in Renewables?
  • 10 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 16 hours IT IS FINISHED. OPEC Victorious
  • 1 day Is the Green race a race from energy dependence.
Alt Text

US Drillers See Modest Rise In Oil Rigs As Prices Hold

Baker Hughes reported an increase…

Alt Text

2 Reasons Why Big Oil Isn’t Rushing Into Renewables

Big oil’s investment in renewables…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Arab Oil Producers Boast Over Half Of The World’s Reserves

The eleven Arab countries that comprise the Organization of Arab Petroleum Exporting Countries have combined proved reserves of 710 billion barrels of crude – 55.6 percent of the world’s total, OAPEC reported.

In natural gas, OAPEC accounts for 27.7 percent of the global total, with 54 trillion cubic meters, a senior official from the organization said, speaking at the 24th Forum on Fundamentals of Oil and Gas Industry in Kuwait.

The 11 members of the group produced oil and gas equivalent to 25 million barrels of daily crude last year. By comparison, OPEC’s total output at the end of the year was 33.08 million bpd.

OAPEC was set up back in 1968 to facilitate economic cooperation among the 11 countries: the UAE, Bahrain, Algeria, Saudi Arabia, Syria, Iraq, Qatar, Kuwait, Tunisia, Libya and Egypt. Most of these, bar Egypt, Syria, Tunisia, and Bahrain, are also members of OPEC.

OPEC reported average daily production of 31.96 million bpd in February in its latest Monthly Oil Market Report. That’s down by 140,000 bpd from January, the cartel said, as its members continue to reduce output in line with last November’s agreement aimed at boosting prices.

OPEC production last month was estimated at 32.095 million bpd by analysts surveyed by Bloomberg, plus ship-tracking information and data obtained from oil companies. About one-third of the total came from Saudi Arabia, which, at 10.01 million bpd, was still below its quota of 10.058 million bpd. Related: EV Startups Fighting Uphill Battle Against Tesla

Prices last week received a considerable boost from the U.S. air strike on a Syrian airfield following a chemical weapons explosion believed to have been a deliberate attack from the Syrian army on civilians, but the effect of this boost will be limited unless the situation escalates.

Meanwhile, OPEC last week appeared to recommend a six-month extension of the cut deal, acknowledging the agreement had failed to accomplish its goal. But this recommendation was quickly amended: the final statement of the committee overseeing the cuts said that it will just review the grounds for a possible extension.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Clay on April 11 2017 said:
    Thats 21years worth of oil

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News