OPEC Extended Oil Production in August

The oil output of the 14-member Organization of the Petroleum Exporting Countries (OPEC) increased to 29,741,000 barrels per day in August, up 136,000 barrels per day! Saudi Arabia was the top member of OPEC by producing 9,805,000 barrels per day in August. Iraq was in the second place with 4,779,000 barrels per day. UAE as…

Oil Price Prediction

It seems that oil market participants are still concentrating on demand and trade war instead of oil supply! According to Reuters, 51 market economists and analysts predicted that Brent crude (LCOc1) would average 65.01$ a barrel in 2019 which is 4% lower than previous month (67.4$). Demand also reformed from 1.4 million barrels to 1.3…

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Does China Prevent the Access of 2.5 Trillion Dollars of Oil & Gas?

#US accused China to interfere in the #excavating_operation in beaches of #Vietnam. #Morgan_Ortagus, US Spokesperson, stated that US is very concern if China continues its intervention in excavating operation of #oil and #gas. China sent an investigation ship to Vietnam early in August 2019. Many parts of the sea in South of China are disputed…

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US Oil Wells Reduced but the Oil Output Strengthened!

Last week the whole number of #oil_wells in #US had decreased from 770 to 754 which is the lowest level in 18 previous months. Normally, by reduction of #oil wells, a fall in US #oil_production should be seen. Unlike the forecasts, we see a growth in efficiency of #US_oil_wells from 600 #oil_barrels per day to…

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