Oil supply will be reduced this year by 58%

The Organization of Petroleum Exporting Countries (OPEC) said yesterday it is expected that the anual increase in the supply of crude from its competitors, especially the United States shall be reduced by 58% (from 2.04 to 0,850,000 barrels per day) in 2015, because of the...

OPEC announces slight rebalancing in this year

The Organization of Petroleum Exporting Countries (OPEC) announced a slight rebalancing of the market this year due to the fall in prices, according to its monthly report published on Monday in Vienna. Another rebalancing factor according to the OPEC is the rise in the world oil...

OPEC denies acting against USA

The Secretary General of OPEC, Abdullah El Badri, said that the decision of the member countries of the organization to maintain their oil production level, despite the fall in prices would be “purely economic” and not “directed against any country.”...