Eight important OPEC+ members—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—have decided to adopt a production adjustment of 206,000 bpd in May 2026 amidst growing geopolitical concerns in West Asia. During a virtual conference on Sunday, the participants evaluated the current and future state of the global oil market and reached the conclusion. The […]
Venezuela possesses the world’s largest proven oil reserves, estimated at 303.8 billion barrels, overshadowing other nations like Saudi Arabia and Canada. Despite this potential, oil production has plummeted to around 1 million barrels per day due to issues such as under-investment, political interference, and sanctions. The country’s production now stands at one-third of its output […]
Vienna, July 11 (IANS) Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, on Thursday said that Russia is one of the largest crude producers with over 9 million barrels per day. In a post on X, the minister said: “Imagine the chaos if this oil, amounting to about 10 per cent of the global […]
