OPEC fails to reduce oil production, registers highest output of the year

11/08/2017 14:38 Oil Market


OPEC oil output for July skyrocketed by 173,000 barrels a day to almost 32.9 million barrels, which once again proves that major oil producers can’t keep up with their plan to pump less oil.

This is the highest level of oil production that the organization has put out since their agreement from last December aiming to limit its output so as to rebalance the market after three years of surplus.

OPEC has partnered with non-member Russia to keep 1.8 million barrels a day off the market and diminish global crude stockpiles, but rising output from the US, Libya and Nigeria has made the effort futile.

Libya’s daily output rose by 150,000 barrels a day last month to surpass a million barrels in July. Nigeria oil production reached nearly 1.75 million barrels per day, or a daily hike of around 34,000 barrels.


Saudi Arabia, the group’s major producer, exceeded the production limit it agreed to last winter, producing around 10,07 million barrels a day.

Danish Vestas receives the biggest ever order in India

15/12/2017 14:01:00

Denmark's Vestas obtained its largest order so far in India for a 250-megawatts turnkey type project from the country’s first energy auction.


Daily (15.12.2017): EU carbon contracts recovered slightly from two-month lows on Thursday

15/12/2017 11:26:00

Oil prices surged on Thursday as a pipeline outage in Britain continued to support prices despite forecasts showing global crude surplus in the beginning of next year. Brent crude futures ended 1.4% higher at $63.31 a barrel. Meanwhile, U.S. West Texas Intermediate futures settled 44 cents, or 0.8 percent, to $57.04 a barrel.


(14.12.2017): Weekly Energy Market Review at a Glance

15/12/2017 09:40:00

Here's a quick snapshot of the main energy indicators in the last 7 days.