Definition: This entry is the total oil produced in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.
Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of January 1, 2014See also: Oil - production map
OPEC Reaches Deal to Limit Production, Sending Prices Soaring
New York Times - 12/1/2016 4:36:00 PM
Nigeria has pledged to increase oil production to 2.2 million barrels a day ... deal with Iran negotiated by the Obama administration and other world powers. And even if other countries do not follow Mr. Trump’s lead, persistently low oil prices could ...
Oil prices keep surging after OPEC hashes out a deal to cut production
Vox - 12/1/2016 4:18:42 AM
Two years ago, global oil prices crashed after the world started pumping out far more ... On Wednesday in Vienna, the Organization of the Petroleum Exporting Countries reached a deal to cut their oil production by 1.2 million barrels per day in order ...
OPEC agrees to cut barrel production by 1.2 million a day to push up oil price
FOX News - 11/30/2016 5:05:49 PM
VIENNA – OPEC has agreed to cut its oil production for ... of the Petroleum Exporting Countries. The Saudis have long been hesitant to shoulder the lion's share of a cut, while Iran has resisted reducing its own production. It argues it has yet to ...
OPEC announces deal to cut oil production
World Socialist Web Site - 12/1/2016 9:55:08 AM
Under the agreement, OPEC, which supplies about one-third of the world’s oil, will cut production by ... At this point, it is not clear from which oil-producing countries outside OPEC—including Azerbaijan, Mexico, Oman and Brazil—cuts will come.
OPEC agrees to oil production cuts
USA Today - 11/30/2016 7:00:21 PM
... after a group of the world's largest oil producers reached a deal in Vienna, Austria, to curb production for the first time in eight years. The agreement among the Organization of the Petroleum Exporting Countries comes amid a glut of global oil ...
Oil Prices Surge as OPEC Agrees to Cut Production
US News and World Report - 12/1/2016 10:16:37 AM
For the past two years, world markets have ... while bringing its domestic production back online with higher prices. China has heavily relied on Saudi Arabia and Angola for its oil, but the share of imports from those countries has been falling, bumped ...
Oil prices skyrocket as OPEC confirms deal to cut production
KTVZ.com - 12/1/2016 9:40:49 AM
The oil cartel finalized an agreement on Wednesday to cut its overall production by 1.2 million ... for non-OPEC countries, for the general well-being and the health of the world economy." Indonesia had decided to suspend its membership of OPEC because ...
OPEC’s Decision Pushes Oil Prices Higher
Market Leader - 12/2/2016 9:11:00 AM
As the result of the mentioned OPEC summit, they agreed to cap their oil production at ... According to Bloomberg, the world’s major oil producers need higher oil prices. However, the required price level differs from country to country.
What's Next for Big Oil After OPEC Production Cut?
Yahoo Finance - 12/1/2016 9:50:58 PM
In particular, the oil rout alarmed many of the countries whose economies depend on ... since Oct 27 as investors were impressed by a decision from the world's largest oil cartel to slash production targets. U.S. crude for Jan delivery settled up $4.21 ...
OPEC to trim oil production; prices for crude surge after move
Arkansas Online - 12/2/2016 4:31:50 AM
A barrel of oil contains 42 gallons. With the production cut, OPEC will not only benefit from gaining more dollars per barrel, but it can also lay claim once again to playing a part in influencing world prices ... number of OPEC countries to 13.
Global oil market at crossroads
investorintel.com - 12/2/2016 5:10:36 PM
... oil prices provide more funds to the budgets of oil-producing nations, however in contrast, to production, these prices are less predictable and less controlled. Given that Middle Eastern countries are very sensitive of any increase in the production ...
The OPEC Oil Deal Sells Fake News for Real Money
bloomberg.com - 12/1/2016 10:59:34 AM
Bloomberg News reported recently that Russia as a country made $6 billion just by talking ... That kind of gain is not commensurate with the real-world effect the production cut will have on oil inventories. As Bloomberg Gadfly's Liam Denning calculated ...
Global LNG prices hit 2016 high as OPEC agrees oil output cut
Money Control - 12/2/2016 2:40:17 PM
The main price driver was an agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil production giant Russia to cut crude output in order to rein in global oversupply that has dogged markets for more than two years.
OPEC production cuts could benefit New Mexico
Carlsbad Current-Argus - 12/2/2016 12:57:05 AM
Oil and gas experts in New Mexico are hopeful that production cuts by the Organization of Petroleum Exporting Countries will have a positive ... production levels caused a supply glut, driving the world price of oil below $30 earlier this year.
Oil prices surge as OPEC reaches agreement to cut oil production
perspectivabetica.com - 12/2/2016 10:08:16 AM
The country joined OPEC again past year. However, bullish investors are anticipating crude oil demand and supply to make equilibrium after a production cut deal ... for us in North America and us around the world, the days of cheap, discounted oil may ...