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
Russia ready to do its part as OPEC countries agree on oil output cut
MercoPress - 12/1/2016 6:44:51 PM
“Our negotiations with non-OPEC countries also make it possible for us to expect ... deal participants to market stabilization efforts is much higher than the world’s oil production surplus and makes it possible to intensify the rebalancing process ...
Saudi Arabia switches OPEC tack with eye on world’s top IPO, but it’s still far from ‘break even’
Financial Post - 12/6/2016 11:36:35 AM
By promising to cut production by just 4.7 percent, the country gained an 18 percent jump in oil prices. The pain of prices below $50 had become too much for the Arab world’s largest economy. Saddled with budget deficits, the country cut spending and ...
OPEC, Trump, and the Oil Price Mystery
theepochtimes.com - 12/7/2016 3:42:57 AM
The Organization of the Petroleum Exporting Countries (OPEC) reached a much-anticipated deal to curb oil supply ... oil—a much stronger world economy than we have now.” After months of negotiation, OPEC agreed to cut the production by 3.5 percent ...
OPEC agrees to cut production, oil rises 8 percent
worldbulletin.net - 12/7/2016 9:58:10 PM
This is the first production cut by the organization in eight ... The deal also includes non-OPEC countries, like the world's biggest crude oil producer Russia. Non-OPEC countries will also cut their oil output by an additional 600,000 bpd, while 300,000 ...
Lukoil denies receiving recommendations for oil production cut
myhealthbowl.com - 12/8/2016 5:43:27 AM
In contrast, he said, "World oil demand is expected to grow at healthy levels ... as OPEC oil represents a small fraction of total energy production worldwide. These countries and OPEC are due to meet this weekend to finalize their portion.
Oil-Output Cuts Could Hit Russian Energy Companies
The Wall Street Journal - 12/6/2016 4:22:55 PM
MOSCOW—The Russian government is committed to cutting oil production in line with world producers but now comes the hard ... Russia, which pumps more crude oil than any other country, has had a spotty record with implementing production cuts in the ...
Oil Minister: Venezuela Has Left 500,000 Bpd Output Out Of OPEC Deal
Oil Price - 12/7/2016 1:48:25 AM
According to direct communication from the countries, Venezuela itself reported to OPEC production of 2.316 million bpd. That’s almost 250,000 bpd difference. Venezuela’s oil production has been falling steadily this year, and its state oil company ...
Russia says OPEC, non-OPEC countries to discuss oil cuts
The Hindu Business Line - 12/6/2016 5:34:30 PM
“As reality bites in a world awash with oil, producing countries will have to show some meaningful backbone on compliance, for probably the first time ever, to achieve the meaningful rally in oil prices that they so desire.”
OPEC, U.S. begin 'cat and mouse' oil game as producers pounce on hedges
Reuters - 12/7/2016 8:50:45 AM
LONDON/NEW YORK As far as one of the world’s biggest ... what's happened and allow the higher oil price to be sustained," he said. The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to its first production cut since 2008 ...
Mexico receives $2.65 billion in 2016 oil hedge
Reuters - 12/7/2016 9:05:04 AM
the country's Finance Ministry said on Wednesday, in what is considered to be the world's biggest sovereign derivatives trade. Mexico, an oil-producing country, hedges its crude every year and deals are closely watched by the market since the trades are ...
Oil Falls From 16-Month High as OPEC Production Keeps on Rising
bloomberg.com - 12/6/2016 6:53:14 PM
OPEC boosted production to 34.16 million barrels a ... barrels a day beyond the 300,000 already promised by Russia. Oil topped $50 a barrel after the Organization of Petroleum Exporting Countries agreed Wednesday to trim the group’s output by 1.2 million ...
BP Is Most-Exposed Among Oil Majors to OPEC-Russia Cuts
hellenicshippingnews.com - 12/7/2016 10:48:17 PM
The Organization of Petroleum Exporting Countries, which controls about 40 percent of the world’s oil, took it on itself to boost prices and revive the industry with the first production cuts in eight years. Oil companies, which have seen profits smashed ...
OPEC production cut to spare Iraqi budget US$14 bn: PM adviser
iraqinews.com - 12/7/2016 7:46:20 AM
The decision by the Organization of the Petroleum Exporting Countries to cut production from January ... deal on production cut. World petroleum rates had fallen down by more than 60 percent since 2014, to the dismay of oil-reliant economies, including ...
WORLD ECONOMIES IN TROUBLE: Middle East Oil Exports Lower Than 40 Years Ago
zerohedge.com - 12/7/2016 7:13:32 PM
Here is a breakdown of the some of the Middle Eastern countries oil consumption ... because when the rate of global petroleum production peaks and begins to decline, the petroleum available on the world market will decline much more steeply than the ...