The total amount of crude oil output cuts by OPEC+ member countries will amount to 1.16 million barrels per day from May 2023 to December 2023. Saudi Arabia, one of the world's largest oil producers, announced that its voluntary oil output reduction would amount to some 500,000 barrels per day (b/d), which would be by far the highest output cut among the OPEC+ countries. This was followed by Iraq, which plans to decrease its output by 211,000 b/d.

The announcement that OPEC+ countries' plan to cut oil outputs from May 2023 through December 2023 was a surprise, and the move is expected to increase oil prices by as much as 10 U.S. dollars per barrel according to some analysts.

In order to mitigate lower oil demand following the coronavirus pandemic, OPEC+ countries are aiming to reduce oil production by some 9.7 million barrels per day between May and July 2020. Initial analysis suggests that the organization is expected to exceed this figure by two million barrels, thanks in large part to cuts by producers in Iran, Libya and Venezuela, which were not included in the list of "cutters".

Explore the effects of OPEC+'s decision to extend oil production cuts on the global oil market, with insights on major exporters and importers in 2023.

Russia accounted for ** percent of the total oil output cut within the OPEC+ deal in May and June 2020. The deal was agreed on in ********** after a sharp fall in oil demand due to the COVID-19 pandemic and an oil price war between Russia and Saudi Arabia that resulted in a collapse of the previous deal. Compared to the first three months of that year, Russia's share in the output reduction increased by ***** percent.

Crude Oil Production in the United States increased to 13468 BBL/D/1K in April from 13450 BBL/D/1K in March of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Crude Oil Production in Saudi Arabia increased to 9360 BBL/D/1K in June from 9184 BBL/D/1K in May of 2025. This dataset provides the latest reported value for - Saudi Arabia Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Crude Oil Production in Nigeria increased to 1505 BBL/D/1K in June from 1453 BBL/D/1K in May of 2025. This dataset provides the latest reported value for - Nigeria Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The coronavirus (COVID-19) pandemic has had wide reaching impacts on the global economy in 2020, including an oil crisis. As one of the largest producers of crude oil in Europe, Norway's response to the 2020 oil crisis is that the country plans to decrease oil production by 250,000 barrels per day in June 2020, and continue for the remainder of 2020 with decreased production (albeit smaller) in order to stabilize the market.

The article explores the significant fluctuations in the price of crude oil over the last 10 years, highlighting the factors that contribute to the volatility. It discusses the impact on the global economy, energy markets, and consumer prices, and examines the effects of events such as the growth of shale oil production, OPEC's production cuts, and the COVID-19 pandemic. The current price range and the implications of these price movements are also discussed.

Crude Oil Production in Vietnam increased to 161 BBL/D/1K in March from 160 BBL/D/1K in February of 2025. This dataset provides the latest reported value for - Vietnam Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Crude Oil rose to 65.49 USD/Bbl on July 23, 2025, up 0.27% from the previous day. Over the past month, Crude Oil's price has risen 1.73%, but it is still 15.60% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

As a result of crude oil price crash followed by the economic crisis sparked by Covid-19, crude oil demand has plummeted due to restricted mobility as lockdown measures were implemented. Operators were swift to readjust their capital and production guidance for the year of 2020. From a list of 17 operators, the total capital expenditure cut sums up to approximately US$ 38 billion, with Exxon leading the cut with US$ 10 billion followed by Chevron with US$ 6 billion. However, Occidental Petroleum has the biggest percentage cut of 55%. The withdrawal of investments in development plan in US Lower 48 states has led to a decline in production in 2020. The oil production cuts intensified during Q2 2020 with Permian Basin experienced the biggest decline in crude oil, summing up to approximate 1 million barrels a day (mmbd). As for the natural gas decline, Permian and Eagle Ford contribute to approximately 3.5 billion cubic feet per day (bcfd) and 1 bcfd as a result of oil well production curtailment. Read More

In 2024, Russia produced approximately **** million barrels of oil daily, down from **** million barrels recorded in the previous year. The volume of crude oil, shale oil, oil sands, and natural gas liquids supplied by Russia continuously increased until 2019, making it the world’s third-largest oil producer. Over the next three decades, Russia was forecast to decrease its oil production under both the current trajectory and net-zero scenarios. Russia’s oil dependency The Russian oil industry is the major contributor to the country’s exports, which makes the country vulnerable to decreasing oil prices. Under the conservative scenario, the fuel and energy complex was forecast to decrease its share in the country’s gross domestic product from ** percent to ** percent between 2020 and 2040. OPEC deal – a reduction in Russian oil output? In 2016, Russia and the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement, according to which Russia cut its oil production to facilitate the increase in crude oil prices. In compliance with the deal from December 2019, in the first quarter of 2020, Russia’s reduction quota reached 300 thousand barrels daily. In March 2020, the OPEC+ deal collapsed, as Russia refused to cut its oil output due to the coronavirus (COVID-19) pandemic. Starting from May 1, 2020, a new OPEC+ deal began, setting oil production cuts at 9.7 million barrels daily.

Discover the factors that influenced the fluctuations in crude oil prices in 2017, including supply and demand dynamics, geopolitical events, and environmental factors. Learn about the impact of OPEC production cuts, increasing shale oil production, tensions in the Middle East, and natural disasters. Understand the price range and the overall volatility experienced throughout the year.

UK oil and gas production has diminished over the past decade because old oil fields have matured while developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024 but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.24 U.S. dollars per barrel, as of May. This would be eight U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

Learn about the significant fluctuations in crude oil prices over the past two years, influenced by global events and economic factors. Discover the impact of trade tensions, production cuts, COVID-19, and vaccine rollouts on the price of crude oil.

The global water-cut analyzer market is experiencing robust growth, driven by the increasing demand for efficient oil and gas production and the need for precise monitoring of water content in hydrocarbon streams. The market's expansion is fueled by several factors, including the rising adoption of advanced technologies like capacitive, microwave, spectral, and density-based analyzers across various applications. Crude oil separators, pipelines, and tank trucks are key application segments witnessing significant growth due to stringent environmental regulations and the need to optimize production processes. The market is segmented geographically, with North America (particularly the United States) and the Asia-Pacific region (driven by China and India) showing strong growth potential. Technological advancements leading to more accurate, reliable, and cost-effective water-cut analyzers further contribute to market expansion. While the initial investment cost of these analyzers can be a restraint, the long-term operational benefits, including reduced downtime and improved production efficiency, are driving adoption across various industry players. Competitive landscape analysis reveals the presence of both established players like Ametek, Emerson, and Schlumberger, along with emerging companies like Haimo Technologies and Delta C Technologies, fostering innovation and driving market growth. The forecast period of 2025-2033 indicates a substantial growth trajectory for the water-cut analyzer market. This expansion will be influenced by the continued growth in the oil and gas industry, increasing investment in infrastructure development, and the stringent implementation of environmental regulations. Further segmentation within the market based on analyzer type and application will allow companies to focus their strategies on specific niches, leading to a more specialized product offering. The market's future growth will likely be fueled by technological advancements in sensor technology, data analytics, and the integration of smart technologies into the water-cut analyzers, promoting greater efficiency, accuracy, and predictive maintenance capabilities. Emerging economies' increasing oil and gas exploration activities are expected to contribute significantly to market expansion in the coming years.

Key information about Nigeria Crude Oil: Production

• Nigeria Crude Oil: Production was reported at 1,495.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 1,525.000 Barrel/Day th for Dec 2024
• Nigeria Crude Oil: Production data is updated monthly, averaging 1,885.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 2,496.000 Barrel/Day th in Nov 2005 and a record low of 1,015.000 Barrel/Day th in Sep 2022
• Nigeria Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: OPEC Members: Monthly

Prices for most industrial commodities strengthened further in the first quarter (q/q), while global agricultural prices remained broadly stable. Crude oil prices are forecast to rise to an average of $55 per barrel (bbl) in 2017 from $43/ bbl in 2016. The oil forecast is unchanged since October 2016 and reflects balancing forces: upward pressure on prices from production cuts agreed by Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producing countries, and downward pressure from persistently high stocks, supported by the faster-than-expected rebound of the U.S. shale oil industry. Metals prices are projected to increase 16 percent as a result of strong demand in China and various supply constraints, including labor strikes and contractual disputes in the case of copper, and environmental and export policies for nickel. Agricultural commodity prices, which gained 1 percent in the first quarter, are anticipated to remain broadly stable in 2017, with moderate increases in oils and meals and raw materials offset by declines in grains and beverages.