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.

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".

Crude Oil Production in the United States increased to 13844 BBL/D/1K in September from 13800 BBL/D/1K in August 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 10002 BBL/D/1K in October from 9966 BBL/D/1K in September 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.

View monthly updates and historical trends for OPEC Crude Oil Production. Source: Energy Information Administration. Track economic data with YCharts anal…

OPEC+ prepares to boost oil production from November with Saudi Arabia pushing for larger increases to regain market share while Russia advocates for more modest growth amid differing production capabilities.

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.

Crude Oil Production in Vietnam increased to 168 BBL/D/1K in July from 162 BBL/D/1K in June 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.

OPEC+ monitoring committee emphasizes full compliance with oil production agreements and compensation cuts, while separate meetings consider potential output increases for November.

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

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for global oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Discover the booming water-cut analyzer market! This comprehensive analysis reveals key trends, growth drivers, and regional insights for 2025-2033, including leading companies like Ametek and Schlumberger. Learn about market size, CAGR, and segmentation by application and type. Maximize your understanding of this crucial sector in oil & gas production.

Daqing Oilfield is in the forefront, because of polymer flooding well pattern was used to next production layer, so, first development layer was sealed after polymer well was used to next layer, and whose storage reserves is very huge. To 2021, OOIP of the first set of reserves of type II reservoirs has been sealed up to 9603 × 104 t. In order to release the reserves and reduce the influence on oil yield, water drive well pattern was used to product the sealed reserves through additional perforating, but the economic boundary standard to release the sealed layer using water drive well pattern is not determined, so, based on the principle of break-even and the seepage flow theory, this paper establishes the formula for calculating the economic limits of the various unsealing indexes by water flood well, which can effectively solve the problem of communicating and understanding the economic and engineering parameters of the released well, quantificational the limit of layer selection standard of well for releasing. The result showed the cumulative and daily oil production limit is gradually decreases with oil prices increasing, and vertically, the limit is increases with the input-output ratio (ROI) increases. FWHP of oil well b1-40-527 is 0.4 Mpa, well spacing is 300 m, oil well radius is 0.1 m, viscosity is 8.8 mPa. s, production time of 300 d, density of 0.86 g/cm3, when ROI is 1:2, the lower limit of the cumulative oil raised production is 206.9 t and daily increasing oil floor is 0.69 t/d, the minimum released effective thickness is 8.4 m as oil price is 60 $/BBL, meanwhile, the lower limit of the cumulative oil raised production is 421.4 t and daily increasing oil floor is 1.4 t/d when oil price is 40 $/BBL. After increasing the thickness of released layer according the limit, it is verified by actual data, that the increasing oil production of daily and accumulated reached to the calculation minimum limit after thickness increased by re-unsealing. The fluid production daily of the well b1-40-527 was 41.41 t/d and oil production was 1.53 t/d, water cut was 96.3% before the well releasing, then, the well was released firstly in July 2021, total effective thickness released is 6.6 m, after the released, the daily oil production was 1.92 t/d, the daily water cut was 96.3%, and oil production daily increased is 0.39 t/d, which is lower than the requirement of 0.79 t with oil price is 60 $/BBL and ROI is 1:2, therefore, the lower permeability layers were added, the total released thickness is to 10.7 m, which meets the requirement of unsealing, and the daily fluid production of the well b1-40-527 was to 67.79 t/d, the daily oil production was 3.2 t/d, the daily water cut was 95.3%, daily oil production increased was by 1.25 t/d, water cut decreased is 1.0%, and the releasing measure is valid still now.

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.

The global water-cut analyzer market is booming, projected to reach $800 million by 2033, driven by rising oil & gas production and stringent environmental regulations. Learn about market trends, key players (Ametek, Emerson, Halliburton), and regional growth in our comprehensive analysis.

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.

The global water cut meter market, valued at $197 million in 2025, is projected to experience steady growth, driven by increasing demand for enhanced oil recovery techniques and stricter environmental regulations. The compound annual growth rate (CAGR) of 4.4% from 2025 to 2033 indicates a consistent market expansion, fueled by several key factors. The rising adoption of automation in oil and gas production, particularly in applications like automatic well testing and LACT units, is significantly boosting market demand. Furthermore, the growing need for precise water cut measurement to optimize production processes and minimize water disposal costs is further propelling market growth. The direct mount segment dominates the market due to its ease of installation and integration into existing infrastructure. However, the portable segment is expected to witness significant growth driven by its versatility and suitability for diverse field applications. Geographically, North America and the Middle East & Africa currently hold substantial market shares, but Asia-Pacific is poised for significant expansion given the burgeoning oil and gas industry in regions like China and India. Competitive pressures are moderate, with a mix of established players like Emerson and AMETEK Drexelbrook alongside emerging regional manufacturers. Technological advancements in sensor technology and data analytics are key trends influencing the market. Improved accuracy, reliability, and real-time data capabilities offered by advanced water cut meters are driving adoption. However, high initial investment costs and the need for specialized technical expertise can act as restraints. Future growth will depend on overcoming these challenges through the development of more cost-effective solutions and wider accessibility of training and support. The market segmentation by application (pipeline BS & W measurement, crude pipelines, desalter crude feed, automatic well testing, LACT units, separation control, others) and type (direct mount, portable) provides valuable insights into the diverse applications and preferences within the industry. This detailed understanding of market segments is crucial for manufacturers to strategically target their products and services effectively.

UK oil and natural gas production is on long-term decline as old oil and gas fields in the North Sea mature and near the end of their life cycle. Oil and gas extracting companies 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 oil and gas from America flooded the market, slightly outpacing demand. Still, revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to £23 billion, owing primarily to the significant price hikes of 2021-22 and 2022-23. This includes a forecast dip of 4.3% in 2025-26, owing to oil and gas prices edging down. Profit is also slated to fall over the year. 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 was extended until March 2025. At the same time, 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 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 falling by 15.8% in the year to August 2025. Oil and gas prices are likely to continue inching downwards in the coming years. The UK government has implemented policies to create a more favourable environment for extractors in the North Sea to improve UK energy security. However, the depletion of natural resources, the high cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. Revenue is forecast to climb at a compound annual rate of 2% over the five years through 2030-31 to £25.4 billion, supported by two new major oil and gas fields, Jackdaw and Rosebank.