All articles tagged with #global oil production
Saudi Arabia is taking a separate approach to OPEC's oil policy, signaling a potential shift in the organization's dynamics. The country's decision to chart its own path comes as it aims to increase its market share and adapt to changing global oil production dynamics. This move could have significant implications for the energy market and OPEC's influence in shaping oil policies.
Global oil production fell to a seven-month low in January due to lower output in major producers Canada, Iraq, Russia, and Bahrain, according to data from the Joint Organizations Data Initiative (JODI). Global consumption dropped seasonally in January, and global inventories of crude and oil products increased to an 11-month high. Natural gas consumption in the EU and the UK combined slumped to a five-year seasonal low in January due to reduced industrial and household consumption and milder weather.