Sentences with phrase «significant oil production cuts»
In late 2016 OPEC engineered significant oil production cuts in order to address an oversupplied oil market.
http://news.peak-oil.org/ Not exact matches
Iran is looking to increase production even more by the end of the year, so any supply cut will have to be significant to really impact oil price.
The company also said oil sands operations production has benefited from reliable operations at its Firebag and MacKay River plants, but base plant operations dealt with a significant, weather - related outage in January that will cut first quarter output to roughly 400,000 bbls / d.
Saudi Arabia designed the low - price strategy aimed at making oil production too costly for competitors in North America and Russia, and has refused to make more significant output cuts unless other producers agree to do the same.
OPEC (Organization of the Petroleum Exporting Countries) announced a surprise draft agreement to cut oil production that boosted energy prices, but any significant further rally would seem to us to require a far more vibrant global economy.