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OPEC’s 300,000-barrel-per-day output rise in June, boosted by fragile recoveries in Libya and Nigeria, and the unrelenting rise in Iran and the increase in Saudi Arabia, sends a strong message over its unwavering market share strategy. The sharp increase in OPEC’s June production affirms a continuation of its market share strategy.
At the start of 2017, there are two major dynamics at play occurring at the same time, each pushing in opposite directions on the market. The OPEC deal is slated to take oil off the market, while US drilling is expected to add new supply. Iraq is committed to achieving producers’ joint goals to control the oil glut in world markets.”.
Saudi Aramco’s investment of $300 billion in the next 10 years will, in large part, be focusing on the new technology needed to keep existing projects running while opening up new volumes in the future. Amin Nasser’s aim is to go beyond global oil markets. Dr. Cyril Widdershoven is a long-time observer of the global energy market.
According to Oil Change International (OCI), the two most widely known cases by the oil industry are when they committed genocide in the Niger Delta just to get the people off the land, so that they can extract the petroleum.
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