State-owned energy giant says it remains on track to increase its production capacity to 3.5 million bpd by the end of 2018
opec production cuts
non-OPEC
Russia-Saudi plans for ‘super-OPEC’ could reshape global oil order
Russia and Saudi Arabia are considering inviting all 24 countries to join a permanent body with its own constitution and secretariat
crude oil
Saudis take oil consumers’ side as OPEC nears pivotal talks
The odds of the Organization of Petroleum Exporting Countries reaching a deal on Friday have increased through the week
commodity
Video: What is OPEC?
Oil isn’t just petrol for your car, it’s an ingredient in a lot of what we use. That means the cost of these products can be affected by the fluctuating price of oil. That price is largely decided by supply and demand and the collective actions of OPEC, an organisation that provides 40% of the world’s oil.