Tag: OPEC
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Russia, Saudi Arabia eye COVID-19 oil cut to hike prices
Russia and OPEC-kingpin Saudi Arabia are reportedly mulling to delay an increase in oil production in January, maintaining an output cut aimed to raise...
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Too much supply, too little demand, OPEC+ wants production cuts
Fearing slow oil demand recovery, the Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, during a meeting on...
Archive
Oil reflux: OPEC+ pumps up volume after COVID-19 cutback
The Organization of the Petroleum Exporting Countries (OPEC) and its oil producing allies led by Russia, a group known as OPEC+, reportedly agreed on...
Archive
Trump pushes end to Russian-Saudi oil production standoff
Oil prices surged on April 2 after US President Donald J. Trump said he expected Saudi Arabia and Russia to end a price war,...
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OPEC, IEA underscore importance of oil and gas market stability
International Energy Agency (IEA) Executive Director Fatih Birol and Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammad Sanusi Barkindo
underscored the importance of...
Archive
Russia, Saudi Arabia scrap opens oil pipes, floods market
While Moscow is in a much better financial position today than Saudi Arabia, or Russia’s position in 2014, Russia stands to lose a lot...
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Playing Russian roulette with the US shale oil industry
The rapid growth of the US shale industry seems to be at the heart of the Saudi-Russia crude oil price war. Already weak from...
Energy
Kazakhstan calls for consensus on OPEC+ deal
NUR-SULTAN, Kazakhstan – Kazakhstan’s Energy Minister Nurlan Nogayev on 11 March called for the Organization of Petroleum Exporting Countries (OPEC) and its allies led...
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Oil price war
Crude prices plunged to record lows on 9 March as an oil price war between Saudi Arabia and Russia commenced after the latter refused...
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COVID-19 no hit for Russian oil exports to China
Russia’s oil exports to China were almost unaffected last month amid the coronavirus outbreak as the East Asian country has been benefiting from lower...
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OPEC says coronavirus outbreak to reduce world oil demand
The Organization of Petroleum Exporting Countries (OPEC) has cut its forecast for global growth in oil demand this year due to the coronavirus outbreak.
In...
Archive
Kazakhstan mulls OPEC+ proposal to cut oil production
NUR-SULTAN, Kazakhstan - Kazakhstan is considering a proposal by the technical committee of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers...
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Coronavirus hits oil too, worries plunge prices
Oil prices fell more than 2% on 3 February, as traders were concerned over demand in China following the deadly coronavirus breakout but prices...
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IEA: Global oil supply tumbles in December
Global oil supply tumbled 780,000 barrels per day in December as biofuels production declined seasonally and Saudi Arabia reduced output, the International Energy Agency...
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Oil price reaches 3-month high as 2019 nears end
Hopes for a US-China trade deal and an American Petroleum Institute (API) report showing lower US crude inventories pushed oil prices about 1% to...
Archive
OPEC+ becomes OPEC- with oil production cuts
The Organization of the Petroleum Exporting Countries (OPEC) and other major producers led by Russia, a group known as OPEC+, have reportedly agreed to...
Archive
Oil mess in Texas, OPEC caution gush crude prices
A surprise drop in US crude inventories and comments from Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammad Barkindo about lower-than-expected US...
Archive
The big question mark for OPEC and Russia confab: Extend production cuts
MOSCOW – The Organization of the Petroleum Exporting Countries and other major oil producers led by Russia plan to meet on 1-2 July in...
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Saudi-Iran spat over drone attacks fuel oil prices
Increased tensions in the Middle East have fuelled oil prices this week. On 16 May, crude oil prices increased more than 1% as a...
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OPEC+ oil production cuts, possible US-China trade deal boost oil prices
Supply cuts led by the Organization of Petroleum Exporting Countries (OPEC), US sanctions against Iran and Venezuela and the possibility of a US-China trade...
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US oil production may undermine OPEC-Plus cuts
The United States becomes a net energy exporter in 2020 and remains so throughout the projection period as a result of large increases in...
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Slower global economic growth can lead to lower oil and gas prices in 2019
Oil prices are unlikely to rise significantly this year because of fears of an oil supply glut caused by over production and reduced oil...
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Putin voices support for OPEC, sees no need to cut production
Russian President Vladimir Putin reportedly said on November 15 that Moscow is committed to continuing its cooperation with the Organization of Petroleum Exporting Countries...
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Trump-Erdogan spat, Iran sanctions, Maduro’s Venezuela could spike oil prices
Growing tensions between the United States and Turkey, fresh US sanctions against Iran, and falling oil production in Venezuela have increased the possibility of...
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Oil prices likely to rise as US plans to officially pull out of Iran deal
US President Donald J. Trump has said the United States will pull out of a nuclear agreement with Iran and any company dealing with...