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Opec News

Oil producers to review cuts impact in April: UAE

Dubai - Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.OPEC and some non-OPEC producers decided to cut output by 1.

OPEC agrees joint 1.2 mn bpd cut with partners

Vienna - OPEC members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.

Trump asks OPEC not to cut production

Washington - US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.

Qatar to quit Saudi-dominated OPEC in 2019

Doha - Qatar is to leave OPEC next month in order for the Gulf state to focus on gas production, the country's new Energy Minister Saad al-Kaabi announced in a surprise move on Monday.

Putin: Russia, Saudi agree to renew oil output cuts

Buenos Aires - President Vladimir Putin said Saturday that Russia and OPEC kingpin Saudi Arabia had agreed to renew a pact on oil production cuts, as crude prices slump on global markets.

Putin says Russia 'satisfied' with oil at $60

Moscow - Russia is happy with the current oil price level of around $60 dollars per barrel, President Vladimir Putin said on Wednesday, despite a recent dramatic oil price slump on global oversupply worries.

Saudi minister calls for 1 mln bpd global oil output cut

Abu Dhabi - Saudi Arabia's energy minister called Monday for a global output cut of one million barrels per day to re-balance the market, as Riyadh unveiled plans to cut production by 500,000 bpd from December.

Oil producers see oversupply, call for new strategies

Abu Dhabi - Major oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments.

Major oil producers to consider cuts after price slide

Dubai - Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash.

Iran says Trump 'main culprit' of oil price hikes

Tehran - US President Donald Trump is the "main culprit" to blame for a recent surge in oil prices, Iranian Oil Minister Bijan Namdar Zanganeh said on Wednesday."The main culprit of the price hikes...

OPEC chief says Iran still 'very important' as US sanctions loom

Fujairah - The head of OPEC said Tuesday that Iran remains "a very important member" of the oil cartel, as Tehran braces for a new round of US sanctions partially targeting its crude exports."Iran is a very important member of OPEC...

Canadian oil sands outage shakes up global oil prices

Alberta - All eyes were on Vienna last week as OPEC leaders met to discuss a production cut deal - But according to Goldman Sachs, the real action was in Canada's oil sands. Syncrude Canada announced it would be offline for all of July due to a power outage.

Defusing row, OPEC agrees to output rise

Vienna - OPEC energy ministers on Friday said they would be putting more oil onto the market to meet "extra demand", reaching a last-ditch compromise in a spat that pitted Saudi Arabia against archfoe Iran.

OPEC inches towards oil output deal ahead of key meeting

Vienna - OPEC energy ministers expressed optimism Thursday they were nearing a compromise on oil output policy, with Saudi Arabia acknowledging that a big production hike would be "politically unacceptable" to archfoe Iran, and Iran saying that it was "ready fo...

Saudi, Iran face off ahead of tense OPEC meet

Vienna - Saudi Arabia insisted Wednesday it would do "whatever is needed" to avoid oil supply shortages, setting the stage for a showdown with archfoe Iran ahead of crunch OPEC talks on easing a production-cut pact.

Russia, Saudi seek raised OPEC output of 1.5 million bpd

Moscow - Russia and Saudi Arabia will ask OPEC to hike production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday.

All eyes on OPEC as Trump gripes over prices

New York - Just nine days before a big OPEC meeting, US President Donald Trump joined the oil-market fray Tuesday, blaming the group for high prices."Oil prices are too high, OPEC is at it again. Not good!" the US president said on Twitter.

Trump accuses OPEC of driving up oil prices

Washington - US President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production."Oil prices are too high, OPEC is at it again. Not good!

Saudis see oil price on rise as Trump blasts OPEC

Jeddah - Saudi Energy Minister Khaled al-Faleh said Friday the global market has the capacity to absorb higher oil prices, drawing a swift reaction from US President Donald Trump who accused OPEC of inflating prices.

Trump says high oil prices 'will not be accepted'

Washington - US President Donald Trump criticized the Organization of Petroleum Exporting Countries (OPEC) Friday for what he said were artificially high oil prices, adding they "will not be accepted.

OPEC acknowledges supply cuts didn't work

The Organization of Petroleum Exporting Countries (OPEC) for the first time, is forecasting that new oil supplies from its rivals will exceed growth in demand this year as the U.S. industry thrives.

U.S. oil exports step up a notch as domestic production soars

The number of barrels of U.S. oil exports heading for international markets is growing, despite OPEC's efforts to drain inventories and support oil prices. On Monday, a supertanker left Louisiana laden with oil for China.

Saudi Arabia seeks to further reduce oil stockpiles

Riyadh - Saudi Arabia said Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over US oversupply.

Crude oil expected to exceed global demand in 2018

Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd, after the International Monetary Fund upped its estimate of global economic growth for this year and next.

Saudi Arabia calls for oil producers to extend cooperation

Muscat - Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices.

Oil hovers near $70 highs while U.S. and Canada output increases

Oil prices started the week just below $70 on Monday, pressured by a rising U.S. rig count, even as the price of crude continues to hover near record three-year highs.

Oil hits highest prices since mid-2015, then dips

Both Brent Crude and West Texas Intermediate (WTI) started trading in 2018 above US$60 a barrel for the first time since January 2014, before prices collapsed.

OPEC committee recommends oil deal extension

Vienna - A joint committee of oil producers inside and outside OPEC has recommended that a deal curbing output be extended, Russia's energy minister said ahead of a key meeting in Vienna on Thursday.

Op-Ed: OPEC's issues being worsened by technology and electric vehicles

The turmoil being seen in the oil and gas industry, along with the surge in technologies behind the electric vehicle, wind and solar industries are about to butt heads in a showdown that will eventually lead to the demise of OPEC.

As crude prices falter, is Big Oil worried about price cuts?

Oil prices were looking up at the start of 2017, with crude hitting a high of $58 a barrel in January after dropping to $27 in 2016. But oil prices have started to flounder again, and the big oil companies are preparing to do some more belt-tightening.
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Oil pices at close of trading on March 14  2018.
Oil pices at close of trading on March 14, 2018.
Bloomberg Energy