Opec News
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OPEC, Russia and allies, known as OPEC+, are reassessing a plan to ease output cuts after oil prices retreated once again on Friday amid concerns about a second wave of COVID-19 in Europe and a third wave in the U.S.
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By AFP
London -
OPEC faces a critical moment in its 60-year history with the coronavirus crushing crude demand and prices, discord among its members, and threats from a world seeking cleaner fuels.
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By AFP
Vienna -
OPEC members, led by Saudi Arabia, and other key oil producers agreed Saturday to extend historic output cuts through July, as oil prices tentatively recover and coronavirus lockdowns ease.
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By AFP
London -
OPEC and its allies are to meet via video conference Saturday to assess their current deal to slash production as oil prices tentatively recover on easing coronavirus lockdowns.
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OPEC, Russia and other oil-producing nations on Sunday finalized an agreement to cut oil production by nearly 10 million barrels a day to boost prices during the coronavirus pandemic.
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By AFP
Vienna -
Top oil-producing countries agreed on "historic" output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday.The US benchmark WTI climbed 7.7 percent to $24.
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By AFP
Apo -
G20 energy ministers held virtual talks Friday as major oil producers scrambled to finalise output cuts to shore up prices, with Mexico announcing a deal with the United States that could end an impasse.
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By AFP
London -
Top crude producers will on Thursday hold a crucial teleconference to discuss a possible cut in output after a collapse in demand caused by the coronavirus and a damaging Saudi-Russia price war caused a crash in the market.
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Wall Street opened sharply higher on Monday, joining in a global rally after some of the hardest-hit countries showed signs that the worst of the coronavirus outbreak may be on the horizon. The same cannot be said for crude oil prices which saw a decline.
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The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, with the delay likely to hit oil prices next week following a record-setting comeback last week for crude.
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By AFP
Moscow -
Russia is ready to cooperate with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said Friday.
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By AFP
Moscow -
The Russian ruble tumbled Monday to a four-year low amid a crash in oil prices as authorities rushed to assure the public the country has accumulated enough funds to withstand the blow.The ruble fell 9.
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By AFP
London -
The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus.
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By AFP
Apo -
Brazil's President Jair Bolsonaro said Wednesday he was keen for his country to join OPEC, a move that would add the oil producer to a cartel dominated by Saudi Arabia.
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By AFP
Dubai -
Top oil producers will consider fresh output cuts at a meeting this week, but analysts are doubtful they will succeed in bolstering crude prices dented by the US-China trade war.
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By AFP
Vienna -
OPEC's secretary-general has complained of what he called "unscientific" attacks on the oil industry by climate change campaigners, calling them "perhaps the greatest threat to our industry going forward".
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By AFP
Vienna -
OPEC agreed Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin Saudi Arabia and non-member Russia.
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By AFP
Jeddah -
OPEC kingpin Saudi Arabia and key producer United Arab Emirates said Sunday oil supplies were sufficient and stockpiles were still rising despite massive output drops by Iran and Venezuela.
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By AFP
Jeddah -
Oil supplies were sufficient and stockpiles were still rising despite massive output drops from Iran and Venezuela, said OPEC kingpin Saudi Arabia and key producer UAE on Sunday, as oil exporters met in Jeddah.
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By AFP
Bakou -
Major oil producers led by Saudi Arabia agreed Monday to keep working together to prop up crude prices, but said they would decide only in June on whether to extend production cuts.
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By AFP
Moscow -
Two years after they teamed up to take back control of oil markets, the alliance between Russia and OPEC continues to be effective.
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By AFP
Dubai -
The energy minister of the United Arab Emirates said Monday supply and demand in the oil market should balance out in the first quarter of 2019, following weeks of output cuts.
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Washington -
OPEC isn’t the invulnerable colossus of the past any more. The US House of Representatives Judiciary Committee passed the NOPEC bill, which is now up and running as a serious legislative proposition.
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By AFP
Apo -
OPEC kingpin Saudi Arabia said Wednesday it would slash its oil exports by 800,000 barrels per day in January and promised further cuts as producers move to shore up tumbling prices.
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By AFP
Apo -
OPEC kingpin Saudi Arabia will slash its oil exports in January by 10 percent compared to November, its energy minister said Wednesday as producers move to shore up tumbling prices.
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By AFP
Kuwait City -
Oil ministers from leading OPEC nations said Sunday they expect prices will arrest their recent slide and rebalance early next year, when a deal on new production cuts takes effect.
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By AFP
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.
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By AFP
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.
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By AFP
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.
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By AFP
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.
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Opec Image
Oil pices at close of trading on March 14, 2018. Bloomberg Energy
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