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Opec News

Bolsonaro keen for Brazil to join OPEC

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.

Oil majors to mull fresh cuts as trade war hits prices

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.

Climate campaigners 'greatest threat' to oil sector: OPEC

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".

OPEC extends oil output cuts after Moscow-Riyadh pact

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.

Saudi, UAE see sufficient oil supplies, rising stocks

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.

Saudi, UAE see sufficient oil supplies, rising stocks

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.

Oil producers to decide in June on extending cuts

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.

Russia and OPEC: convenience but no marriage

Moscow - Two years after they teamed up to take back control of oil markets, the alliance between Russia and OPEC continues to be effective.

UAE expects oil market to balance in first quarter

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.

Op-Ed: OPEC hits a wall — NOPEC antitrust law heading for a vote?

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.

Saudi Arabia vows to slash oil exports after price slide

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.

Saudi to slash oil exports after price slide: minister

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.

Oil market likely to rebalance early 2019: OPEC ministers

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.

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.
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Oil pices at close of trading on March 14  2018.
Oil pices at close of trading on March 14, 2018.
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