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Opec News

OPEC+ meeting to set February production levels

London - Members of the OPEC group of oil producers and their partners will meet via videoconference Monday to decide production levels for February, which it hopes to continue boosting.

OPEC and the pandemic has broken the U.S. shale market

OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years, the U.S. shale boom won’t be at the top of the list.

OPEC+ faces growing pressure to avoid another price decline

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.

OPEC turns 60 at 'critical moment' for virus-hit oil

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.

OPEC, allies agree to extend deep output cuts through July

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.

OPEC, allies meet to discuss output cuts

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.

OPEC+ agrees to cut oil output 10 million barrels a day

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.

Top oil producers agree 'historic' cuts due to coronavirus crisis

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.

G20 energy ministers scramble to finalise oil output deal

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.

OPEC, allies consider output cut after price crash

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.

Global oil prices getting low even as demand is falling

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.

As oil prices plummet, Monday's OPEC meeting delayed

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.

Putin says Russia ready to cooperate on cutting oil production

Moscow - Russia is ready to cooperate with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said Friday.

Russia steps in to support tumbling ruble

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.

OPEC to try to stem oil price plunge amid coronavirus slowdown

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.

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.
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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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