Opec News
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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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By AFP
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.
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By AFP
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.
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By AFP
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.
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By AFP
Abu Dhabi -
Major oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments.
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By AFP
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.
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By AFP
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...
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By AFP
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...
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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.
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By AFP
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.
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By AFP
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...
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By AFP
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.
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By AFP
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.
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By AFP
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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By AFP
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!
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By AFP
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.
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By AFP
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.
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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.
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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.
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By AFP
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.
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Opec Image
Oil pices at close of trading on March 14, 2018. Bloomberg Energy
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