Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market. That perhaps explains why the de-facto leader of OPEC slashed its official selling prices …

Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support. Brent LCOc1 futures fell 25 cents, or 0.8%, to $31.49 a barrel by 0825 GMT after …

Saudi Aramco’s shares continued to decline during trading yesterday, despite Sunday’s historic agreement to reduce oil production that was reached by OPEC and the major oil producers in the world. Aramco shares were down 1.7 per cent by the end of trading yesterday having dropped 1.25 per cent on Sunday. …

Wall Street stocks mostly fell on Monday, April 13, ahead of major earnings reports, while the oil market gave a muted response to an historic deal by major producers to cut output. Two of the 3 major United States stock indices ended solidly lower ahead of Tuesday, April 14, when …

The Gazprom Management Committee has taken note of information about the status of the Company’s major investment projects. Within the Eastern Gas Program, Gazprom continues to ramp up its production and gas transmission capacities. At the Chayandinskoye field in Yakutia, the Company is setting up the facilities required to bring …

Saudi Arabia has announced its official crude pricing (OSP) for May, selling oil more cheaply to Asia while keeping prices flat for Europe and raising them for the U.S., after OPEC and its allies agreed the biggest output cut deal in history. Saudi Arabia’s state oil giant Saudi Aramco has …

Late last week, OPEC and non-cartel oil producers reached a new major agreement stipulating a collective reduction in oil output by around 10 million barrels per day effective 1 May. Russian Direct Investment Fund (RDIF) CEO Kirill Dmitriev told the broadcaster CNBC on Monday that the total oil production decrease …

Vladimir Putin’s deal with OPEC to cut oil output and boost prices three years ago was a triumph for the Russian leader, bolstering his clout on the global stage. But now he’s had to make stinging concessions after US President Donald Trump stepped in to end a price war. Amid …

Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is ‘historic yet insufficient,’ adding that no deal would be enough to offset the sharp drop in demand already occurring. The investment bank still expects oil prices to …

OPEC and its allies have finalized an historic deal to take 9.7mn barrels per day (bpd) of oil supply off the market – just under 10% of global production – to help the industry through its worst crisis in a century. Following emergency talks on April 9, the group originally …