Russian President Vladimir Putin is not planning any contacts with OPEC+ partners for the time being, but they can be quickly arranged if necessary, Kremlin spokesman Dmitry Peskov told reporters on Thursday. “So far no contacts have been planned. However, if necessary, they will be immediately arranged,” he said. Commenting …

The meeting of the OPEC+ Joint Technical Committee (JTC) scheduled for March 18 is canceled, a source in one of the delegations told TASS on Thursday. “JTC meeting will not be held,” the source said. Saudi Arabia earlier refused to participate in the Committee’s meeting.

Saudi Arabia sliced its oil prices by more than 30% and has set plans for a rise in production in April. Given the lack of consensus among OPEC+ countries and competition to have a better share in the world oil market, lower crude prices are going to stay for sometime. …

The UAE Minister of Energy and Industry, Suhail bin Mohammed Al Mazrouei, expressed his disappointment after the collapse of the OPEC+ oil cuts agreement, which expires at the end of March. In a series of tweets, Al Mazrouei said that the UAE has ample production capacity that will be quickly …

Oil’s historic price crash is prompting the Chinese government to consider buying more crude for state reserves, say people with knowledge of the matter. Top planning officials are consulting with Chinese government agencies and state-owned energy companies about the possibility of bolstering the nation’s strategic stockpiles with cheap oil, the …

The Organization of the Petroleum Exporting Countries (OPEC) has asked Russia for an additional oil production cut of 300,000 barrels per day, which would mean a total of 600,000 barrels daily, Deputy Energy Minister Pavel Sorokin told Reuters. According to Sorokin, this would be technically difficult. Last week, the OPEC+ …

The UAE Minister of Energy and Industry Suhail Bin Mohammed Al Mazrouei has said that a new agreement between OPEC members is essential to support a balanced and less volatile market. Al Mazrouei said, via a series of tweets, “OPEC and OPEC+ played an important role in delivering market stability. …

Saudi Arabia is set to hike its crude oil supply to a record high, flooding markets as it continues to escalate a trade war with Russia. The kingdom will up its supply to an unprecedented height of 12.3 million barrels per day in April, said Amin Nasser, CEO of Saudi …

Iran’s Parliament Speaker Ali Larijani in separate telephone conversations with Kuwaiti and Omani counterparts on Tuesday called for regional cooperation to counter the new coronavirus outbreak. Larijani briefed his counterparts on the measures taken by Iran to combat the epidemic in the country. He said that further regional cooperation as …

International Energy Agency Executive Director Fatih Birol on Monday denounced oil producer countries he said were playing “Russian roulette” with markets, adding that an apparent price war was an attempt to “kill” the US shale sector, but was unlikely to succeed and could have “grave consequences” around the world, Platts …