Oil

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 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 …

The deal covers the group's production level by the next 2 years and will be implemented in 3 stages.

OPEC+ had just struck a deal to cut the group’s output by 10 million barrels per day (including 300,000b/d by US) in May and June 2020.

Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand, Trend reports with reference to Reuters. After four days of …

The federal government intends to restrict Kurdistan Region by OPEC agreement to reduce crude oil production. The advisor to the Prime Minister, Mathar Muhammad Salih indicated in a statement quoted by the semi-official newspaper, Al-Sabah, in its Sunday edition, to what he called “the importance of the oil ministry restricting …

The Kremlin said on Saturday it hoped the world’s largest oil producers would come to a consensus on output cuts and that negotiators were still trying to persuade Mexico to take part in a deal, TASS news agency reported. OPEC, led by Saudi Arabia, and its allies, led by Russia, …

Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse.