Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Oil prices settled lower on Friday, reversing earlier gains to post their biggest weekly declines in months amid turmoil in global financial markets stemming from fears of a banking crisis. Brent, the benchmark for two thirds of the world’s oil, slid 2.32 per cent, or $1.73, to settle at $72.97 …

OPEC+ will likely wait for financial markets to calm before deciding whether it needs to react to oil’s rout by cutting production, according to consultancy Energy Aspects Ltd. “It would be premature for OPEC+ to take action without first understanding what the risks are,” EA analysts, including co-founder Amrita Sen, …

Iran’s production of oil increased in February by an average of 17,000 barrels per day (bpd), according to the latest figures by the Organization of the Petroleum Exporting Countries (OPEC). Excerpts of the report published by IRNA on Tuesday showed that Iran’s average oil output in February was 2.571 million …

The future of the energy industry in the United Arab Emirates is bright and will reach new heights in the future, the oil minister of the UAE, Suhail Al Mazrouei has said. At an event titled “Charting the Future of the UAE’s Energy Sector”, Al Mazrouei said that the UAE …

Saudi Arabia and Russia reaffirmed close cooperation in the OPEC+ oil cartel, and discussed Ukraine, grains and Syria at a foreign ministers’ meeting Thursday. Saudi Foreign Minister Prince Faisal bin Farhan said he spoke with his Russian counterpart about “the importance of deep coordination between the Kingdom and Russia in …

The United States wants to see a hike in oil production, including from OPEC countries, said a senior State Department official Monday. “As world economies recover, we’ll see more consumption. And therefore we’d like to see supply meet demand,” said Jose Fernandez, the US Undersecretary of State for Economic Affairs, …

OPEC Chief Haitham Al-Ghais broke bread with US shale bosses Monday night in his first meeting with the producers since he took the helm of the oil cartel in July. At the table, which included Occidental Petroleum Corp. CEO Vicki Hollub and Pioneer Natural Resources CEO Scott Sheffield, talk centered …

The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, who visited Tripoli Wednesday, discussed issues related to the oil and gas sector, hailing Libya as one of the most important major partners in OPEC. The Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of …

OPEC’s crude oil production for February was, on average, 150,000 bpd more than it was in January, a Reuters survey found on Tuesday. OPEC’s February crude oil production rose to 28.97 million bpd, the survey said, but is still 700,000 bpd less than it was in September. OPEC+–responsible for producing …

Oil prices fell in morning trade on Tuesday on a strong dollar and concerns about further monetary tightening by the US Federal Reserve. Brent, the benchmark for two thirds of the world’s oil, was trading 1.05 per cent lower at $83.19 a barrel at 8.37am UAE time. West Texas Intermediate, …