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

The Iraqi Oil marketing company (SOMO) denied, on Thursday, that it exceeded OPEC+ target for oil exports for July. The state company issued a statement in response to the article “Iraqi oil exports in July above OPEC+ target within 20 days only” published by “Attaqa website”. “The Oil Marketing Company …

Oil prices edged lower on Wednesday as government data showed a surprise rise in U.S. crude inventories and as tensions escalated between the United States and China. Brent crude futures settled down 3 cents at $44.29 a barrel, while U.S. West Texas Intermediate crude settled down 2 cents at $41.90 …

OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said on Wednesday. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting …

Oil prices fell on Wednesday as industry data showed a bigger than expected inventory build in the United States, where a surge in coronavirus cases could further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 60 cents, or 1.4%, to $43.72 a barrel by 0912 GMT. …

Iraq’s Gharraf oil field has restarted production at a rate of 50,000 b/d after output was suspended in mid-March as part of measures to contain the coronavirus pandemic, a Japan Petroleum Exploration spokesman told S&P Global Platts July 22. Production was restarted July 21 after Malaysia’s Petronas, the operator of …

South Sudan is banking on a better year in 2021 after efforts to rebuild its oil industry were knocked by the coronavirus and a collapse in crude prices.“We experienced prices that had never been there before and we are running at a loss” along with private operators, Awow Daniel Chuang, …

Some oil from China’s swelling storage tanks is finding its way back into the international market as traders jump at the opportunity to source cheap crude for resale to regional refiners. The shipments in question, so far just 1 million barrels, have been procured by trading houses via the Shanghai …

For the first time in many years, the Organisation of Petroleum Exporting Countries, OPEC, has confirmed Nigeria’s ability to cut its output from 1.7 million barrels per day, mb/d in May to 1.4mb/d in June 2020. In its July Oil Market Report obtained by Vanguard, OPEC stated that the data …

The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after the weakening of the OPEC+ production restrictions, Energy Minister Alexander Novak told reporters. “No, we do not expect it, because the market is already conscious …

Saudi Aramco has joined with European and US supermajors – representing a third of the world’s oil industry – to begin curbing emissions at their own operations as the clamor builds for the biggest polluters to act on climate impact. Members of the Oil & Gas Climate Initiative, a group …