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

Russian oil producers are confronting their greatest challenge in decades as they try to fend off a historic price slump without permanently damaging their fields. To save the market from collapse caused by the coronavirus, Moscow and its OPEC allies agreed to cut crude output deeper than ever before. Their …

Saudi Arabia stood by its pledge to curtail oil output under the OPEC+ deal, reducing shipments to the prized Asian market. Saudi Aramco cut contractual volumes for June loading to at least seven Asian customers, according to traders notified by the state-owned company. Three other regional buyers received what they …

The rebalancing of the oil market is underway and will accelerate, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday, May 13, days after some of its members voluntarily increased their production cuts. The world oil market was thrown into disarray earlier this year as lockdown measures imposed …

Oil prices keep falling. Nobody could imagine that oil prices would hit their 17-year lows in less than three months.

The Joint Ministerial Monitoring Committee (JMMC) meeting will be held on June 8, 2020, most probably in a video format, while ministerial meetings of OPEC and non-OPEC states will be held on June 9 and 10 as planned, sources in delegations told TASS. “The JMMC meeting will be held on …

The OPEC+ agreement and the additional oil output cuts announced this week will push GCC budgets even deeper into deficit, according to Fitch Ratings. Saudi Arabia said on Monday it would add to existing cuts by reducing output by another 1 million bpd next month — equivalent to 1 per …

Oil prices fell in early Asian trading on Wednesday after industry data showed a rise in U.S. crude inventories and concerns mount about a possible second wave of the coronavirus pandemic in countries easing lockdowns. Traders shrugged off a further call by Saudi Arabia for larger production cuts to balance …

Saudi Arabia’s cabinet has urged OPEC+ countries to further reduce oil production rates to restore balance in global crude markets, state news agency (SPA) reported early on Wednesday. “The cabinet affirmed the Kingdom of Saudi Arabia’s endeavor to support the stability of global oil markets,” according to a statement. “The …

Oil rebounded in Asian trade Tuesday, buoyed by Saudi Arabia’s decision to cut output more than it had pledged as the virus-hit world economy cautiously emerges from lockdown. United States benchmark West Texas Intermediate for June delivery was up 1.37 percent at US$24.47 a barrel in morning trade. Global benchmark …

Consulting firm IHS Markit expects oil demand in the second quarter of 2020 to be 22 MMbpd less than a year ago.