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

President of the OPEC Conference and Algeria’s Minister of Energy Mohamed Arkab called on OPEC and non-OPEC countries to fully implement the oil production limiting agreement, OPEC says on its website on Saturday. “In the face of unprecedented difficulties facing the oil market, it is of the utmost importance that …

Saudi Arabia’s outlook was cut to negative from stable by Moody’s Investors Service after the crash in oil prices exposed the vulnerability of the kingdom’s finances amid the global pandemic and its reserves plunged to the lowest level in almost a decade. The rating company kept the sovereign at A1, …

Abu Dhabi National Oil Company (ADNOC) has notified its customers in a letter of its plans to voluntarily adjust its crude oil production in May and June 2020, Trend reports citing OPEC. May’s voluntary adjustments: 15 percent Murban crude; 5 percent Umm Lulu crude; 5 percent Das crude; and 15 …

The historic oil deal meant to help crude prices rebound amid the coronavirus crisis has come into force. Starting today, global oil production is set to be slashed by nearly 10 million barrels per day. On April 12, the group known as OPEC+, which includes 13 members of the Organization …

As the United States pressed Saudi Arabia to end its oil price war with Russia, US President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohamed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting …

Oil prices rose on Friday, extending the previous session’s gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Still, prices gave up some of their earlier gains as the month …

One of the world’s fastest-growing commodity markets is under great pressure — but it’s healthy. LNG prices are depressed amid destruction in demand, in large part due to the Covid-19 pandemic stalling the global economy. The first big economic punch to the LNG gut started with swathes of virus cases …

Russian Energy Minister Alexander Novak expressed hope on Wednesday about a balance in the demand for oil in May and June, although he said that there is no point in predicting future prices. Novak noted that in May or June, several nations are expected to lift the restrictions imposed by …

Today many of the world’s major cities remain under lockdowns while their respective government is implementing work-from-home schemes.

OPEC oil supply in April is at its highest since December 2018, a company that tracks oil shipments said on April 28, as producers pump at will before a new supply-limiting pact takes effect in May. The month-on-month increase is more than 2 MMbbl/d, Daniel Gerber, CEO of Geneva-based Petro-Logistics, …