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

Saudi Aramco started reducing production earlier this week ahead of the May 1 deadline when new OPEC+ output targets kick in, according to a Saudi industry official familiar with the matter. Aramco started to reduce production from about 12 million barrels a day to achieve the new level of 8.5 …

With just three days remaining to the expiry of a 30-day US waiver to import Iranian gas and electricity, Iraq will struggle to drum up some $10 billion in investments over a four-year period to stop these imports at a time when US patience with OPEC’s second-largest oil producer is …

When the capital city of Tehran partially emerged out of the shutdown on Saturday, we witnessed some traffic on the roads for the first time after almost a month, since the beginning of Nowruz holidays.

Resolving crude oil issues need global support, and producers must work together in order to survive, especially producers who produce more expensive crude.

The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed. Following the carnage of negative WTI prices on April 20, and a growing realisation about pressure on storage, the energy watchdog’s head Fatih Birol set out 3 steps. The …

The Kremlin said on Wednesday that it was too early to draw any conclusions about possible additional steps to stem the slump in oil prices before the global deal agreed by the OPEC+ group takes effect on May 1. Oil prices slumped to less than $16 a barrel on Wednesday, …

The oil-price plunge could create a historic precedent in which the US may finally help boost the sinking energy market, albeit involuntarily, instead of benefiting at the expense of others, oil executive Mike Cantrell believes. The price of US benchmark West Texas Intermediate (WTI) contract for May finished trading on …

Several oil and energy ministers of the OPEC–non-OPEC oil producing countries, signatories of the Declaration of Cooperation, held an informal teleconference to brainstorm the current dramatic oil market situation.

The International Energy Agency (IEA) said on Tuesday the OPEC+ should consider quicker, deeper production cuts to ease the turmoil in oil markets, Kallanish Energy reports. Executive director Fatih Birol said the initial 9.7 million barrels per day (Mmbpd) production cut in May and June “is a solid start but …

Oil producer countries should respect crude production cuts aimed at stabilizing the oil market, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday. “The market will stabilize gradually if the oil production cut is respected by all the producer countries … Cooperation is necessary under this circumstances,” Zanganeh said. …