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

Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), sent an official letter of condolences to the Iranian Minister of Petroleum Bijan Zangeneh to express his sorrow for the death of Hossein Kazempour Ardebili, Iran’s OPEC governor. The following is the full text of the …

Algeria has fully adjusted its oil production under the agreements reached at the 9th and 10th OPEC and non-OPEC Ministerial Meetings, Trend reports with reference to OPEC. “Algeria has reduced its oil production in full conformity with the agreement concluded on 12 April 2020, expressing his confidence that all the …

Foreign Minister Mohammad Javad Zarif and Oil Minister Bijan Namdar Zanganeh have offered commiserations on the passing of Iran’s OPEC Governor Hossein Kazempour Ardebili. Kazempour Ardebili, 68, passed away in a Tehran hospital on Saturday two weeks after he slipped into a coma due to a brain haemorrhage. In a …

Russia and Saudi Arabia’s energy ministers agreed to stabilize the oil market.

Saudi Energy Minister His Royal Highness Prince Abdulaziz bin Salman Al-Saud and his Russian counterpart Alexander Novak reaffirmed their respective countries’ firm commitment to maintaining the stability of the global oil markets. The two ministers held a call today during which they underlined their countries’ joint consultations regarding latest developments …

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 …