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

The impact of the fall in crude oil prices by more than $55 on Monday, April 20, on the East Asian market was about $3 as WTI is not used as a benchmark for pricing Iranian crude oil.

Azerbaijan’s Energy Minister Parviz Shahbazov has attended the informal video conference with the participation of several OPEC+ countries, the ministry told Trend. According to the ministry, the current state of the world oil market and the implementation of commitments since May have been discussed at the conference. During the discussions, …

The news just gets worse for some emerging markets, with the collapse in oil prices adding further pressure to currencies and the fiscal situation of countries like Mexico, Brazil, and Russia. Of the commodity-producing emerging market countries, the one that is worrying analysts the most is Mexico. Emerging markets outside …

Qatar’s economic policy is built on a robust system, and a stimulus scheme of $20.6bn (QR75bn) over the coming three years is expected to “absorb the shock of what is happening worldwide,” said HE Dr Mohamed bin Saleh al-Sada, former Minister of Energy and Industry. He was speaking at an …

Countries participating in the OPEC+ oil production limiting agreement have all the capabilities to respond if necessary to the situation with the low oil prices, Russian Energy Minister Alexander Novak told reporters. “OPEC+ countries are keeping a close eye on the situation and have all the capabilities to respond if …

Saudi Arabia may have won a brief no-holds-barred oil price war with Russia, but observers say it hastened a coronavirus-led energy slump despite a subsequent historic deal to slash production. “This has changed everything,” chief economist at Abu Dhabi Commercial Bank Monica Malik told Bloomberg in an article published on …

Participants of OPEC+ deal will contact each other if necessary, but so far there are no decisions on holding such meetings, Kremlin spokesman Dmitry Peskov told reporters on Tuesday. “We have all mechanisms to reconcile positions with our partners in this deal, and proper contacts will be carried out if …

The Russian government will use the available resources to mitigate the negative effects of falling world oil prices on the Russian economy, Russian Presidential Spokesperson Dmitry Peskov told reporters on Tuesday. “The main thing here is that our government, our leadership has all the necessary reserves to dampen the negative …

The coronavirus pandemic is harming the oil market way more than the price dispute between OPEC and its allies OPEC+, RBN Energy chief executive Rusty Braziel told CNBC on Monday. RBN Energy is a Houston-based privately held energy commodities analytics company that plays a role between physical markets and financial …

President Donald Trump said he wants to add as much as 75 million barrels of oil to the nation’s Strategic Petroleum Reserve, taking advantage of record low prices for crude, and that he’ll consider blocking imports of crude from Saudi Arabia. Oil is at “a level that’s very interesting to …