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

Global oil prices have been hit with a double whammy by the spat between Russia and Saudi Arabia in mid-March over output cuts and the coronavirus (COVID-19) pandemic.

Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a historic yet insufficient deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.

Saudi Arabia’s energy minister said on April 13 that effective global oil supply cuts would amount to around 19.5 MMbbl/d, taking into account the reduction pact agreed by OPEC+, pledges by other G-20 nations and oil purchases into reserves. OPEC and allies led by Russia, a group known as OPEC+, …

Oil output cuts by OPEC and its allies, together with pledges from other G20 nations and purchases by strategic reserves, could remove 19.5 million barrels per day from the market, the Saudi energy minister said. US President Donald Trump said Monday that the actual output cuts may be deeper than …

Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market. That perhaps explains why the de-facto leader of OPEC slashed its official selling prices …

Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support. Brent LCOc1 futures fell 25 cents, or 0.8%, to $31.49 a barrel by 0825 GMT after …

Saudi Aramco’s shares continued to decline during trading yesterday, despite Sunday’s historic agreement to reduce oil production that was reached by OPEC and the major oil producers in the world. Aramco shares were down 1.7 per cent by the end of trading yesterday having dropped 1.25 per cent on Sunday. …

Wall Street stocks mostly fell on Monday, April 13, ahead of major earnings reports, while the oil market gave a muted response to an historic deal by major producers to cut output. Two of the 3 major United States stock indices ended solidly lower ahead of Tuesday, April 14, when …

Saudi Arabia has announced its official crude pricing (OSP) for May, selling oil more cheaply to Asia while keeping prices flat for Europe and raising them for the U.S., after OPEC and its allies agreed the biggest output cut deal in history. Saudi Arabia’s state oil giant Saudi Aramco has …

Late last week, OPEC and non-cartel oil producers reached a new major agreement stipulating a collective reduction in oil output by around 10 million barrels per day effective 1 May. Russian Direct Investment Fund (RDIF) CEO Kirill Dmitriev told the broadcaster CNBC on Monday that the total oil production decrease …