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

Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting to recover in America. He only needed to look at the streets …

Finance minister Mohammed Al-Jadaan said that government spending would need to be “cut deeply”. Saudi Arabia will need to take “painful” measures and look for deep spending cuts as the kingdom faces a double crisis caused by the coronavirus pandemic and the meltdown in global oil markets, its finance minister …

Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have caused unprecedented demand declines, whose speed and magnitude greatly exceed the normal market flexibility of supply,” the Paris-based IEA said …

On Friday Iraq announced the start of implementing the decision of OPEC + to reduce crude oil production by 23 per cent, aiming to stabilise prices in the international markets, DPA International reported. Sources in Basra Oil Company confirmed that it had started the reduction plan on 1 May in …

On Thursday, Algerian Energy Minister Mohamed Arkab called on members of the OPEC+ coalition to abide by the agreement to cut oil production from Friday. Arkab, whose country holds the Organisation of Petroleum Exporting Countries’ (OPEC) rotating presidency, announced: “It is necessary for all the concerned countries to fully comply …

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 …