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

The deal covers the group's production level by the next 2 years and will be implemented in 3 stages.

Vladimir Putin’s deal with OPEC to cut oil output and boost prices three years ago was a triumph for the Russian leader, bolstering his clout on the global stage. But now he’s had to make stinging concessions after US President Donald Trump stepped in to end a price war. Amid …

OPEC+ had just struck a deal to cut the group’s output by 10 million barrels per day (including 300,000b/d by US) in May and June 2020.

Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is ‘historic yet insufficient,’ adding that no deal would be enough to offset the sharp drop in demand already occurring. The investment bank still expects oil prices to …

OPEC and its allies have finalized an historic deal to take 9.7mn barrels per day (bpd) of oil supply off the market – just under 10% of global production – to help the industry through its worst crisis in a century. Following emergency talks on April 9, the group originally …

The Iraqi Minister of Oil, Thamer Al-Ghadban announced on Monday an agreement to reduce oil production that will help reduce stocks and support prices. Iraq welcomed the results of the OPEC + meeting, which reached the commitment of the members of the group to a historic cut in production to …

Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand, Trend reports with reference to Reuters. After four days of …

U.S. President Donald Trump on Sunday welcomed a deal to cut oil production reached by the Organization of the Petroleum Exporting Countries (OPEC) and some other major oil producing countries, known as OPEC+, as it will save hundreds of thousands of U.S. energy jobs. “The big Oil Deal with OPEC …

OPEC is to exempt Libya from a plan to slow down oil production for a period of two months, starting next May, due to the production lost through the closure of ports and fields by pro-Haftar militias east of Libya. The oil-exporting countries, with the exception of Mexico, have agreed …

Pressure mounted on Mexico on Saturday to agree on cuts to oil output that would set the seal on the biggest production deal in the industry’s history. The OPEC+ alliance led by Saudi Arabia and Russia was said to have made some progress on Saturday as negotiations with Mexico continued, …