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

Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues to claim thousands of lives and forces a growing number of major economies into lockdown. “A demand shock of this …

Saudi Arabia’s carefully nurtured reputation for being a reliable oil producer and its aspiration to be seen as a responsible global leader will be in jeopardy if the kingdom continues to pursue its volume war. Pressing on with such a tactic in the midst of the worst global health emergency …

The world may soon run out of space to store its extra oil as Saudi Arabia prepares to increase its fossil fuel production even as global demand for energy continues to fall due to the Covid-19 pandemic. Oil storage levels across the world’s storage facilities have climbed to about three-quarters …

Saudi Arabia is pricing the crisis, but going back to the negotiations table may be difficult. The global crude supplies are entering the market at a time when global demand for crude has contracted for the first time in 10 years. By entering into a fierce oil war, Saudi Arabia …

Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices would go back up to $65 by the end of the year regardless of the end of the production restrictions, …

Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices would go back up to $65 by the end of the year regardless of the end of the production restrictions. …

Russia is out of control. All of a sudden, it has launched an oil price war, even though it is unrealistic that the Kremlin can defeat Saudi Arabia and the United States in such a contest. Saudi Arabia’s population is one-fifth of Russia’s, while holding equivalent international currency reserves. The …

Oil prices could find themselves going much lower in the next few days and weeks before bottoming out – as low as $10 – with prices eventually recovering to find support at a price range between $30-$40 as the COVID-19 outbreak starts to slow down. “With the additional quarantines that …

OPEC Secretary General Mohammad Barkindo held telephone talks with the Texas Railroad Commission late on Friday, March 20, a source in the secretariat told TASS, adding that the sides agreed to continue consultations. Later the commissioner Ryan Sitton confirmed the information via Twitter. “A telephone conference with US colleagues just …

Oil prices should reach about $35-40 per barrel, Russian First Deputy Prime Minister Andrei Belousov said in an interview with the ‘Vesti v Subbotu’ (News on Saturday) program on the Rossiya-1 TV channel. “My estimation is that [the prices] will adjust at the level of about $35-40. There are other …