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

Russia will provide funding for government spending commitments, including social sphere for six year at current oil process, Finance Minister Anton Siluanov said at a meeting of the Federation Council. “I want to say that even at current energy prices, we will have enough resources for a period of about …

Russia refuses to open negotiations with Saudi Arabia, which is flooding world markets with cheap oil in a brazen attempt to punish Russia for rejecting substantial oil production cuts that would have steadied sinking oil prices. Saudi Arabia has made huge cuts to its official selling prices for oil. Arab …

Russian President Vladimir Putin is not planning any contacts with OPEC+ partners for the time being, but they can be quickly arranged if necessary, Kremlin spokesman Dmitry Peskov told reporters on Thursday. “So far no contacts have been planned. However, if necessary, they will be immediately arranged,” he said. Commenting …

The meeting of the OPEC+ Joint Technical Committee (JTC) scheduled for March 18 is canceled, a source in one of the delegations told TASS on Thursday. “JTC meeting will not be held,” the source said. Saudi Arabia earlier refused to participate in the Committee’s meeting.

Saudi Arabia sliced its oil prices by more than 30% and has set plans for a rise in production in April. Given the lack of consensus among OPEC+ countries and competition to have a better share in the world oil market, lower crude prices are going to stay for sometime. …

The UAE Minister of Energy and Industry, Suhail bin Mohammed Al Mazrouei, expressed his disappointment after the collapse of the OPEC+ oil cuts agreement, which expires at the end of March. In a series of tweets, Al Mazrouei said that the UAE has ample production capacity that will be quickly …

The Organization of the Petroleum Exporting Countries (OPEC) has asked Russia for an additional oil production cut of 300,000 barrels per day, which would mean a total of 600,000 barrels daily, Deputy Energy Minister Pavel Sorokin told Reuters. According to Sorokin, this would be technically difficult. Last week, the OPEC+ …

The UAE Minister of Energy and Industry Suhail Bin Mohammed Al Mazrouei has said that a new agreement between OPEC members is essential to support a balanced and less volatile market. Al Mazrouei said, via a series of tweets, “OPEC and OPEC+ played an important role in delivering market stability. …

Saudi Arabia is set to hike its crude oil supply to a record high, flooding markets as it continues to escalate a trade war with Russia. The kingdom will up its supply to an unprecedented height of 12.3 million barrels per day in April, said Amin Nasser, CEO of Saudi …

Oil prices bounced 8 per cent on Tuesday from the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus amid a price war between Russia and Saudi Arabia and as new virus cases slowed in China. President Donald Trump on Monday said he will …