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

Already grappling with risks from the spreading coronavirus, markets around the world found themselves opening Monday with yet another shock – Saudi Arabia firing the first shot of an oil price war. The move lead Brent crude to drop by almost a third at one point Monday, sinking the global …

The oil market turmoil dragged down Russia’s national currency, which fell sharply against the US dollar and the euro.

Oil prices crashed as much as 30% within seconds of the market opening on Sunday evening after the Organization of the Petroleum Exporting Countries (OPEC) failed to strike a deal on output cut on Friday.

Oil has plunged nearly 30% as Saudi Arabia cut its official selling price (OSP) after OPEC’s supply cut pact with Russia collapsed. Over the weekend, Saudi Arabia had cut its OSP for April for all crude grades to all destinations by between $6 and $8 per barrel. The world’s second-largest …

The OPEC+ alliance’s dramatic failure to reach an output deal is most obviously being felt in oil futures, which plunged the most since 2008 in London. A look at the less-conspicuous corners of the market reveal the scale of the impact. The potential collapse of the group led by Saudi …

Prices will fall until either Moscow or Riyadh call off the endurance contest.

Saudi Arabia plans to increase its crude oil output next month to more than 10 million barrels a day in response to the collapse of its OPEC+ alliance with Russia, Bloomberg News reported on Saturday. Brent slid to its biggest daily loss in more than 11 years on Friday after …

Libya was currently producing around 121,000-123,000 b/d because of the blockade.

Russia's oil output increase will now hinge on companies' plans.

Many shale producers are highly exposed to the current low oil prices.