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

The U.S. cut its oil output forecast by more than one million barrels a day, days before OPEC and other producers meet to discuss a global deal to stem an unprecedented collapse in prices. Production will average 11.76 million barrels a day in 2020, down from an expected 12.99 million, …

By calling for an urgent OPEC+ meeting to discuss oil price stabilization under pressure from President Donald Trump, Saudi Arabia has admitted defeat in its price war against Russia, Mamdouh Salameh, a visiting professor of Energy Economics at ESCP Europe Business School said. In an exclusive interview with Anadolu Agency …

The meeting of ministers of OPEC and countries outside the cartel (OPEC+) is scheduled for April 9, 2020, Advisor to Azerbaijan’s Minister of Energy Zamina Aliyeva told Trend on April 7. Azerbaijan is ready to make its contribution to the process of global regulation of the oil market in order …

Saudi Arabia will host a video conference meeting on Friday for G20 energy ministers “to ensure energy market stability”, it was reported on Tuesday, citing an internal document. Oil prices have fallen sharply due to the impact of Covid-19, in addition to last month’s collapse of coordinated output cuts led …

The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters. A previous production-cut deal ended last month after Russia …

G20 energy ministers have agreed to hold an emergency meeting on Friday to discuss global collaboration with OPEC+ oil production cuts. Boosting the price of crude is an economic imperative for members such as Saudi Arabia and Russia, but the majority of the group of major economies arguably have more …

Increasing oil production will not serve the interests of any country, Russia warned yesterday, stressing that Russian President Vladimir Putin was seeking “constructive negotiations aimed at stabilizing the global energy market.” “Russia did not back the termination of OPEC+ deal – The Organization of the Petroleum Exporting Countries,” Russia Today …

Global crude oil prices fell sharply on Monday morning, as uncertainty loomed in the market after Saudi Arabia and Russia postponed to April 9 a meeting about a potential pact to cut production, Reuters reported. The prices of West Texas Intermediate and Brent crude traded over $3 lower before slightly …

The Iraqi Deputy Prime Minister, Minister of Oil, Thamer Al-Ghadban attributed on Sunday the postponement of the conference of oil producing and exporting countries, until next Thursday due to “technical reasons”. Al-Ghadban said, in a statement to the official newspaper, “Al-Sabah”, that “the conference that was scheduled to take place …

President of Vienna Energy Research Group believes the Iranian economy was oil-reliant but the country learnt, under US sanctions, how to scaffold its oil industry and economic structure over the years.