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

World wars, depression and flu pandemics have hit oil demand before, but never has the industry faced the sudden disappearance of a fifth of its market. The suddenness and depth of the coronavirus-caused decline has gone beyond a matter of economics to one of physical reality. As the oil business …

Saudi Arabia held firm on its position in the price war with Russia, saying on Friday that the kingdom hasn’t had any contacts with Moscow about oil production cuts or about enlarging the OPEC+ alliance.

The global oil demand which is 100 million barrels per day (bpd) could fall by 20 million bpd as 3 billion people in the world are under lockdown due to coronavirus pandemic, said the executive director of International Energy Agency on late Thursday. During a virtual fireside chat — titled …

Iraq, one of the oil producers worst hit by the oil price crash, is proposing that all foreign oil firms operating in OPEC’s second-largest producer cut their budgets by 30 percent on the condition that crude production levels do not suffer, Reuters reported on Friday, quoting local officials and industry …

Saudi Arabia has denied it has had any contact with Russia’s Energy Ministry over the possibility of a new OPEC+ deal to rebalance global oil markets. A statement from the Saudi Energy Ministry dismissed reports from Moscow that there had been discussions between Russia and the Kingdom aimed at resurrecting …

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, …