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

Russia, the world’s largest energy exporter, said the current oil-price slump was expected and it doesn’t plan talks with Saudi Arabia for the time being. The decision to keep the Saudis at arm’s length comes as oil tumbles to a four-year low, continuing its slide after the collapse of OPEC+ …

Russia, the world’s largest energy exporter, said the current oil-price slump was expected and it doesn’t plan talks with Saudi Arabia for the time being. The decision to keep the Saudis at arm’s length comes as oil tumbles to a four-year low, continuing its slide after the collapse of OPEC+ …

Although the oil price war was triggered by the Russia-Saudi fall-out, US shale will be the first casualty, writes Robin Mills. In the process, the US will learn that producing a lot of oil at high prices is not the “energy dominance” it has made a centerpiece of foreign policy, …

Global oil spare production capacity could fall in April as Saudi Arabia and the UAE bring more supply to the market following the collapse of output restriction pact. “Global spare capacity will drop by 2-3 million bpd as most of the players with spare capacity will start ramping up their …

American oil producers are slashing their budgets for new operations for the rest of this year, which means far fewer new rigs, a painful downturn for dozens of oil-field services companies and the certainty of layoffs, from Texas to North Dakota. Worldwide, the coronavirus pandemic has kneecapped the petroleum business, …

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. …