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

Iranian Minister of Petroleum Bijan Zangeneh says OPEC had decided to wait for an agreement of non-OPEC allies to consider major cuts in the group’s output to shore up oil prices.

Iranian Minister of Petroleum Bijan Zangeneh says OPEC+ could reach an agreement to consider deeper cuts in the group’s output before the end of March.

A sharp drop in aviation and transport demand has sent prices down by a third since January.

The most immediate pain is likely to be felt in the US shale industry.

oil producers at OPEC had uniformly proposed a major cut in the group’s crude oil output, but waited for non-OPEC allies.

OPEC had proposed cuts of 1.5 million barrels per day (bpd) in addition to cuts already in place, a move Russia resisted.

The coronavirus. which originated in China. has spread to more than 60 countries and has killed over 3.000 people globally.

The U.S. will sell up to 12 million barrels of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus.

It’s finally upon us. The week when ministers from the oil producing countries of OPEC and their allies meet to decide on the future of their latest round of output cuts.

The head of the Vienna Energy Studies Group underlines the importance of the upcoming OPEC meeting. saying: The coronavirus outbreak has ruined the demand for oil.