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

The OPEC meeting comes at a time of heightened geopolitical tensions in the Middle East.

The Europeans are not cooperating to buy oil.

The market is downbeat. but an even deeper slide is possible.

Both Iran and Russia were targeted by the sanctions in various sectors of their oil industry.

Iranian Minister of Petroleum Bijan Zangeneh said Iran would confirm rescheduling of the upcoming OPEC meeting only if it was to be held on July 10. 11 or 12 from originally June 25.

OPEC+ account for nearly 49 million of the 84 million bpd of global crude.

The Persian Gulf and then the Strait of Hormuz are the key export routes of Iraqi crude oil from its southern ports.

Saudi Arabia hopes OPEC and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July. according to the country’s energy minister.

The outlook for oil demand growth in 2019 also put pressure on prices.

Iraq’s government is expected to launch a tender to develop the field this year.