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

Iran had no problem with output cut. slamming ".unilateralism". as the biggest problem in the Organization.

Russia agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil output.

The deal removed 1.2 million barrels a day of OPEC+ production. helping to send oil prices higher.

The two sides will discuss their oil policies at the meeting scheduled for July 1-2 in Vienna.

China and India are among the world’s top oil consumers while Russia supplies oil to both of those nations.

Algeria had floated an idea of deepening the cut by some 600.000 barrels per day.

US crude exports will keep rising as domestic production grows.

Many G20 members have a stake in the outcome of the meeting because the row has disrupted global supply chains.

Donald Trump signed an executive order to impose additional economic sanctions on Iran.

Oil rose to the highest level in more than three weeks as political tensions between the U.S. and Iran continued to simmer. with President Donald Trump announcing plans for further sanctions against the OPEC member.