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

Russia will continue developing relations with Arab states and Persian Gulf states in particular, including in energy area, Kremlin Spokesman Dmitry Peskov said in an interview for RT. “Russia will continue its cooperation with many states of the Arab world – first and foremost, Persian Gulf states – in the …

Crude oil prices climbed early on Tuesday morning after ending trade on Monday with yet another loss, driven by demand concern. As the latest Fed meeting begins today, however, eyes will be on the U.S., with most analysts expecting the central bank to announce a pause for rate hikes. That …

Iraq produced 3.955 million barrels per day (bpd) of crude oil in May, up 17,000 bpd from April, a source at state-owned marketer SOMO told Reuters on Tuesday. The May production, according to SOMO, was 265,000 bpd below Iraq’s OPEC+ quota when including pledged additional voluntary cuts. Iraq’s production has …

OPEC+ is fighting against “uncertainties and sentiments” in the market that is behaving against the fundamentals and forcing oil producers to take precautions, Saudi Arabia’s Energy Minister has said. “I think the physical market is telling us something and the futures market is telling us something else,” Prince Abdulaziz bin …

Several buyers in Asia are looking to buy spot oil cargoes from Russia, Africa, Brazil, or the United States after the world’s top crude exporter, Saudi Arabia, unexpectedly raised its official selling prices for its crude going to Asia in July. At least three refiners in Asia are looking to …

Following a suspense-filled weekend in Vienna, where OPEC oil ministers attempted to downplay media attention, global oil markets remain uncertain about the direction of oil prices. The recent “surprise” oil production cut announced by Saudi Arabia’s Minister of Energy, Prince Abdelaziz bin Salman, has failed to restore confidence in the …

Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. Saudi’s energy ministry said the country’s output would drop to 9 million barrels per day (bpd) in …

Crude oil prices rose by more than 1% in early trade today following the OPEC+ meeting that took place Sunday. At that meeting, Saudi Arabia said it would voluntarily cut its oil production by another 1 million barrels daily next month in a bid to prop up global oil prices. …

Oil prices were trading up on Friday afternoon as shorters got a little nervous heading into the OPEC+ weekend, with new rumors circulating about the group’s discussions about another 1 million bpd in production cuts. The OPEC+ group is scheduled for three separate meetings beginning this weekend and concluding on …

A Reuters survey on Wednesday shows a drop in OPEC oil output for May following voluntary production cuts by OPEC+ said to help support the market. According to the survey, OPEC production was down 460,000 barrels per day from April, and down more than 1.5 million bpd from September, though …