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

OPEC invited Ecuador to rejoin the oil producers’ group just over three years after its departure, according to a letter received by the country’s Energy Ministry. Secretary-General Haitham Al-Ghais wrote that readmission of the Latin American nation is a “top priority” for OPEC and offered to visit to “explain the …

Haitham Al Ghais, Secretary General of OPEC, said there may be no one-size-fits-all solution to a sustainable energy future, but collaboration and inclusive action will be “essential in achieving a just and permanent transition.” In press statements on the sustainability-centric efforts made by the international organisation, Al Ghaith said, “The …

According to Iraq’s oil minister, Hayan Abdel-Ghani, Iraq does not anticipate further oil output cuts by OPEC+ at its next meeting in June. In an interview with Reuters, Abdel-Ghani stated that Iraq could not reduce its oil production further and expects no additional reduction during the upcoming meeting. Iraq is …

Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes shipped between May and December this year. Daily rates on the Middle East to China route for the very large …

Oil prices dipped on Wednesday, stalling a three-day rally, as an unexpected rise in U.S. oil inventories sparked demand concerns, while investors awaited U.S. inflation data to gauge the next rate decision in the top oil consuming nation. Brent crude dropped 52 cents, or 0.7 per cent, to $76.92 a …

Oil producers cartel OPEC‘s share in India’s oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries (OPEC) nations, mainly in the Middle East and Africa, had a 72 per cent …

Oil headed for a third straight weekly decline, the longest losing run this year, as slowdown concerns and turmoil in the US banking sector prompted investors to flee from risk. West Texas Intermediate edged higher towards US$69 a barrel on Friday, but the US crude benchmark has still retreated by …

Oil prices kept to a tight range in early Asian trade on Tuesday as markets hunkered down before a widely expected Federal Reserve interest rate hike and more cues on U.S. monetary policy due later in the week. Crude markets saw increased volatility before the conclusion of a two-day Fed …

Oil prices dropped on Monday as jitters over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data were enough to outweigh support from new OPEC+ supply cuts taking effect this month Brent futures for July delivery were down 56 cents, or 0.7%, …

OPEC Secretary General Haitham Al Ghais said on Thursday that International Energy Agency (IEA) should be ‘very careful’ about discouraging oil investments, which is important for global economic growth. Al Ghais’s statements came in response to fresh criticism from IEA Executive Director Fatih Birol to OPEC+, indicating that finger-pointing and …