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

In the currency market. the euro bounced back from a low of $1.1646 touched on Friday to trade at $1.1685.

Asian markets mostly fell Friday after the news of Trump'.s cancellation of the summit.

The oil price was lower at the beginning of the year than today.

Saudi Arabia and Russia are reportedly nearing an agreement to jointly increase oil production in the upcoming period.

Move follows pressure from US as prices breach $80 a barrel.

Sonatrach will boost discoveries to reach 100 million tonnes of oil equivalent per year.

India has asked Saudi Arabia for assurances that oil prices will remain stable and moderate.

Concerns raised by the United States that oil prices were too high also made the exporting group start internal discussions.

OPEC and allied oil producers including Russia are discussing new ways of measuring global crude stockpiles.

Middle East oil producers and Russia have forged closer ties since striking a deal to cut global crude output in a bid to remove a glut in supplies.