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

The leader of the non-OPEC oil producers in the OPEC+ alliance, Russia, is the biggest beneficiary of the 2 million barrels per day (bpd) cut announced this week, as Russia will not cut any output while the price of oil is set to rise in the coming months, analysts say. …

OPEC+, a group of 24 OPEC and non-OPEC oil producers, announced sharp output cuts Wednesday in a bid to facilitate the recovery of crude prices. The move comes despite calls from Washington to raise oil production to prop up the global economy. Saudi Arabia, the key OPEC member and the …

The Minister of Oil and Gas, Mohammed Aoun, has stated that a new gas pipeline parallel to the existing one, could be extended to Italy, within four to six months, noting that Libya exports about 250 to 300 million cubic feet of gas to Italy per day. “There are huge …

The world’s largest crude oil exporter, Saudi Arabia, left the official selling price of its flagship Arab Light grade unchanged for November loadings compared to October, sources familiar with the latest pricing told Reuters on Thursday. Saudi Arabia’s Arab Light will sell in November to Asia at a premium of …

Concerns over tight oil supplies and soaring inflation have intensified after the OPEC+ group of nations announced its largest supply cut since 2020 ahead of European Union embargoes on Russian energy. The move has widened a diplomatic rift between the Saudi-backed bloc and Western nations, which worry higher energy prices …

The United States is pushing OPEC+ nations not to proceed with potential deep oil output cuts, a source familiar with the matter told Reuters, as President Joe Biden seeks to prevent US gasoline prices from rising, Trend reports. Washington is arguing to OPEC+ nations that economic fundamentals do not support …

In what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness, OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday. The meeting will take place on October 5 against the …

Oil prices jumped more than 3 percent in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market. Brent crude futures rebounded $2.82, or 3.3 percent, to $87.96 a barrel by 2337 GMT …

The OPEC+ oil cartel will meet in Vienna at the ministerial level on October 5 to discuss future output strategy, according to a statement issued by the organisation. It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online, Xinhua …

OPEC+ will hold its meeting on Oct. 5 in person in Vienna, an OPEC source told Reuters on Saturday. A virtual option will also be available for some delegations due to the short notice if they are unable to. OPEC+, which combines OPEC countries with allies such as Russia, is …