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

The U.S. is trying to re-focus its energy relationship with top Middle East OPEC countries, notably Saudi Arabia, after a period of tension between Washington and Riyadh over high oil prices. Amos Hochstein, the top American energy diplomat, held meetings this week with officials in the Middle East, including Saudi …

OPEC+ oil producers meet Thursday under pressure from US President Joe Biden, who has opened up his country’s taps hoping to bring down crude prices, and a new Covid-19 variant that has complicated the equation. The meeting “is shaping up to be one of the most significant since the pandemic …

OPEC+ has postponed its Joint Ministerial Monitoring Committee (JMMC) meeting in order to assess the new Omicron strain of COVID-19, Russia’s Deputy Prime Minister Alexander Novak said on Monday. Originally scheduled for Nov. 30, the JMMC online meeting will now be held on Dec. 2, the same day as the …

Saudi Arabia’s Energy Minister Abdulaziz bin Salman played down the likely fallout from the new coronavirus variant that pummeled oil markets last week. “I’m a very relaxed person. I’m not concerned,” the minister said when asked how the new strain may affect demand. Abdulaziz, who was speaking to reporters in …

When President Biden announced earlier this week that the federal government would be releasing 50 million barrels of crude from the strategic petroleum reserve, perhaps those around him expected prices to go down significantly and stay down. Instead, prices rose, and OPEC+ gave a heavy hint it might cut supply. …

Oil prices recovered some losses with WTI crude gaining over five per cent on Monday morning as investors were a bit cautious and focused on new coronavirus variant Omicron’s spread. The spread of a new Covid-19 variant from South Africa, Omicron, resulted in sharp risk-off sentiment and sell-offs in global …

OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to OPEC+ sources and documents. Oil prices crashed together with other financial markets on Friday by more than …

The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group. There are signs that demand may be weakening in some …

Iraq does not have any expectations about the outcome of the Dec. 2 meeting of OPEC+ ministers, the country’s oil minister told the state-run Iraqi News Agency, as the 23-member coalition is set to assess the impact of the oil price crash on Nov. 26, a new COVID variant and …

OPEC+ is not currently discussing halting oil output increases despite the United States and other countries releasing strategic reserves, Reuters reported, citing three sources. No such discussion took place among the member states of suspending current supply policy, which includes increasing oil output by 400,000 barrels per day (bpd) on …