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

Russia, the world’s third-largest oil producer, has long been an unknown when it comes to the OPEC+ production agreement which caps the petroleum output of participants to support higher prices. It was Moscow’s spat with Saudi Arabia over production quotas in early 2020 which, combined with the emergence of the …

Global oil markets look tighter than previously thought as demand suffers surprisingly little impact from the latest coronavirus strain while supplies are curbed by disruptions, the International Energy Agency said. The surplus facing world markets this year is shrinking, with oil demand — slightly upgraded from last month — on …

Saudi Arabia stressed that oil stability is paramount and said its alliance with the super group of producers has taken measures to ensure energy security. “We believe OPEC+ have done a lot in bringing about stability,” Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday at the Abu Dhabi …

Saudi Arabia’s energy minister said he was unconcerned about oil’s more-than-10% rise this year, even as traders increasingly raise the prospect of prices reaching $100 a barrel. “I’ve always been comfortable,” Abdulaziz bin Salman said to reporters in Dubai on Monday, where he’s attending at Expo event. Brent crude’s climbed …

Iraq ranks fifth among the countries with the largest crude reserves in the world in 2021, a CNBC survey said. According to CNBC, Venezuela ranked first with a reserve of 303.8 billion barrels, followed by the regional rivals Saudi Arabia and Iran with 258.6 and 208.6 billion barrels, respectively. Iraq, …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States increased to 317 thousand bpd in the last week. EIA stated in a report, “The United States oil exports recorded 5.153 bpd in the first week of January.” The top three source countries …

Crude oil prices could reach $100 per barrel, according to Ninepoint Partners portfolio manager Eric Nuttall, the latest to add to a growing number of analysts expecting three-digit oil prices. “The oil market remains exceptionally tight,” Nuttall told Bloomberg, adding, “When we look at global oil demand, we’re back to …

OPEC and its allies will meet on Sunday, the latest sign that a standoff between Saudi Arabia and the United Arab Emirates has been resolved. Oil ministers will meet at noon Vienna time and hold a press conference afterwards, the group confirmed. Officials have said privately in recent days that …

Global oil prices continued to gain ground above $80 per barrel on Friday, helped by a growing consensus that demand remained surprisingly resilient to the current Omicron-led wave of COVID-19 cases which spooked markets in late 2021. Brent crude futures, which traded close to $83 per barrel earlier on Friday, …

Explaining the 24th OPEC Plus Ministerial Meeting, the Iranian oil minister stated that the member countries are ready to take responsibility for the fast and reliable supply of oil whenever the market and consumers need it. After the end of the 24th OPEC and non-OPEC Ministerial Meeting on Tuesday, Javad …