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

Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output. Nigeria is a long time member of OPEC, collaborating with the organisation for more than 50 years running. OPEC and its allies had agreed …

Iranian Minister of Petroleum Bijan Zanganeh on Sunday said that OPEC+ cannot turn a blind eye to the return of Iranian oil production to global markets after the imposed sanctions are removed. The Iranian Minister stated that the 18th session was procrastinated due to the UAE opposition 20 days ago. …

Oil prices fell more than 2% on Monday afternoon during Asia hours after OPEC and its allies agreed to end oil production cuts. Brent crude futures fell 2.13% to $72.02 per barrel, while U.S. crude futures fell 2.09% to $70.31 per barrel. But having a deal is “better than no …

Oil prices fell more than $1 a barrel on Monday after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as Covid-19 infections continue to rise in many countries. Brent crude was down $1.08, or 1.5%, at $72.51 a …

OPEC and its allies struck a deal to inject more oil into the recovering global economy, overcoming an internal split that threatened the cartel’s control of the crude market. An unusually public dispute that tested the group’s unity was resolved in a classic compromise — with Saudi Arabia meeting the …

At the 19th meeting of the ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, Azerbaijan supported the decision to extend the “Declaration of Cooperation” until the end of 2022, which implies an increase in daily crude oil production by 400 thousand …

As oil prices continue to rise and global demand is bouncing back to pre-pandemic levels, people could be buying into electric vehicles (EV) as an alternative to expensive fuel costs. The International Energy Agency (IEA) says that rising oil prices are expected to encourage people to shift away from traditional …

OPEC+ members plan to hold their next meeting today, July 18, to decide on output policy, Reuters reported, citing sources within the producers group. The group did not reach an agreement on oil production policy, starting from August, during the two meetings held earlier this month, while a third meeting …

OPEC and its allies, a group known as OPEC+, plan to hold their next meeting on Sunday to decide on their output policy, two OPEC+ sources told Reuters.

The United Arab Emirates has resolved its standoff with OPEC+ and reached a compromise deal that will give it a new output quota, said a delegate. The cartel will set a new date for a meeting soon, the delegate said, asking not to be named because the information was private. …