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

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 …

The UAE remains fully committed to the Declaration of Cooperation issued by OPEC+ oil producing countries, according to the Ministry of Energy and Infrastructure. The UAE “reiterates” that any decisions will be taken collectively by the OPEC+ group at the next Ministerial meeting. The comments come amidst major developments in …

OPEC+ is not currently discussing pausing oil output increases despite the United States and others releasing stocks, three OPEC+ sources told Reuters. The United States and several other nations agreed to release stocks after failing to convince OPEC to pump more oil as U.S gasoline prices soared adding to pressures …

The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the U.K — an unprecedented, coordinated attempt the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+. Of that amount, 32 million …

Russian President Vladimir Putin plans no top-level international contacts for discussing the situation on the global oil market so far, Kremlin Spokesman Dmitry Peskov told reporters on Tuesday. “No, the president has no [such plans],” he said when asked a respective question. When asked to comment on statements made by …

The United Arab Emirates said there was no need for OPEC+ to increase oil production any faster, despite pressure from major consumers such as the U.S. and Japan for the group to help ease gasoline prices. “There is no logic to increasing our contribution,” UAE Energy Minister Suhail Al-Mazrouei said …