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

On July 18, OPEC+, which includes most members of OPEC and several non-OPEC members (including Russia), agreed to increase monthly crude oil production starting in August 2021. On July 19, after the new OPEC+ agreement was made public, the price of Brent crude oil fell 7% from the previous day …

Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Barkindo is to attend inauguration ceremony of Iranian President-elect Ebrahim Raisi, Iran ambassador to Nigeria said. Mohammad Alibak in a Twitter message referred to his constructive and friendly meeting with Mohammed Barkindo. He noted that Barkindo has appreciated …

Foreign sales of Russian crude dropped 8% in the first seven months of 2021 compared to the same period a year ago, according to the latest report by the Russian Energy Agency. The country exported 129.104 million tons of crude oil between January and July of 2021. Meanwhile, foreign shipments …

Russia increased oil production in July for the first time in three months, after more generous quotas were extended to the entire OPEC+ alliance. Producers pumped 44.24 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s about 10.46 million barrels …

Oil analysts and economists believe that $70 a barrel is a more realistic outlook for Brent Crude prices for the rest of the year than $80 oil, as COVID variants and the geopolitics of oil will continue to be a source of volatility on the market, the monthly Reuters poll …

Russia will perform its commitments within the OPEC+ oil production limiting agreement’s framework by about 100% in July, Deputy Prime Minister Alexander Novak told reporters on Friday. “It will be about 100%. We actually have no strong volatility in this aspect, approximately at the same level on a monthly basis. …

OPEC+ joint technical committee, which advises the group’s oil ministers, plans to hold its next meeting on Aug. 31, Reuters reported, citing two sources. A ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will be held the next day, to evaluate the current supply …

Basra’s light crude exported to Asia registered $75.14 a barrel, 0.49% below the previous session’s price. The price of a Basra heavy crude barrel rose to $70.05 a barrel, up by 0.17%. The Saudi Arab light crude closed at $75.13 a barrel, while Iran’s heavy settled $69.54 a barrel. UAE’s …

Saudi Arabia and Russia have clinched a deal for an OPEC+ production increase by partly submitting to the United Arab Emirates’ demands for a more generous quota. But the compromise still leaves Riyadh and Moscow on top. Of all the adjustments agreed recently to the group’s baselines – the level …

Saudi Arabia and the other members of OPEC+ may have more room to raise production in the coming years than the market believes if Baker Hughes’ latest earnings are anything to go by. The oilfield services provider said on Wednesday its adjusted profit fell 9 percent in the second quarter …