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

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 …

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 …