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

The Organization of the Petroleum Exporting Countries oil cartel and allied producing countries (OPEC+) confirmed on Tuesday plans to gradually restore crude output by 2.1 million barrels per day (bpd). The decision was made in an online meeting earlier on Tuesday. Saudi Energy Minister Prince Abdulaziz bin Salman hailed a …

Oil exports from Russia in January – May 2021 fell by 13% compared to the same period last year to 91.2 mln tonnes, according to statistics released by the Central Dispatching Department of Fuel Energy Complex (CDU TEK) on Wednesday. Russia participates in the OPEC+ agreement on oil production cuts, …

Oil prices rose on Wednesday after oil cartel Opec and its allies stuck to their plan to cautiously return oil supply in June and July while expecting fuel demand to rebound strongly during the US summer. US West Texas Intermediate (WTI) crude futures rose 32c, or 0.5%, to $68.05 at …

Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. Defeats in the courtroom and boardroom mean Royal Dutch Shell, ExxonMobil and Chevron are all under pressure to cut carbon emissions faster. That’s good news …

The global crude oil demand will grow by 6 mln barrels daily in 2021. The forecast is kept unchanged as compared to the April estimate, according to the final report of the OPEC+ Joint Technical Committee (JTC), with its copy seen by TASS. Committee experts had a videoconference meeting today. …

After over a year of pandemic-driven volatility and weak oil demand, Saudi Arabia is now experiencing an oil export boom. Saudi Arabia’s oil exports increased in March by 75 percent year-on-year, at a value of almost $14 billion, according to a General Authority for Statistics (GASTAT) report, with crude oil …

The Organization of the Petroleum Exporting Countries (OPEC) stated that the scenario provided in the International Energy Agency’s (IEA) report could affect companies’ investments and demand for oil, Reuters reported. According to the report, investors should not fund new oil, gas, and coal supply projects if the world wants to …

OPEC has said that an IEA report suggesting that investors should not fund new oil projects to curb emissions could lead to oil-price volatility if it is acted on. The International Energy Agency on Tuesday said investors should not fund new oil, gas and coal supply projects if the world …

OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday. At the ministerial meeting in early April, the OPEC+ group decided to gradually return …

The Director-General of Marketing at the Ministry of Energy and Minerals has said the Sultanate is an important partner in the cooperation agreement signed between OPEC and non-OPEC members that decided to cut oil production. He said that it was decided that the Sultanate’s share of the production cut in …