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

Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week. Russia also has natural gas reserves for another 103 years of annual production at current output levels, the minister said. Russia’s actual …

OPEC left its global oil demand forecast for 2021 unchanged in its monthly outlook report, due to an economic rebound in the second half of the year but the bloc sees energy consumption in India, the world’s third-biggest consumer of oil, collapsing because of the surge in Covid-19 infections. The …

Oil giant ExxonMobil has received an offer for its share of the West Qurna 1 oilfield in Basra, by Iraq, according to reports by Reuters. The head of the state-run oil operating company said on Monday that a formal offer, priced at $350 million, to buy the share had been …

The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day. In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per …

Russia’s Ministry of Finance said on Wednesday that the average price for domestic Urals oil benchmark stood at $62.50 per barrel in April, which is a 340% increase in annual terms. According to the ministry, in the first four months of the year the average price for the Russian export …

OPEC’s share of India’s oil imports fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia’s third largest economy fell to a six-year low, data obtained from industry and trade sources showed. Total crude imports by the world’s …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States climbed to 270 thousand bpd. EIA stated in a report, “The United States oil exports recorded 5,728 thousand bpd in the fourth week of April.” The top three source countries of U.S. import …

Oil prices rose Wednesday after the OPEC+ alliance made bullish predictions signaling a strong global oil demand recovery this year despite COVID-19 flare-ups in India and an expected build in U.S. crude stocks. International benchmark Brent crude was trading at $66.17 per barrel at 6:43 a.m. GMT for a 0.45% …

The 16th OPEC and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC), has been held via teleconference on Tuesday under the Chairmanship of Saudi Arabia’s Minister of Energy HRH Prince Abdul Aziz bin Salman and Deputy Prime Minister of the Russian Federation, Co-Chair HE Alexander Novak. According to the …

The 16th OPEC and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC) took place via teleconference on Tuesday, 27 April 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy Prime Minister of the Russian Federation. The …