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

The U.S. Department of Energy has awarded contracts for the sale of 10.1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) as part of a recent Congressionally-directed SPR crude oil sale. The Department of Energy’s Office of Fossil Energy issued in early February 2021 a notice of …

Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States, Reuters reported. But a stronger dollar and receding fears of oil supply disruption …

Saudi Aramco, the world’s largest quoted oil company, could pay even more than the $75 billion per year it promised at the time of its initial public offering in 2019, according to new research from analysts at Bank of America. “We believe that dividend upside is also possible at higher …

Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged. The shock move by OPEC+ triggered a rally in Brent prices, which rose to almost $70 a barrel. That’s higher …

OPEC+’s surprise move to keep a lid on crude exports is hitting oil tanker owners afresh. Shares of owners giant supertankers including Frontline Ltd., International Seaways Inc. and DHT Holdings Inc. all fell late Thursday and into Friday. The Organization of Petroleum Exporting Countries and its allies wrong-footed oil traders …

Russia’s oil production declined last year for the 1st time since 2008 and reached its lowest level since 2011 following a global deal to cut output and low demand due to the coronavirus. According to an article by Reuters, Russian oil and gas condensate output declined to 10.27 million barrels …

The Organization of the Petroleum Exporting Countries and its allies, including Russia, are expected to meet by videoconference on Thursday to consider a potential but by no means certain production increase of as much as 1.5 million barrels a day. Analysts say the combined group, called OPEC Plus, could increase …

A group of some of the world’s most powerful oil-producing nations will meet on Thursday to discuss the next phase of production policy amid the ongoing coronavirus crisis. OPEC and its non-OPEC partners, an energy alliance sometimes referred to as OPEC+, will convene via videoconference from 1 p.m. London time. …

There’s a widespread view within the group that the market can absorb additional barrels, according to people familiar with the deliberations. While the usual differences are present — with Saudi Arabia cautious and Russia keen to open the taps — all sides are ready to increase production, they said, asking …

The Organization of Petroleum Exporting Countries and its allies (OPEC+) are expected to keep production quotas unchanged in March, with a possible revision starting April, analysts told Argaam ahead of the oil producers’ meeting on March 4, 2021. “Given the current level of Brent prices around $65 per barrel (bbl), …