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

OPEC+ countries are beginning to gradually increase oil production after nine months of tough restrictions. The rate of production increase will not exceed 0.5 mln barrels per day (bpd). By setting such a small rate, the oil exporters, which account for 40% of the global oil market, will be able …

The Saudi cabinet said it reviewed on Tuesday the results of a Saudi-Russian joint governmental committee meeting, in which the two countries reaffirmed commitment to the cooperation pact between petroleum producing countries and the declaration of the OPEC+ group to support the stability of global oil markets, a cabinet statement …

Oil gained more ground on Wednesday as a U.S. COVID-19 fiscal aid package and a decline in crude oil inventories lifted prices, Reuters reported. Brent crude futures rose 19 cents, or 0.4%, to $51.28 a barrel, by 0255 GMT and U.S. West Texas Intermediate (WTI) crude rose 29 cents, or …

The OPEC+ alliance should remain cautious at its upcoming meeting Jan. 4 because a new strain of the coronavirus that causes COVID-19, B117, is likely to weigh on global oil demand outlook at the beginning of 2021, the Algerian energy minister Abdelmadjid Attar said in a Dec. 27 interview with …

Most observers believe that falling oil prices delivered the coup de grâce to the Soviet Union, but in fact, it was not just declining prices but declining production as well that did the job. That combination has reappeared now – and there are few prospects that Russia will be able …

Iraq aims to increase crude oil export capacity from its southern ports to 6 million barrels per day from the current 3.5 million barrels a day capacity, Karim Hattab, deputy oil minister for distribution affairs said in a statement. Hattab said the increased capacity would be after 2023 and that …

Russia views an oil price between $45 and $55 per barrel as the optimum level to allow for its oil production recovery, Reuters reported, citing Russian Deputy Prime Minister Alexander Novak. He added that Russia will support an increase in oil production by the Organization of the Petroleum Exporting Countries …

Russia will support hiking production under the historic OPEC+ accord by 500,000 barrels a day in February if the market continues to stabilize, the deputy prime minister in charge of the energy sector, Alexander Novak, has said. “If the situation stays normal and stable, we will support the increase,” Novak …

Apple is moving forward with its electric self-driving car technology after all, and will start production in 2024, according to a report from Reuters. Apple plans to produce a passenger vehicle that could include its own battery technology. Apple first started to design its own vehicle way back in 2014, …

Russia intends to support a further increase in OPEC+ production at the group’s meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the country’s oil policy. As of now, Moscow believes it makes sense to raise OPEC+ output by 500,000 …