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

A lifting of virus restrictions, as vaccines are rolled out, should allow for a strong bounce-back in oil demand and prices in the second half of next year, Trend reports with reference to UK-based Capital Economics research and consulting company. “Indeed, after crashing in early 2020 in response to widespread …

The Organisation of the Petroleum Exporting Countries (OPEC) has lowered its oil demand forecast for 2021 again, according to the latest version of the Monthly Oil Market Report released on Monday. OPEC now expects global oil demand to fall by 9.77 million barrels per day in 2020 to reach 89.99 …

OPEC announced, on Tuesday, that Iraq is the country that has reduced its oil production the most, while Libya was the most productive country in the organization in November 2020. The organization said in its monthly report, “total OPEC-13 crude oil production averaged 25.11 million barrels per day in November …

Excitement over the rollout of the coronavirus vaccine today had oil prices surging this morning, but the rally fizzled after OPEC put out its monthly oil market report. Citing further uncertainty in the transportation sector caused by surging cases of COVID-19, the group lowered its estimates for a recovery in …

In addition to the great consequences for human health, the pandemic has led to serious socio-economic shocks in most countries of the world, including in the Arab countries, Minister of Energy of Algeria Abdelmadjid Attar said RABAT, December 14. /TASS/. An extremely difficult situation has developed in the global economy …

Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market. Brent crude futures for February rose 67 cents, or 1.3%, to $50.64 …

The Arab Energy Conference, which was supposed to take place in 2022, has been postponed to 2023, Minister of Energy of Algeria, President of the OPEC conference Abdelmadjid Attar said at the 105th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) held in …

Russia has signaled it may be starting to prepare for a permanent decline in crude oil demand over the long term, even after the devastating effects of the coronavirus pandemic are over. “The peak of consumption may have already passed,” Deputy Finance Minister Vladimir Kolychev told Bloomberg in an interview. …

BP has said it will invest heavily in Middle Eastern oil and natural-gas fields going into 2021. Despite pledging its transition to renewable energy, the company has highlighted its interest in Middle East oil and gas. At present, BP currently operates the world’s third largest oil field in Iraq, Rumalia, …

Oil prices are set for a volatile start to the new year, as the next OPEC+ group meeting on production policy is expected to be set for the first trading day, January 4, Argus reported on Monday, citing delegates with the OPEC+ alliance. The group managed to avoid a no-deal …