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

Iraq is committed to all OPEC+ production cut agreements that help contain the volatility in oil prices because OPEC’s second largest oil producer seeks higher prices for its crude exports, the country’s oil minister said Dec. 6. Ihsan Ismaael said in an oil ministry statement that oil prices are expected …

The Iraqi Ministry of Oil announced on Sunday that the meeting and the celebration marking the establishment of OPEC and OPEC + would be postponed until next February, after positive developments regarding the COVID-19 vaccine. “The ministry decided to postpone the meeting and the celebration marking the 60th anniversary of …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq did not export oil to the United States in the past week. EIA stated in a report, “Iraq oil exports dropped to zero bpd in the fourth week of November, compared to 197 thousand bpd in the week before.” …

The 12th OPEC and non-OPEC Ministerial Meeting took place this last week and concluded on Thursday with the participation of the head of the National Oil Cooperation, Mustafa Sunallah, representing Libya and its oil interests. The meeting evaluated the state of the international oil market in terms of supplies, demand …

Saudi Arabia’s crude oil exports to the United States fell to the lowest in 35 years in October, averaging less than 100,000 bpd. In the week to November 27 alone, the volume of Saudi oil shipments to the US fell to as little as 73,000 bpd. The average daily volume …

The United Arab Emirates’ resistance at OPEC meetings to extending deep supply cuts into 2021 is the start of a more assertive policy stance that could make it harder for the group to balance global oil supply. The seeds of the emerging divergence have their roots in a major expansion …

Another month, another OPEC “crisis.” It’s the usual problem: The cartel, meeting in Vienna this week, can’t agree on how to balance production with price. The Saudi-led oil exporters, boosted by non-OPEC countries such as Russia and Kazakhstan, can’t control price as such so have to imagine how to agree …

OPEC+ was discussing a proposal to gradually ease its oil-output cuts next year, seeking to resolve divisions that emerged at the core of the cartel over several days of fractious negotiations. Talks were focused on a proposal for the cartel to add 500,000 barrels a day to the market in …

Iranian Minister of Oil Bijan Zanganeh said that the crude oil output cuts will decrease from previously-agreed amount of 7.7 million bpd to 7.2 million bpd in January 2021, down 500,000 bpd, adding it was a wise decision. Zangeneh made the remark after the 12th OPEC and non-OPEC Ministerial Meeting …

Oil extended gains toward $50 a barrel after OPEC+ reached a compromise deal to gradually taper production cuts, ending days of uncertainty after cracks emerged in the alliance earlier in the week. Futures surged 1.9% in London after closing at the highest level in nine months on Thursday. The group …