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

Many countries including Iraq increased their October oil production. OPEC reported. The Organization of Petroleum Exporting Countries said “oil production in the 13 member states increased last October, reaching 24.386 million bpd which is 322 thousand bpd more than September'”. “The most oil-producing countries in October are Libya, Iraq, and …

Iraq and Saudi Arabia have agreed to coordinate positions within OPEC and cooperate in the energy sector, according to a joint statement following the work of the two countries’ coordinating council. On Tuesday, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud held a videoconference with Iraqi Prime Minister …

Oil prices dropped on Tuesday as concerns over demand in the near term in Europe and the United States returned to haunt the market after an overnight surge on progress towards a COVID-19 vaccine. U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1.5%, to $39.69 a barrel …

OPEC and its allies could “tweak” their supply accord beyond analyst expectations, Saudi energy minister Prince Abdulaziz bin Salman said Nov. 9, as speculation swirls on how the coalition will set its 2021 production quotas. Emphasizing that the OPEC+ alliance will maintain flexibility, the prince said ministers have several options …

Russia and OPEC-kingpin Saudi Arabia are reportedly mulling to delay an increase in oil production in January, maintaining an output cut aimed to raise oil prices as demand has weakened due the coronavirus pandemic. Russia and the Organization of Petroleum Exporting Countries held their annual talks on November 2 with …

Three members of OPEC and Russia are in favor of an extension of the current oil production cuts agreed by OPEC+ in April this year, Iraqi news agency Shafaq has reported, citing Algeria’s Energy Minister, Abdelmadjid Attar. According to the report, Attar said the oil market was facing a perilous …

OPEC+ inched closer to delaying its January output increase, with Russia actively discussing keeping its current curbs for an extra three months as oil markets weaken. The producer group has been dropping hints for weeks that its plan to add almost 2mn barrels a day to oil markets next year …

Gulf OPEC producers the United Arab Emirates and Kuwait, as well as Iraq, are debating whether they should roll over existing oil supply cuts into 2021, as they struggle to stick to their agreed reductions, OPEC and industry sources said. Their hesitance raises the possibility of reviewing output targets when …

The global oil market looks set for a challenging time in the coming weeks as a combination of negative factors bears down on crude prices. Fortunately, policymakers have tools at their disposal to mitigate the impact and ensure prices do not drop again like they did at the height of …

Iraqi oil minister Ihsan Ismaael has denied a Reuters report that said Iraq wants to seek an exemption from OPEC+ output cuts in 2021, calling the report “baseless” and reaffirming the country’s support for the curbs agreed in April. “Iraq welcomed the production adjustment decision reached in April 2020 by …