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

Energy ministers from the OPEC+ alliance of oil producers are considering whether or not to extend historic cuts to crude output for a further period, in view of global uncertainties about demand, as COVID-19 cases surge worldwide. Policymakers from the 23 OPEC+ grouping – led by the two biggest producers …

Iraq isn’t seeking exemption from OPEC+ production cuts because it does not want crude prices to drop, Alsabaah newspaper reported Nov. 29, citing the country’s oil minister Ihsan Ismaael. Oil ministers are set to meet Nov. 30-Dec. 1 to discuss a potential delay in plans to increase output as of …

OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years, the U.S. shale boom won’t be at the top of the list. The global coronavirus pandemic continues to play havoc with the world’s economic sector, and oil prices …

Secretary-General of OPEC Mohammad Sanusi Barkindo said investment in the global oil industry dropped by nearly 30 percent this year, even more than in the 2014-2016 downturn, from which the industry was still recovering when COVID-19 struck. “The oil industry requires $12.6 trillion in investment to reduce volatility and avoid …

OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years the shale boom won’t be at the top of the list. A devastating global pandemic and a reckoning with Wall Street appear to have broken the resolve of …

OPEC+ will likely decide to roll over its current 7.7m bpd production cut at least until end-March 2021, Trend reports citing UK-based Capital Economics consulting company. “However, we suspect that this view is largely priced into the market. As a result, only a larger or longer production cut would give …

Saudi Arabia and Russia summoned the OPEC+ alliance for last-minute talks on Saturday, just before it’s due to decide whether to delay January’s output increase. A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering …

Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will hold informal consultations with members of the OPEC+ monitoring committee on November 28, two sources in OPEC told TASS. Those will be the last talks between members of the committee before the ministerial meeting of …

Oil advanced on Wednesday as market ignored the rise of US crude stockpiles above expectations due to optimism of COVID-19 vaccine, this is its fourth straight session gain. Brent crude was up 38 cents, or 0.8%, at $48.24 a barrel by 06:16 GMT it rose by almost 4% in the …

A week before OPEC is set to decide whether to roll over the current cuts into 2021, reports of renewed tensions within the cartel once again call into question the future of the organization, Goldman Sachs said on Tuesday. “Beyond the outcome of just another quota decision, however, there are …