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

The US Energy Administration announced on Sunday that the rate of Iraqi oil exports to America reached 230 thousand barrels per day during the first half of 2020. The administration said in a report, “the average Iraqi exports of crude oil to America during the first six months of this …

OPEC faces a critical moment in its 60-year history with the coronavirus crushing crude demand and prices, discord among its members, and threats from a world seeking cleaner fuels. Founded on September 14, 1960, by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela who sought to control crude oil output, OPEC …

Russia expects its oil production to increase after the current OPEC+ deal on output curbs runs its course in April 2022, data from the economy ministry published on Saturday showed. Russia, which the ministry expects to produce 507.4 million tonnes of oil this year, is seen increasing its production over …

Iraq’s oil minister Ihsan Abdul Jabbar expects an agreement with the OPEC+ group to increase Iraq’s crude oil exports, state news agency INA cited him as saying on Thursday. The agency was quoting the minister’s comments to state-owned newspaper Al-Sabah. It did not give more details.

The OPEC+ production cuts and curtailments in the United States are set to help global inventories to continue drawing down for the rest of the year and most of next year, resulting in a relatively balanced market by the end of 2021, the U.S. Energy Information Administration (EIA) said on …

OPEC basket price dropped today, Tuesday, to 41.49 dollars due to weak demand after a new of wave of Covid-19. OPEC said in a statement received by Shafaq News agency that “the price of OPEC’s basket of thirteen barrels of crude decreased by 1.49 dollars to record 41.49 dollars per …

Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview, Oilprice reported. “Reserves accumulated in the 2nd quarter are gradually shrinking, and we see that July and August were the first two …

Saudi energy minister Prince Abdulaziz bin Salman delivered yet another warning to OPEC+ compliance laggards, saying at a Sept. 17 monitoring committee meeting that failing to execute pledged production cuts was undermining the alliance’s efforts to rebalance the oil market. “Repeated promises that are not carried through in a timely …

Iranian Deputy Foreign Minister for International and Legal Affairs Mohsen Baharavand and the Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Sanusi Barkindo in a meeting in Vienna on Saturday reviewed bilateral relations in the field of energy. The meeting was held on the occasion of the 60th establishment anniversary …

The International Energy Agency (IEA) has trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. Oil prices slumped further below $40 per barrel on Monday, close to their lowest in over 2 months, as some oil firms like British Petroleum …