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

The pushback from the UAE over historic supply cuts brought in to offset the fallout from the pandemic comes at a delicate moment for OPEC, threatening the brittle coalition and an already weakened oil market. The news of COVID-19 vaccines alongside the highest oil price since September has lifted sentiments …

OPEC officials will meet this week on Wednesday, Thursday, and Friday to iron out details ahead of the meeting on November 30 and December 1 that will determine the fate of OPEC’s oil producers for 2021. OPEC sources told Reuters on Monday. Wednesday and Thursday will see OPEC’s economic commission …

Oil prices extended gains on Monday as traders eyed a recovery in crude demand thanks to successful coronavirus vaccine trials, though prices were contained by renewed lockdowns in several countries. Sentiment was also bolstered by hopes that OPEC, Russia and other producers, a group known as OPEC+, will keep crude …

The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in many parts of the world, raising the risk of further economic restrictions, its …

Member of the Parliamentary Oil and Energy Committee, MP Ghalib Muhammad, called on Sunday to conduct negotiations with OPEC+ to reduce Iraq’s percentage of production cuts, in case it is decided to extend the reduction period again. Muhammad said in an interview with Shafaq News agency, “Iraq is one of …

The UAE achieved 126% compliance with its OPEC+ quota in October, the energy ministry said late Nov. 17, as OPEC’s third largest producer sought to compensate for overproduction in August. The country’s compliance since the cuts were implemented in May is 101%, the ministry said in a statement on the …

This was the most positive set of remarks so far this year by Saudi Energy Minister Prince Abdul Aziz bin Salman, when he opened the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ (an alliance between OPEC and 10 non-OPEC countries led by Russia). The JMMC monitors compliance of OPEC+ member …

As OPEC+ began talks on whether to postpone January’s oil-production increase, ministers sounded cautious about the strength of global demand. Saudi Energy Minister Prince Abdulaziz bin Salman said he could see a light at the end of the tunnel thanks to the development of Covid-19 vaccines, but the market had …

OPEC and its allies have revised oil demand scenarios for 2021 with demand seen weaker than previously anticipated, a confidential document seen by Reuters shows, supporting the case for a tighter supply policy next year. “For 2021, oil demand is expected to grow by 6.2 million barrels per day, year …

OPEC and its allies discussed weaker compliance with pledged oil output cuts on Monday and weighed further action to support the market as the second wave of coronavirus hits demand. The Organization of Petroleum Exporting Countries, Russia and others, known as OPEC+, were due to raise output by 2 million …