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

When OPEC and its allies met last month, Saudi Arabia’s energy minister dared oil speculators to test his determination to stabilize global markets. Now that a resurgent pandemic is threatening demand once again, the moment of reckoning is getting closer. The coalition of crude producers gathers on Monday to assess …

Russia and Saudi Arabia held a second, and unusual, phone call this week to discuss the OPEC+ agreement after officials from the group warned on Friday of the potential for a weaker oil market in 2021. President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman spoke Saturday in …

Global oil demand is expected to rebound to pre-pandemic levels by 2022 while supply tightens, creating a deficit, Energy Intelligence has reported, quoting the chief executive officer of Saudi Aramco. Amin Nasser said China would once again be the focus of attention and would account for most of the rebound, …

Global oil market will rely more on the Middle East as U.S. shale oil production is expected to continue to fall, said Chris Midgley, global head of analytics with S&P Global Platts, on Friday. U.S. shale oil production will fall by 900,000 barrels per day in 2020 and drop another …

Libya’s daily oil production has risen to around 500,000 barrels, according to people familiar with the situation, as the war-battered nation restarts its energy industry after a truce. Sharara, the country’s biggest oil field, is pumping roughly 110,000 barrels a day, according to two people with knowledge of the situation, …

OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ …

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s secretary general said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partnership will …

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC Secretary General Mohammad Barkindo said on Thursday. He was answering a question about whether there was room in for a planned increase in oil output from …

Every month OPEC (Organization for the Petroleum Exporting Countries) releases a report on the oil industry and the overall OPEC oil price and trend evolution. The report of this October showed the price of oil remained glued to the $40 level for several months now. In all, OPEC now sees …

Russian Energy Minister Alexander Novak said on Wednesday he had invited other BRICS countries – Brazil, India, China and South Africa – to take part in joint oil and gas projects in the Arctic. In a speech at a meeting of energy ministers from the group of major emerging economies, …