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

Saudi Arabia has been encouraging members of the Organisation of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, known as OPEC+, to increase output in the face of the coronavirus pandemic, the Financial Times reports on Wednesday. According to report, Saudi Arabia plans to keep oil production …

Iraq is debating whether to ask to be exempted from the oil production cuts OPEC+ agreed on this April. Initially set at 9.7 million bpd, the cuts have now been eased to 7.7 million bpd but as the second-largest producer in OPEC, Iraq is shouldering quite a large chunk of …

Oil prices could potentially rise to around $65 per barrel next year, but expected to be volatile, Russian Energy Minister Alexander Novak said on Friday, speaking at an online conference reported by Reuters. He also expected that global oil demand could fall by 9-10 million barrels per day (bpd) this …

For Africa’s biggest oil-producing country, the idea of looking for oil miles into the sea may be off the table this year, thanks to a wave of bankruptcies facing the global offshore industry. The global offshore industry is currently struggling as some of the biggest offshore drillers struggle with low …

Russian Energy Minister Alexander Novak on Wednesday said that Moscow would propose to OPEC+ group to react to the recovery in global oil demand, as part of their agreement to cut production in order to support prices, Reuters reported. Global oil demand has recovered by as much as 90% of …

Iraq has formally denied “baseless” reports that it was seeking to opt out of some of the terms of the OPEC+ agreement to limit oil supplies. In an official statement from the country’s Oil Ministry, a spokesman said the reports, based on quotes attributed to Oil Minister Ihsan Abdul Jabbar, …

Oil advanced as expectations for shrinking American crude and gasoline stockpiles added to signals that a demand recovery may be on the horizon in the U.S. and China. Futures edged 0.4% higher in New York on Tuesday, tracking a move higher in U.S. equities to fresh records. U.S. manufacturing expanded …

Iraq is seeking exemptions from OPEC+ cuts in Q1 of 2021 and has discussed the issue with key producers in the 23-member coalition during three consecutive meetings, state-owned al-Sabaah newspaper reported Sept. 1, citing the country’s oil minister. Ihsan Ismaael said Iraq will continue to trim its output in October …

The Organisation of Petroleum Exporting Countries (OPEC) at the weekend said it was going to explore the future of blue hydrogen, digitalisation in the energy sector and cyber security and blockchain technology. Its Secretary-General Mohammad Barkindo, said the oil and gas sector has always been keen on deploying the latest …

Pledged overdue output cuts from Iraq in the next couple of months — if delivered — could help mitigate rising OPEC oil supply amid an expected recovery in demand vs. a weak 2Q. Our analysis points to the group’s overall good 93% compliance with quotas in July, despite sustained non-adherence …