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

OPEC notes in its August report that spot crude oil prices rose in July in the third consecutive monthly increase, averaging $43.42 per barrel. Reuters In the middle of the third quarter, investors momentarily shrugged off coronavirus fears and bumped up crude oil prices after being encouraged by rising demand …

Fearing slow oil demand recovery, the Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, during a meeting on August 19, pushed major oil producing countries pumping above output targets to cut more in August-September. During the 21st Meeting of the Joint Ministerial Monitoring Committee …

Some members of the OPEC+ group of oil-producing nations would need to slash output by an extra 2.31 million barrels per day (bpd) for a month to make up for their oversupply between May and July, an internal OPEC+ report seen by Reuters shows. That oversupply above OPEC+ agreed targets …

The oil market has not yet stabilised, Iranian Oil Minister Bijan Zanganeh told state TV on Wednesday, but added that the measures implemented by OPEC have been successful in raising crude prices. “The market is not stabilised yet for several reason including the coronavirus outbreak … But OPEC has taken …

Saudi Arabia redoubled its crusade for OPEC+ compliance Aug. 19, laying pressure on the alliance’s quota violators to make up for their excess crude production with deeper cuts in the coming weeks, in the name of fairness and market stability. Nigeria and Iraq, two of the biggest compliance laggards, received …

Oil declined from a five-month high in New York with the U.S. Federal Reserve and OPEC+ sounding caution on the demand recovery as many countries struggle to contain the coronavirus. Futures fell 1% toward $42 a barrel amid a broader rout in equities after minutes from the Fed said the …

The outcome of the meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on Wednesday was as predicted. OPEC+ — an alliance of the members of the Organization of the Petroleum Exporting Countries and 10 non-OPEC allies, led by Russia — will continue on the trajectory agreed in April, when …

OPEC oil producers and allies are meeting today to review compliance with oil output cuts deal, but are unlikely to change their output policy, Reuters reported, citing OPEC+ sources. The meeting instead would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan, the sources said, adding that compliance …

Oil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks. With investors keeping an eye on a key producer countries’ ministerial meeting later in the day, …

Oil prices have dropped due to surging Covid-19 cases around the world despite OPEC+ stating that it is fully adhering to supply cuts to support prices. Brent crude futures decreased by $0.22 to reach at $45.15 a barrel while the US West Texas Intermediate (WTI) futures fell by $0.23 to …