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

The Russian energy ministry expects the average Urals price to be $35/b in 2020, minister Alexander Novak said in an interview with German daily Handelsblatt published June 20. Russia’s 2020 budget is based on an oil price of $42/b, officials said previously. Novak said he currently only expects oil services …

As reported by Reuters, Norway is not planning to deepen its oil output cuts after a decision by the OPEC+ group to prolong its own production cut, the Nordic country’s energy minister said on Thursday. Norway, which is not part of the OPEC+ group, has said it would cut its …

The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations on Thursday promised full conformity with oil output cuts from July through September to balance the global oil market. The 23-member group known as OPEC+ said “attainment of 100% conformity from all participating countries is not only fair and …

Global oil demand will not return to pre-crisis levels earlier than in 2021, the RIA news agency quoted Russian Energy Minister Alexander Novak as saying on Saturday. It is possible that demand will reach pre-crisis levels within two or three years, Novak said.

Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. US benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. …

The Organization of Petroleum Exporting Countries will host a special technical workshop titled OPEC at 60 to commemorate the foundation of its 60th anniversary, OPEC announced in a statement on Wednesday. The workshop will be held via videoconference next Tuesday, on June 23, to reflect on how OPEC has evolved …

OPEC predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for …

Iraq appears to be cutting oil production to meet its OPEC+ quota, though it may still fall short of full compliance with the group’s target this month. The nation’s crude exports have fallen by 2% so far in June, according to tanker-tracking data compiled by Bloomberg. That suggests it’s not …

Iranian Oil Minister Bijan Namdar Zangeneh in a phone call with his Iraqi counterpart Ihsan Abdul Jabbar called for more cooperation between the two brotherly and friendly neighbors. Zangeneh congratulated Abdul Jabbar on his designation as the new Iraqi oil minister in Mustafa al-Kadhimi’s administration. During the phone call, both …

Iraq’s Oil Marketing Company (SOMO) has notified clients in Asia that they will be loading less Basra crude in July as the producer complies with an OPEC+ pact to cut output, six sources with knowledge of the matter said on Tuesday. Iraq’s supply cuts come on the back of similar …