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A crunch videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and Russia started on Thursday evening.
Read More »OPEC+ Videoconference Meeting Begins
Saudi Arabia and Russia End their Oil-Price War with Output Cut Agreement
Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse. The tentative deal came after strong pressure from U.S. President Donald Trump and American lawmakers, …
Read More »Russia’s Peace Fund Urges EU, US to Lift Sanctions against Iran, Venezuela
Chairman of the Russian Peace Foundation Leonid Slutsky has called on the US, UK and the European Union (EU) to leave policy on unilateral sanctions as the bans have created obstacles to dispatch medical aid to Venezuela and Iran which is fighting the deadly coronavirus. Slutsky made the remarks in …
Read More »OPEC+ May Clinch 3-Months Accord for Output Cut
Changes are reportedly high for countries part of the OPEC+ group to agree upon implementing oil production cuts for at least three months from May to July, 2020.
Read More »Oil Market hit by 8-Magnitude Quake
Look at these remarks made by heads of states in the aftermath of sinking oil prices and demand destruction caused by the coronavirus outbreak.
Read More »Zangeneh Phones Russian, Kuwaiti, Algerian Counterparts on Sinking Oil Prices
Iranian Minister of Petroleum Bijan Zangeneh discussed the latest oil market developments and price fluctuations with Mohamed Arkab, Algerian Minister of Energy and Mines and the President of OPEC Conference.
Read More »Under US Pressure, Saudi Arabia Concedes Defeat in Its Oil Price War against Russia
By calling for an urgent OPEC+ meeting to discuss oil price stabilization under pressure from President Donald Trump, Saudi Arabia has admitted defeat in its price war against Russia, Mamdouh Salameh, a visiting professor of Energy Economics at ESCP Europe Business School said. In an exclusive interview with Anadolu Agency …
Read More »OPEC, Allies Likely to Make Oil Output Cuts if US Joins
The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters. A previous production-cut deal ended last month after Russia …
Read More »Russia Warns against Increasing Oil Output
Increasing oil production will not serve the interests of any country, Russia warned yesterday, stressing that Russian President Vladimir Putin was seeking “constructive negotiations aimed at stabilizing the global energy market.” “Russia did not back the termination of OPEC+ deal – The Organization of the Petroleum Exporting Countries,” Russia Today …
Read More »Crude Oil Prices Fall Sharply as Saudi Arabia, Russia Postpone Meeting to Cut Production
Global crude oil prices fell sharply on Monday morning, as uncertainty loomed in the market after Saudi Arabia and Russia postponed to April 9 a meeting about a potential pact to cut production, Reuters reported. The prices of West Texas Intermediate and Brent crude traded over $3 lower before slightly …
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