OPEC signaled on Thursday it may have to return to oil production cuts as global inventories rise, in a statement that may further sour relations with U.S. President Donald Trump. Continue Reading
OPEC and its Russia-led non-OPEC partners in the production cut deal may have to change course in the current relaxing of the cuts, due to increased inventories in recent weeks Continue Reading
OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was Continue Reading
The Khashoggi case is far from over, as current harsh statements coming from Washington are showing. Not only is there a long line of U.S. Senators calling for an in-depth Continue Reading
OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of Continue Reading
OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide. FILE PHOTO: Mohammed Sanusi Continue Reading
Saudi Arabia’s veiled threat to weaponize its oil exports for the first time in a generation may prove to be a windfall for US oil producers, but could also undermine Continue Reading
This was one of the key messages in the speech that OPEC’s Secretary General Mohammad Barkindo delivered at the Oil & Money Conference in London this week. The oil market Continue Reading
OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to Continue Reading
Oil production in Venezuela, a country with the world’s biggest reserves, reached a new low in September as it goes through political and economic instability, declining 3.4 percent in September Continue Reading
Iran’s crude oil production dropped by 371,000 bpd between the second quarter of this year—when the U.S. announced the return of the sanctions—and September, according to the secondary sources in Continue Reading
OPEC has revised down its oil demand growth estimates for this year and next—a third downward revision in as many months—citing potential headwinds to global economic growth ranging from trade Continue Reading
The below charts were created with data from the OPEC Monthly Oil Market Report and the data through September 2018 . OPEC crude only was up 132,000 barrels per day Continue Reading
Russia’s Energy Minister Alexander Novak considers unnecessary for the country to join the Organization of Petroleum Exporting Countries, or OPEC, as the current relationship makes it possible to reach accords Continue Reading
This week the State Department accused OPEC of hiding spare capacity exceeding 1.4 million barrels daily. It urged the cartel to use it to stop the oil price rally that Continue Reading
The US and OPEC appear to be talking past each other when it comes to the producer bloc’s spare output capacity. The two sides don’t agree on the definition of Continue Reading
Opec and its allies have been responding to requests from the US for increased oil production and doing what they can to prevent prices rising, Saudi Arabia’s Crown Prince Mohammed Continue Reading
Highlights OPEC, allies surpass targeted 1 million b/d increase Saudi Arabia raises output by 110,000 b/d in September Iran drops 100,000 b/d as customers flee Libya pumps most since June Continue Reading
The State Department said figures from the Energy Information Administration suggested that OPEC was withholding 1.42 million bpd of spare capacity and the department was working with the cartel to Continue Reading
Saudi Energy Minister Khalid al-Falih said OPEC is technically able to raise oil output by 1.3 million barrels per day (bpd), the TASS news agency reported on Thursday. The minister Continue Reading
Qatar’s energy minister defended the oil market strategy of his country and other OPEC nations Tuesday. “OPEC is not trying to manipulate the price. It’s trying to bring the market Continue Reading
The Organization of the Petroleum Exporting Countries and other leading oil producers can quickly agree on oil output increase if needed, Russian Energy Minister Alexander Novak was quoted as saying Continue Reading
OPEC’s oil production in September rose by 90,000 bpd from August to 32.85 million bpd—the highest level so far this year, but a plunge in Iranian production partly offset higher Continue Reading
OPEC delivered only a limited increase in oil production in September, a Reuters survey has found, as a cut in Iranian shipments due to U.S. sanctions offset higher output in Continue Reading
Saudi Arabia and other OPEC members have been discussing on the quiet a half-a-million-barrel increase in their combined oil production to keep a lid on oil prices, unnamed sources told Continue Reading
The Organization of the Petroleum Exporting Countries (OPEC) will act to balance the market after oil prices hit their highest in four years, but its options may be limited by Continue Reading
If the Organization of the Petroleum Exporting Countries and its nonmember allies including Russia pump too much oil into the marketplace to make up for expected shortfalls from coming sanctions Continue Reading
President Donald Trump on Tuesday took aim at Saudi Arabia and its refusal to lead an increase in oil production, telling the UN that Opec members were “as usual ripping Continue Reading
OPEC+ may offer big projects to oil companies from member states, Russian Energy Minister Alexander Novak said at a meeting with his Saudi counterpart Khalid Al-Falih, the Russian Energy Minister Continue Reading
OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s Continue Reading
A steady rise in U.S. oil output will gather pace in the next five years, OPEC said on Sunday, predicting that demand for the producer group’s crude will decline despite Continue Reading
Algiers — Saudi energy minister Khalid al-Falih on Sunday rejected accusations by US President Donald Trump that OPEC was keeping oil prices elevated through anti-competitive behavior. Receive daily email alerts, Continue Reading
OPEC and other oil producers are discussing the possibility of raising output by 500,000 barrels per day (bpd) to counter falling supply from Iran because of U.S. sanctions, a source Continue Reading
Saudi leaders face pressure from the United States to raise crude oil production. Photo by photostock77/Shutterstock Sept. 21 (UPI) — Saudi Arabian leaders find themselves in a tough spot going Continue Reading
An OPEC and non-OPEC monitoring committee found that oil producers’ compliance with a supply-reduction agreement reached 129 percent in August, two committee delegates said on Saturday. Compliance with the agreed Continue Reading
U.S. President Donald Trump linked American support for Middle Eastern countries to oil prices on Thursday as he again urged OPEC to lower prices. “We protect the countries of the Continue Reading
OPEC and its allies are unlikely to agree an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent Continue Reading
The cartel has previously said it was responding to Mr. Trump and other world leaders, who in the spring had ratcheted up complaints about high prices. The group in June Continue Reading
We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! Continue Reading
The last time OPEC and its partners met, in Vienna in June, they were on the receiving end of a thunderous tweet from US President Donald Trump, warning from across Continue Reading
Iranian Oil Minister Bijan Zanganeh will not attend this month’s meeting of OPEC and non-OPEC states in Algeria, a ministry spokesman said on Tuesday. “Zanganeh will not attend the meeting Continue Reading
Russian Energy Minister Alexander Novak said on Monday that all possible scenarios for oil output could be discussed at a meeting of OPEC and non-OPEC states in Algeria this month. Continue Reading
Russia and Saudi Arabia will continue co-operating in the long term, including on the design of a framework for the relations between OPEC and its external partners, a Russian Energy Continue Reading
With a critical meeting in Algiers fast approaching, a fractured OPEC and its allies are still searching for consensus on how members with spare output capacity can equitably distribute the Continue Reading
That was the cartel’s biggest month-on-month increase in more than two years, bringing the supply from the group’s 15 producers to a nine-month high. The increase mainly came from higher Continue Reading
OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge Continue Reading
Amid fears of global oil supply disruption and production curbs, in its latest monthly report , OPEC expects global oil supplies to remain stable, while cautioning that demand is becoming Continue Reading
Last week, rioters burned down several buildings in Basra, a major city in Southern Iraq and home to most of the country’s oil production. Despite its oil riches, southern Iraq Continue Reading
Russia’s energy minister Alexander Novak believes OPEC, Russia and their allies within the production cut alliance should ink an agreement on the group’s broader cooperation in December so that the Continue Reading
Russian Energy Minister Alexander Novak said on Tuesday that the OPEC+ oil group may sign a new long-term cooperation deal at the beginning of December, the TASS news agency reported. Continue Reading
