OPEC and allies should not bow to the pressure to increase production to offset supply disruptions, Iraq’s Oil Minister Jabbar al-Luiebi said on Monday, adding that unilateral decisions could be Continue Reading
OPEC may still consider extending its cooperation with non-OPEC partners on managing supplies despite a tightening market and the recent geopolitics-led rise in oil prices, Qatari oil minister Mohammed al-Sada Continue Reading
The upcoming OPEC meeting on June 22 is shaping up to be a contentious one, after news broke that the U.S. government asked Saudi Arabia to increase oil production before Continue Reading
OPEC will probably reject Iran’s request to put the U.S. sanctions against Tehran up for discussion at the cartel’s official meeting later this month, a source familiar with the issue Continue Reading
Russia’s third-largest crude producer, Gazprom Neft, wants flexible quotas in the crude production cut deal, as it is ready to fully recover its frozen output within one to two months, Continue Reading
No impact on Iran output seen yet from sanctions Nigeria beset by key pipeline outages Saudi Arabia tops 10 mil b/d for first time since Oct Angola crude production hits Continue Reading
OPEC will probably reject Iran’s request to put the U.S. sanctions against Tehran up for discussion at the cartel’s official meeting later this month, a source familiar with the issue Continue Reading
OPEC is likely to reject a request by Iran to discuss U.S. sanctions against Tehran at this month’s meeting of the oil producer group, a source familiar with the matter Continue Reading
Iran said on Friday a U.S. request for Saudi Arabia to pump more oil so that it could cover a drop in Iranian exports was “crazy and astonishing” and said Continue Reading
Saudi Arabia has started boosting oil production after two years of curtailing output, a move that gives Riyadh a jump on other OPEC producers who are expected to open the Continue Reading
OPEC’s efforts to erase the oil glut and lift oil prices paid off as the cartel reaped higher revenues from crude oil exports in 2017, but the spoils were unevenly Continue Reading
The forthcoming meeting between OPEC and non-OPEC oil producers, including Russia, could be one of the most fractious in recent years with competing interests and demands at play, according to Continue Reading
Angola, Libya, and Iran led the pack among OPEC members when comparing GDP figures from before and after the group’s production agreement, data show. Economists at the Organization of Petroleum Continue Reading
A day before U.S. President Donald Trump withdrew from the Iran nuclear deal, one of his senior officials phoned Saudi Arabia to ask the world’s largest oil exporter to help Continue Reading
While many market participants view the recent talk of OPEC potentially raising oil production by as much as 1 million bpd as a bearish factor for oil prices, Goldman Sachs Continue Reading
The OPEC meeting on June 22nd could become a major showdown of internal conflicts. The media has been focusing on the possible split between the Arab producers and Iran, and Continue Reading
The U.S. government has quietly asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day, according to people familiar with the Continue Reading
Some newly elected Iraqi lawmakers, linked with populist Shiite cleric Moqtada al-Sadr whose alliance won the elections last month, are not sure that Baghdad’s participation in the OPEC production cut Continue Reading
The United States government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, but it has not requested a specific figure, three OPEC and industry Continue Reading
OPEC and Russia are considering raising oil production in a few weeks’ time, and while much of the focus has (rightly) been on the supply outages in Venezuela and the Continue Reading
Parties to an OPEC-led effort to collaborate on the methods necessary for a healthy market said they were committed to help offset oil production declines. Members of a joint ministerial Continue Reading
Having drained one glut, OPEC and its allies have found a new, brimming oil hoard to worry about: China’s crude reserves. China’s state-and-commercial-owned oil stores will help the Organization of Continue Reading
In a tight oil market reacting with price gains to concerns about supply shortages, the leaders of the OPEC and non-OPEC nations part of the production cut deal—Saudi Arabia and Continue Reading
OPEC’s oil production dropped in May by 70,000 bpd to 32.00 million bpd on the back of outages in Nigeria and a continuous decline in Venezuela that dragged the cartel’s Continue Reading
As Opec and Russia prepare to meet in Vienna next month to discuss raising oil output, three strongman leaders will loom over proceedings. Russian president Vladimir Putin, Saudi Arabia’s crown Continue Reading
OPEC members at their next regular meeting in June should prioritize measures aimed at protecting members targeted by sanctions, Iran’s oil minister said. The Iranian government is busy courting European, Continue Reading
Iran is seeking support from fellow OPEC members against the returning U.S. sanctions and wants the issue on the agenda at the Vienna meeting in June, Iranian Oil Minister Bijan Continue Reading
Iran is taking a firm line with its OPEC counterparts that could threaten the current 24-country crude producer alliance, warning members not to take its market share it risks losing Continue Reading
Over the past few weeks, Iran has repeatedly sought (even demanded) EU support to offset renewed U.S. sanctions that will be imposed on the oil producing country. In fact, not Continue Reading
Saudi Arabia, other OPEC states, and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018 but are ready to make gradual Continue Reading
Iran has asked OPEC to support it against new U.S. sanctions and signalled it is not yet in agreement with Saudi Arabia’s views on the possible need to increase global Continue Reading
Higher oil prices seem to have given OPEC the confidence that it needs to begin thinking about moving forward, and with Russia in the mix as well, it appears as Continue Reading
OPEC probably won’t decide in June to bring back more oil supply, because the cartel and its allies will be watching the ongoing geopolitical events that could impact broader global Continue Reading
Just as the Saudis and Russia are said to be considering bringing back some production to address supply concerns, the energy ministers of Saudi Arabia, Kuwait, and the United Arab Continue Reading
The rise in oil prices in recent months has been a concern to oil-importing nations and to retail consumers as the rally has been inflating their oil import bills and Continue Reading
The rules of the game are changing in the oil market. Prices fell to their lowest in three weeks after reports that the agreement to curtail output by 1.8 million Continue Reading
Russia and Saudi Arabia are hammering out the terms of a deal to jointly increase oil production—a move that could cool crude markets and extend, at least for now, a Continue Reading
Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs amid concerns that Continue Reading
Russia and other large oil producers will next month discuss relaxing an agreement that has cut output and helped support crude prices —a move that could relieve some of that Continue Reading
Russia and Saudi Arabia’s energy ministers will discuss a potential relaxation of the global oil output cap agreed between Opec and Moscow amid calls for them to boost output after Continue Reading
It would be unprecedented, but Senate Democrats want the Trump administration to send Energy Secretary Rick Perry to Vienna next month for an OPEC meeting. Senate Democrats think meeting will Continue Reading
As soon as next month, OPEC may decide to reverse some of the production cuts in place since the beginning of 2017, to respond to supply concerns over plummeting Venezuelan Continue Reading
Venezuela’s oil industry is collapsing fast. No wonder then that OPEC is finally talking about perhaps raising production to make up for Venezuela’s overdelivering on production cuts. As Reuters reported Continue Reading
OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too Continue Reading
Leading politicians, oil ministers and CEOs will meet at the St. Petersburg Economic Forum this week to discuss key issues affecting the energy sector, including recent oil price rises, the Continue Reading
OPEC is looking closely at a drop in oil output from Venezuela to see if the loss of supply from the member state warrants action by the group, sources familiar Continue Reading
BP Chief Executive Bob Dudley expects a flood of U.S. shale and the reopening of OPEC taps to cool the oil market after crude rose above $80 a barrel this Continue Reading
OPEC and Russia are meeting in a little more than a month to discuss the progress of their oil production deal and what’s next. On the face of things, there Continue Reading
OPEC is not in a rush to start winding down the production cuts despite oil prices continuing their strong rally, with Brent briefly breaking above $79 a barrel on Tuesday. Continue Reading
OPEC sees oil’s rally towards $80 a barrel as a short-term spike driven by geopolitics rather than any supply shortage, four OPEC delegates said, a sign the group is not Continue Reading
