Some members of the Organization of the Petroleum Exporting Countries may not attend a meeting in Qatar next month at which oil producers plan to discuss a global pact to Continue Reading
OPEC pumped less crude in February amid efforts by big oil producers to negotiate a deal that would limit oil output and raise prices, the group said on Monday, pointing Continue Reading
Iran output rises 187,800 b/d to 3.13 million b/d in February Iranian oil production climbed last month by the most in almost two decades following the end of international sanctions, Continue Reading
Key members of the Organization of Petroleum Exporting Countries intend to meet with other producers in Russia on March 20 to renew talks on an agreement to cap oil output, Continue Reading
The Organization of the Petroleum Exporting Countries (OPEC) logo is pictured at its headquarters in Vienna June 10, 2014. Some members of OPEC plan to meet other oil producers in Continue Reading
OPEC is very unlikely to cut output at its next meeting in June, even if prices remain extremely low, according to OPEC sources and delegates, as it will be too Continue Reading
OPEC oil output has fallen in February from the highest monthly level in recent history, a Reuters survey found on Monday, due to a halt in Iraq’s northern exports and Continue Reading
OPEC crude production slipped in February from the highest level in Bloomberg data going back 20 years. The Organization of Petroleum Exporting Countries reduced production by 79,000 barrels to 33.06 Continue Reading
Heavyweight oil producer group OPEC stepped into the ring with young upstart US shale back in November 2014 and delivered its best shot. Led by prizefighter Saudi Arabia, it decided Continue Reading
For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce Continue Reading
The world’s biggest oil producers may consider “other steps” to eliminate a persistent global oversupply if a recent deal to freeze current output holds firm for several months, the top Continue Reading
Production freeze will be re-evaluated after 3-4 months OPEC and U.S. shale may need a relationship counselor. After first ignoring it, later worrying about it and ultimately launching a price Continue Reading
Top global oil exporters including Russia and Saudi Arabia agreed on Tuesday to freeze output to tackle a global glut but said the deal was contingent on other producers, with Continue Reading
Oil traders aren’t too impressed with Saudi Arabia and Russia’s accord to cap oil production at near-record levels . After rising above $31.50 per barrel when news of this agreement Continue Reading
Saudi Arabia and Russia, the world’s biggest crude oil producers, joined Venezuela and Qatar in an agreement to freeze output in an effort to revive prices from a 12-year low. Continue Reading
For more than a year, oil diplomats have been busy behind the scenes trying to forge a deal between OPEC and nations outside the cartel to revive prices by curbing Continue Reading
Saudi Arabia, Russia, Qatar and Venezuela said Tuesday they wouldn’t increase crude-oil output above January’s levels as long as other major oil producers followed suit, people familiar with the matter Continue Reading
The more things change in the oil market, the more they stay the same: The agreement Tuesday between Saudi Arabia, Russia, Qatar and Venezuela to freeze oil output falls somewhere Continue Reading
Oil ministers from Saudi Arabia, Russia, Venezuela and Qatar announced on Tuesday an agreement to freeze their oil output levels provided other major producers follow suit. The deal would freeze Continue Reading
The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the Continue Reading
Some OPEC countries are trying to achieve a consensus among the group and key non-members for an oil production “freeze”, sources familiar with the discussions say, in an attempt to Continue Reading
The latest OPEC Monthly Oil Market Report is just out. The the data is “Crude Only” production and do not reflect condensate production. Also the charts, except for Libya, are Continue Reading
OPEC revised estimates of production from rival suppliers, indicating a steeper drop in non-OPEC supply than previously anticipated. Production outside the Organization of Petroleum Exporting Countries will fall by 700,000 Continue Reading
A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 Continue Reading
An uncertain price trajectory for 2016 and a sharp decline in rig activity in North America means oil production is under pressure, OPEC said. The Organization of Petroleum Exporting Countries Continue Reading
The head of Russian state-run oil company Rosneft on Wednesday floated the idea of a coordinated output cut by major oil-producing countries to prop up sagging prices but fell short Continue Reading
The most powerful figure in Russia’s oil industry on Wednesday signalled his steadfast opposition to combining with Opec to reverse the crude price rout through co-ordinated cuts in production. Igor Continue Reading
Russia’s largest oil producer Rosneft OJSC remains committed to defending its traditional markets, pouring cold water on talks of potential coordination with other exporting nations. “We are working on preserving Continue Reading
Saudi Arabia’s oil minister Ali al-Naimi discussed cooperation between OPEC members and other oil producers to stabilize the global oil market with his Venezuelan counterpart on Sunday, state news agency Continue Reading
One of Donald Trump’s stock campaign lines is that the Iran nuclear agreement was “ terrible .” I’m beginning to wonder whether that’s true, but from the other side. Iran Continue Reading
Six oil-producing countries have agreed on an emergency meeting between OPEC and non-OPEC member states, the Iranian oil ministry’s news service Shana reported on its website Wednesday, citing Venezuela’s oil Continue Reading
Venezuelan oil minister said six crude oil producing countries including Iran and Russia support convening an emergency meeting between OPEC and non-OPEC member states, Iran’s Oil Ministry’s news agency reported Continue Reading
Venezuela’s Oil Minister Eulogio Del Pino faces an uphill battle persuading Russia and Saudi Arabia to cooperate in cutting oil production amid a supply glut that has pushed prices down Continue Reading
Venezuelan oil minister Eulogio Del Pino Friday said he will travel to Russia, Qatar, Iran and Saudi Arabia next week to coordinate a meeting between OPEC members and non-OPEC oil Continue Reading
When Saudi Arabia and Russia sat down to talk about limiting oil production 14 months ago, the discussions to stem a collapse in prices did not get very far. “The Continue Reading
An Iranian woman refuels her car at a gas station in Tehran on Jan. 25. Iran wouldn’t coordinate a crude-oil output reduction with the Organization of the Petroleum Exporting Countries Continue Reading
Russian Deputy Prime Minister Arkady Dvorkovich on Friday played down expectations that Russia could coordinate with OPEC to arrest the fall in oil prices by reducing production, saying the state Continue Reading
OPEC delegates said they have no meeting planned with Russia after the country’s Energy Minister Alexander Novak indicated he was willing to meet with the group next month to coordinate Continue Reading
Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia’s pipeline monopoly said on Wednesday, Continue Reading
Some of OPEC’s key players defended their strategy of keeping the taps wide open, saying Tuesday that they are bracing for low oil prices to continue—perhaps until the end of Continue Reading
With the global economy reeling from plunging oil prices occasioned by massive over production, Nigeria, a key member of the Organisation of Petroleum Exporting Countries (OPEC), which depends hugely on Continue Reading
Senior OPEC and Russian oil industry officials stepped up vague talk on Monday of possible joint action to remedy one of the worst supply gluts in decades, while Saudi Arabia Continue Reading
The Organization of Petroleum Exporting Countries is fading, though Middle East producers may reign supreme, the CEO of Italian energy company ENI said. Claudio Descalzi, ENI’s top executive, told delegates Continue Reading
No OPEC Meet Unless Majority Calls for It Less than two months after OPEC nations sparred over oil policy in Vienna, they resumed the debate at Davos. Nigeria’s oil minister, Continue Reading
Venezuela Oil Minister Eulogio del Pino called on Thursday for OPEC and non-OPEC producers to meet in February to discuss bolstering low oil prices that have hammered the recession-hit South Continue Reading
Venezuela has requested that OPEC hold an emergency meeting to discuss steps to prop up oil prices, which have fallen to their lowest since 2003, two OPEC sources said on Continue Reading
OPEC forecast on Monday that oil supply from non-member countries will post a larger-than-expected decline this year due to the collapse in prices, boosting the need for crude from the Continue Reading
Production outside the Organization of Petroleum Exporting Countries will drop by 660,000 barrels a day, the group said Monday in its monthly market report, deepening the decline from its previous Continue Reading
The average price for a basket of crudes from OPEC producers fell to $25 a barrel on Thursday, the group said, even before unrestrained exports from Iran hit the market. Continue Reading
Russian Energy Minister Alexander Novak said on Friday coordinated oil production cuts with OPEC to support falling oil prices were unlikely and would be inefficient if they did happen anyway. Continue Reading
