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
