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Tag Archives: Opec

Russia extending OPEC-deal with Saudis

Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production, Russian President Vladimir Putin said. Putin, speaking after talks with Saudi Crown Prince Mohammed bin Salman, told a news conference the deal would be extended in its current form …

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Iran says not planning to leave OPEC

Iran has no plans to leave the Organization of the Petroleum Exporting Countries, Oil Minister Bijan Zanganeh said in an interview published by the Iranian parliament news site ICANA on Saturday. “Iran has no plans to leave OPEC…and regrets that some members of OPEC have turned this organization into a …

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OPEC close to deal with non-OPEC states

OPEC is close to agreeing to extend an oil supply-cutting agreement beyond June, Saudi Arabia’s energy minister said on Friday, though the question is how to accommodate participating non-OPEC countries. The Organization of the Petroleum Exporting Countries, Russia and other non-members agreed in December to reduce supply by 1.2 million …

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Putin expresses misgivings over OPEC fair price

President Vladimir Putin said on Thursday Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output with OPEC colleagues at a policy meeting in the coming weeks. Putin said a price of $60-$65 a barrel suited Moscow, …

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Opec mulls all options on output for 2019

Opec has urged a committee to prepare “options” for how much oil it should produce next year to prevent the market slipping back into oversupply, the clearest sign yet that the group could reduce output to avoid prices falling further. The rise in oil inventories in recent weeks coupled with …

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100 million barrels per day of global oil use likely

The world’s oil consumption will top 100 million barrels per day (bpd) in the next three months, putting upward pressure on prices. But emerging market crises and trade disputes could dent this demand, the International Energy Agency (IEA) said. Paris-based IEA maintained its forecast of strong growth in demand this …

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Kuwait’s oil minister expects stable oil market

Kuwait’s oil minister, Bakhit Al Rashidi, said on Wednesday that the global oil market was approaching stability based on the current oil production levels after the recent Opec and non-Opec agreement to boost output. “It is clear today based on the current level of production that we are approaching a …

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Oil heads for a fourth weekly drop

Oil was poised for a fourth weekly decline as the unexpected halt in Saudi shipments through a Red Sea waterway failed to add a significant risk premium to prices, while concerns lingered over how the US-China trade spat will affect demand. US futures headed for a 1.4 per cent decline …

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