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Tag Archives: oil prices

Iraq, Saudi committed to coordinating oil cuts

Iraq and Saudi Arabia agreed on Saturday to continue working to re-balance markets and stressed their commitment to output cuts agreed by the Organization of the Petroleum Exporting Countries, Russia and other allies, Saudi state news agency SPA said. The comments came after Iraq’s Finance Minister Ali Allawi, who is …

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Putin in emergency talks with Russian oilbarons

President Vladimir Putin will meet the heads of Russia’s top oil companies for talks on Friday, the Kremlin said, describing the atmosphere on the global market as “unfavourable”. Kremlin spokesman Dmitry Peskov told reporters on a conference call that the meeting would be held in the same format as one …

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Saudis rebuff Russian OPEC proposals

A Saudi Arabian energy ministry official said on Friday there had been no contact between the Saudi and Russian energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets. The comments come after a senior Russian official said …

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Russia wants new, emergency OPEC deal

A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus. A pact between the Organization of the Petroleum Exporting Countries and other …

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Russia and Saudi in oil war

Saudi Arabia said on Tuesday it would increase its crude oil supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscow’s overtures for new talks. The clash of the two oil titans sparked a 25% slump in oil prices on Monday, triggering …

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Iran also supports OPEC production cut

Iran supports deeper crude oil cuts by the Organisation of the Petroleum Exporting Countries (OPEC) if a majority of members agreed with it, Oil Minister Bijan Zangeneh was quoted as saying by the Iranian energy news website Shana. A technical panel, known as the JTC, that advises OPEC and its …

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Saudi Arabia and UAE moving into hydraulic fracturing

Saudi Arabia’s Industrialization and Energy Services Company (TAQA) announced today the signing of an agreement with AlMansoori Petroleum Services (AMPS). The announcement was made at the opening of this year’s International Petroleum Technology Conference (IPTC), taking place for the first time in the Kingdom of Saudi Arabia. The agreement establishes …

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UAE dedicated to securing further energy reserves

The United Arab Emirates energy said on Saturday it was investing heavily to secure its energy resources. “We are in a very good position to secure ourselves and keep securing our customers (needs),” Energy Minister Suhail al-Mazrouei told an energy conference in the capital Abu Dhabi. “We are committed that …

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UAE will host key OPEC meeting in September

The Emirate of Abu Dhabi will host in September the Joint Ministerial Monitoring Committee meeting of the Organisation of Petroleum Exporting Countries, OPEC, the Organisation announced. The announcement was made on Thursday following the release of 2020 oil market forecasts in the OPEC July Monthly Oil Market Report, MOMR. According …

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Iran signs onto planned OPEC production cuts

OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global economy. Iranian Oil Minister …

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Iran and Russia planning OPEC meeting, strategy

Iran’s oil minister is scheduled to meet his Russian counterpart in Iran later on Monday, industry sources said, raising hopes of progress in resolving a month-long impasse over when OPEC and its allies will hold their next policy gathering. The Organization of the Petroleum Exporting Countries and partners including Russia, …

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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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UAC voices OPEC desire to cut production, up prices

There is an initial agreement within OPEC to cut production in the coming meeting in Vienna on December 6, but the amount has not been decided yet, UAE OPEC Governor Ahmed al-Kaabi said on Tuesday. He said that OPEC will very likely reduce production, adding that the (JMMC) technical committee …

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Kuwaiti oil price down to US$73.77 pb

The price of Kuwait crude oil went down US$2.82, Wednesday, reaching US$73.77 per barrel, compared to US$76.59 pb last Tuesday, said Kuwait Petroleum Corporation on Thursday. According to the Kuwait News Agency, KUNA, the price of the Brent crude went down 27 cents to settle at US$76.17 pb, and the West …

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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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