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Tag Archives: Opec

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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Oil prices on the up thanks to Trump, Putin

Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilising energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude LCOc1 was up by 61 cents, or 2.7%, at $23.37 …

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Oil price plundge forces Arab, African petro-pegs

Oil’s $30 price plunge this week has sharply increased strains on a number of pegged currencies in energy-exporting emerging markets, above all in Nigeria and Oman where currencies have come under pressure in forward markets. The coronavirus threat to an already fragile global economy and an oil price war between …

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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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Algeria wants reforms after oil price crunch

Plunging oil prices have increased the urgency for Algeria to reform its economy, politicians and business leaders said on Monday. Energy Minister Mohamed Arkab said the country had been in “permanent consultations” with other oil producers after the collapse on Friday of an OPEC+ supply deal, which led Saudi Arabia …

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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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OPEC development fund outlines new strategy

OFID’s highest policy-making body, the Ministerial Council, approved during its 40th Annual Session in Vienna, Austria, the general principles of OFID’s new Strategic Framework. The new strategy affirms OFID’s commitment to providing support to developing countries – especially low-income countries – in an increasingly complex and challenging development landscape. At …

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OFID and Ameriabank sign $25 million loan agreement

The OPEC Fund for International Development, OFID, and Ameriabank have signed a US$25 million loan agreement aimed at supporting trade flows to and from Armenia. Cooperation between OFID and Ameriabank dates back to 2015. The first facility supported Small- and Medium-sized Enterprises, SMEs, in Armenia across a diverse range of …

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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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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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OPEC Fund for International Development gets CEO from UAE

Dr. Abdulhamid Alkhalifa has assumed office as Director-General and Chief Executive Officer of the OPEC Fund for International Development, OFID, at the institution’s Vienna headquarters. Prior to his appointment, Dr. Alkhalifa was Deputy Secretary-General of the Saudi Arabian Public Investment Fund since 2014, and advisor to the Secretary General from …

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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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