Tag Archives: Opec

Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed U.S. crude stockpiles were down last week. Brent crude rose as much as nearly 1% to $54.09 a barrel, …

Iran has instructed its oil ministry to prepare installations for production and sale of crude oil at full capacity within three months, state media said on Sunday, ahead of a possible easing of U.S. sanctions after President-elect Joe Biden takes office. They quoted President Hassan Rouhani as saying that Iran …

Saudi Aramco 2222.SE said on Monday it has hired a group of banks ahead of a multi-tranche U.S. dollar-denominated bond issuance, as the world’s largest oil company seeks to raise cash amid lower oil prices. The announcement comes as Gulf issuers show no sign of slowing this year’s blitz on …

Oil was largely steady on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election, despite millions of votes still to be counted and the final result not yet clear. West Texas Intermediate was up 16 cents, or 0.4%, at $37.82 a barrel by 0850 GMT. Brent …

The United States on Monday imposed fresh Iran-related sanctions targeting the Islamic Republic’s oil sector, including the Iranian Ministry of Petroleum, in Washington’s latest move to increase pressure on Tehran. The U.S. Treasury Department in a statement said it was slapping sanctions on key actors in Iran’s oil sector for …

OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ …

One of the world’s leading energy experts believes that oil producing countries like Saudi Arabia could enjoy a “veritable feast” of oil revenues for many decades before changing patterns of energy use reduce global demand for crude. Jason Bordoff, director of the Centre on Global Energy Policy at Columbia University …

In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the cartel created 60 years ago is more likely to do Washington’s bidding. Since Saudi Arabia and other Arab OPEC members imposed their famous oil embargo as retribution for U.S. support …

Russian Foreign Minister Sergei Lavrov told Cyprus on Tuesday that Moscow was ready to help mediate in any talks with Turkey over energy exploration in the east Mediterranean Sea. A decades-old rift between Turkey and Cyprus, which is backed by Greece, has come to a head this year in disputes …

Saudi King Salman told President Vladimir Putin of Russia of his keenness to strengthen bilateral ties between the two countries, with special emphasis on their partnership within the OPEC+ alliance of oil producing countries. In a phone call between the new mega-development of NEOM and Moscow, the two leaders also …

Iraq is seeking an exemption from an OPEC+ deal curbing oil production during the first quarter of 2021 but will adhere to the cuts over the next three months, Oil Minister Ihsan Abdul Jabbar said on Wednesday. Abdul Jabbar has spoken about the exemption to OPEC oil ministers in three …

Iran plans to export oil from a port on its Gulf of Oman coast by March, the president said on Thursday, a shift that would avoid using the Strait of Hormuz shipping route that has been a focus of regional tension for decades. Tensions have spiked between Tehran and Washington …

President Vladimir Putin discussed Russia’s cooperation with Iraq over an OPEC+ deal to reduce oil supply in a telephone conversation with Iraq’s Prime Minister Mustafa al-Kadhimi, the Kremlin said on Monday. The two men noted the importance of continuing their countries’ joint efforts in the oil markets, the Kremlin said. …

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 …

The United States is considering measures it could take in response to Iran’s shipment of fuel to crisis-stricken Venezuela, a senior official in President Donald Trump’s administration told Reuters on Thursday. The United States has a “high degree of certainty” that Venezuelan President Nicolas Maduro’s government is paying Iran tons …

The outbreak of COVID-19 has given the entire world a reality check with regards to over consumption especially when it leads to greater pollution. Global Warming has never been more relevant an issue than it at this given time. By Lara Issa The fact that pollution levels have drastically decreased …

Saudi Arabia’s central bank foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011, while the kingdom slipped into a $9 billion budget deficit in the first quarter as oil revenues collapsed. Saudi Arabia, the world’s largest oil exporter, is …

President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. “Well, I’ll look at it,” Trump told reporters at a daily news conference after he was asked about requests …

Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market. The rivals said last week they were ready to take measures if necessary to balance the market by cutting combined output with …

Saudi Arabia and other oil producers in the OPEC+ group pushed back on Friday on a Mexican plan to cut less than requested under plans for global supply curbs, two sources from the OPEC+ group said on Friday. One source said the dispute, which held up efforts to finalise the …

Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s richest economies to discuss broader ways to stabilise oil markets. Fatih Birol, executive director of the International Energy Agency, told …

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 …

Recent negotiations involving leaders from major oil-producing nations and the United States will prove irrelevant for oil prices, which are low because of depressed demand, the chief executive of Brazil’s Petrobras said on Thursday evening. During an online event hosted by Brazilian brokerage XP, Petrobras CEO Roberto Castello Branco said …

The United States does not know formal details of Saudi Arabian and Russian plans to reduce oil supply yet and will not ask U.S. domestic oil producers to chip in with their own cuts, a senior administration official told Reuters on Thursday. President Donald Trump said in a tweet earlier …

U.S. President Donald Trump said he has invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia. Trump also said he had talked recently with the leaders …

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 …

U.S. Secretary of State Mike Pompeo and Saudi Crown Prince Mohammed bin Salman discussed in a phone call the need to maintain stability in global energy markets as the world responds to the deadly coronavirus pandemic, with Pompeo saying Saudi Arabia can reassure markets, the State Department said on Wednesday. …

Russia and Saudi Arabia need to maintain contact, Igor Sechin, chief executive with Russia’s top oil producer Rosneft, was quoted as saying by RIA news agency on Friday. “I have no doubts that contact should continue. These two (Russia and Saudi Arabia) are the largest oil producers, and of course, …

U.S. senators on Wednesday raised pressure on Saudi Arabia and Russia to stop the price war that is sinking global oil prices as they held talks with the kingdom’s U.S. envoy and separately urged President Donald Trump to impose an embargo on oil from the two countries. Oil prices plummeted …

India plans to take advantage of low prices for oil from Saudi Arabia and the United Arab Emirates to top up its strategic petroleum reserves (SPR), two sources familiar with the matter said on Monday. Global oil prices have fallen around 40% in March as the impact of the coronavirus …

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 …

The United Arab Emirates joined Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two Gulf Arab oil producers in OPEC took a united stand in a standoff with Russia that has hammered global crude prices. The extra oil the two …

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 …

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 …

The collapse in oil prices will put pressure on government finances in the Gulf, credit rating agency Fitch said on Monday. Fitch’s top Middle East and Africa sovereign analyst Jan Friedrich said a $10 drop in crude prices lowered fiscal revenues in the Gulf by 2-4% of GDP, depending on …

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 …

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 …

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 …

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 …

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 …

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 …

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, …

Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops. U.S. West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel at 0740 …

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 …