OPEC+ countries to reduce oil production ceiling in January
OPEC+ member states adhering to voluntary production cuts will lower their combined maximum permissible oil output starting in January, with a reduction of 148,000 barrels per day.
Organization of the Petroleum-Exporting Countries (OPEC)
Russia ready to maintain stability in global oil market
The global oil market remains sensitive to demand-supply fluctuations and OPEC+ nations will take additional measures to maintain its stability, Russian Deputy Prime Minister Alexander Novak said.
Kuwait ready to compensate for possible oil shortage
OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the U.S. imposed new sanctions on Russian oil majors, Kuwait's oil minister Tariq Al-Roumi said.
Media: OPEC+ plans to increase oil production in October
Eight OPEC+ countries have agreed to increase oil production in October. Media reports suggest this decision could mark the beginning of a phased exit from existing production cuts, though discussions are still ongoing.
Putin holds telephone conversation with Crown Prince of Saudi Arabia
Russian President Vladimir Putin held a telephone conversation with the Crown Prince and Chairman of the Council of Ministers of Saudi Arabia Mohammed bin Salman Al Saud.
OPEC+ countries to increase oil production in autumn
The eight OPEC+ countries that voluntarily cut oil output have decided to increase production in September by 547,000 barrels per day, which is in line with the original plan to increase production for four months, according to a statement posted on the OPEC website.
OPEC+ states to discuss increasing oil production in September
Eight OPEC+ members will likely approve another oil output hike on Sunday, sources said, with the group still debating the final size of the increase for September.
Kazakhstan not considering withdrawal from OPEC+ deal
Kazakhstan is not considering the possibility of withdrawing from the OPEC+ agreement on voluntary oil production cuts, views the deal as beneficial for maintaining stability in the oil market, Kazakh Prime Minister Olzhas Bektenov said.
OPEC affirms Russia's role as global energy exporter
OPEC has emphasized the importance of Russia maintaining its role as a global energy supplier, noting that Russia accounts for 10% of global oil exports.
Media: OPEC+ may suspend production growth
OPEC+ is considering the suspension of production growth from October. The association will make another decision to increase oil production before taking a break.
OPEC Secretary General names Azerbaijan reliable partner
Azerbaijan is an effective, loyal, and reliable partner, OPEC Secretary General Haitham Al Ghais said, as he assessed the organization’s relations with Azerbaijan.
Moscow to continue OPEC+ cooperation with Riyadh
Russia and Saudi Arabia will continue OPEC+ cooperation, Russian Foreign Minister Sergey Lavrov said, adding that the organization functions largely with the joint and proactive participation of the two countries.
Saudi Arabia's large-scale plans revealed in U.S.
OPEC+’s oil-output hikes are part of a Saudi strategy that will see the kingdom embark on a long but shallow price war designed to recapture market share, Bank of America Corp.’s head of commodities research Francisco Blanch said.
OPEC+ countries to compensate excess oil output
The Organization of Petroleum Exporting Countries (OPEC) received updated plans of surplus oil production compensation from seven OPEC+ countries, specifically …
Oil price heading towards $60 per barrel
Oil prices extended losses on Monday, falling more than 2% as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude while OPEC+ readies a supply increase. The price …
Oil prices fall below $69 per barrel
Brent crude oil fell below $69 for the first time since early March. The price decline continues for the second day amid Trump and OPEC+ decisions.
OPEC+ speeds up oil output hikes
Eight OPEC+ countries agreed today to advance their plan for oil output hikes by increasing oil output by 411,000 barrels per day in May. Eight members of …
Mishustin: Russia closely cooperates with OPEC+
Mikhail Mishustin stated that Russia maintains close cooperation with OPEC+, emphasizing the country's responsible approach to energy security issues.
Iran’s oil output up nearly 13% last year
Iran’s oil production increased by 13% in 2024, according to the Organization of the Petroleum Exporting Countries (OPEC) data. Iran’s oil production had reached an average of 3.257 million barrels per day last year - an …
OPEC Secretary General gets second term
OPEC countries renewed the term of Kuwait’s representative Haitham Al Ghais as the Secretary General of the organization for three years more at their ministerial conference, the OPEC said. "The Conference …
