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.
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.
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.
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.
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.
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 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 has emphasized the importance of Russia maintaining its role as a global energy supplier, noting that Russia accounts for 10% of global oil exports.
OPEC+ is considering the suspension of production growth from October. The association will make another decision to increase oil production before taking a break.
Azerbaijan is an effective, loyal, and reliable partner, OPEC Secretary General Haitham Al Ghais said, as he assessed the organization’s relations with Azerbaijan.
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.
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.
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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 …
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.
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 …
Mikhail Mishustin stated that Russia maintains close cooperation with OPEC+, emphasizing the country's responsible approach to energy security issues.
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 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 …
During his trip to Baghdad, the Russian Deputy Prime Minister met with the Iraqi and Saudi Arabian Ministers of Energy. The meeting focused on the situation on the oil market
