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Oil in New York closed below $40 a barrel for the first time in a month as a selloff in broader markets exacerbated concerns over weakening demand following a sluggish summer driving season. As World Oil …
The celebrations of OPEC’s 60th anniversary, which were originally scheduled this month in Baghdad where the Organization was founded, have been postponed. Iraq’s Oil Minister and Head of its Delegation to OPEC Ihsan Abdul …
Global oil demand has recovered by as much as 90% of pre-pandemic levels, Russian Energy Minister Alexander Novak said on Wednesday, adding that Moscow would propose OPEC+ group to react to the trend under the global oil production cut deal, …
Washington’s opportunity to initiate regime change in the Latin American state is steadily slipping away
The Organization of Petroleum Exporting Countries and allies including Russia - a group known as OPEC+ - should stick to full compliance of a deal to cut global oil production, Russian Energy Minister Alexander Novak said. In his …
Oil prices may fall again if there is another surge in Coronavirus cases
China is gearing up to build a mega refinery
Crude clung to losses amid a combination of weak economic data and signals that a recovery in consumption may be slowing. As Rigzone …
Russian Energy Minister Alexander Novak said on Wednesday that the expected easing of oil output cuts by the OPEC+ group from August to 7.7 million barrels per day is justifiable and in line with the market trends, Reuters reports. …
Oil slips on surge in COVID-19 infections
Storage is nearly full amid pandemic and US sanctions
Oil prices hit a four-month high on Thursday, pushed higher by supply restrictions and a global rebound in demand. However, the accelerating spread of the coronavirus across the United States represents a major red flag, threatening another …
The top four oil producers remain in their positions through 2050
Russian Energy Minister Alexander Novak said on Thursday that the OPEC+ group of oil producers is expected to start easing oil output cuts from August as previously agreed. He also said the global oil market might achieve a balance …
According to the IMF, the Saudi economy will crash by 6.8 percent this year
Crude oil has rebounded to $40 per barrel and hoping to stay there. Some analysts have come out with more bullish forecasts for the near-term, but plenty of risks remain. “Good production discipline on the part of OPEC+ coupled with a …
The 19th Joint Ministerial Monitoring Committee was held via videoconference on June 18 under the Chairmanship of Saudi Arabia’s Minister of Energy Prince Abdul Aziz Bin Salman and Russia's Minister of Energy Alexander Novak. …
The global oil market may become balanced at the end of June or in early July, Russian Energy Minister Alexander Novak said in an interview to Rossiya 24 television channel broadcast following a meeting of the OPEC+ Joint Ministerial Monitoring …
The OPEC+ ministerial monitoring committee, which will gather on June 18, may discuss the issue of extension of the May quota for another month, though the main agenda only includes the issue of current compliance rates of the agreement on crude …
A resurgence of the virus could weigh on the recovery of fuel demand.
