Oil dives again amid coronavirus fears
investors fear a second wave of coronavirus and the US reports surging crude inventories
Organization of the Petroleum-Exporting Countries (OPEC)
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Azerbaijan to continue producing 554,000 barrels of oil per day in July
Oil production in Azerbaijan in July will remain at the level of 554,000 barrels per day, thus the country will continue to fulfill its previously assumed obligations under the OPEC + deal, the press service of the Ministry of Energy of the …
OPEC + countries agree to extend record production cuts until late July
The relevant OPEC + ministers approved the extension of the current deal to reduce oil production until the end of July, as earlier today in the OPEC resolution, but without Mexico, TASS cites the source participating in the negotiations. …
Will OPEC believe Iraq
What’s most concerning in the market is that the OPEC deal could fall apart entirely
OPEC and allies agree to extend production cut
OPEC and its oil-producing allies reportedly agreed to extend the historic 9.7 million barrels per day production cut that was set to expire at the end of June, according to two sources familiar with the matter, CNBC reports. The cut …
OPEC and non-OPEC meetings to be held tomorrow - source
Both ministerial meetings of OPEC countries and non-OPEC states will be held on Saturday, June 6, on one day, not on two as usually, a source participating in the talks said. "We have started preparations for the meeting, OPEC …
China buys up Middle Eastern oil
Middle Eastern petro-states’ reliance on China surges with Covid-19
Brent oil surpasses $40 per barrel
Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures …
Oil prices up as market eyes OPEC+ for extended production cut
Oil prices were up today as the global oil market awaits the meeting this week between the OPEC and its allies to further extend crude production cuts. International benchmark Brent crude was trading at $38.68 per barrel at …
OPEC+ could extend oil cuts through September - media
An alliance of oil-producing nations led by Saudi Arabia and Russia is close to a deal that would extend their collective production cuts through September 1, as the world emerges from pandemic-induced lockdowns, delegates said. …
Algeria suggests bringing forward OPEC+ meeting to June 4 - letter
OPEC President Algeria has proposed bringing forward the next meeting of the oil producing group and its allies, known as OPEC+, to June 4 from an earlier plan to hold it on June 9-10, according to a letter from Algeria to OPEC+ members seen by …
Oil prices are unlikely to break $40 this year
Despite production cuts from OPEC+ and North America and slowly improving demand, oil prices are not expected to average much higher than current prices in 2020 because of renewed U.S.-China tensions, the monthly Reuters poll of …
Oil prices climb
Oil prices rose on Tuesday, supported by growing confidence in the market that producers will come good on commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns eased around the world. …
Iran's OPEC governor dies after brain haemorrhage
Iran’s OPEC Governor Hossein Kazempour Ardebili has died of a brain haemorrhage two weeks after falling into a coma, Reuters reported citing the semi-official news agency ISNA. “Kazempour Ardebili ... passed away in a Tehran …
OPEC further slashes 2020 world oil demand forecast, but makes 'huge' cut in supply outlook
The Organization of the Petroleum Exporting Countries on Wednesday further cut its forecast for global oil demand in 2020, but also forecast a drop in supply as low prices take a toll on production around the world, MarketWatch reports. …
Mideast economies take massive hit with oil price crash
All this at a time when the countries face explosive social unrest
Russian energy minister expects volatility on oil market to persist until OPEC+ deal start
Russian Energy Minister Alexander Novak expects high volatility on the oil market due to the lack of oil storage space globally to persist until the OPEC+ crude production cut deal starts, TASS reports. "We currently see a lot of …
Saudi Arabia to cut oil output ahead of schedule?
Saudi Arabia and other OPEC members are considering cutting their oil output as soon as possible, rather than waiting until next month when the group’s recent production agreement with the U.S. and Russia is set to begin, people familiar …
Can crude oil drop to $10?
Oil has dropped to a twenty-one-year low today. Bears are out for blood. The WTI West Texas Crude Oil dropped over 18% today and reached a low of $14.45, a price level that has surprised traders. The steep fall in price is due to the lack of …
Moscow, Riyadh confident that OPEC+ countries will fulfill their commitments — ministry
Russia and Saudi Arabia are firmly committed to fulfilling the OPEC+ deal on cutting oil output, the Russian Energy Ministry said on Thursday after a telephone conversation between Russian Energy Minister Alexander Novak and Saudi Arabia's …
