OPEC+ not to increase oil production in 2024
OPEC+ countries have decided to extend voluntary oil production cuts of 2.2 mln barrels per day until the end of December, according to a statement published on …
Russia and OPEC
OPEC+ extend voluntary oil output cuts
Several members of OPEC+ agreed to extend their group-wide output cuts to the end of 2025. The countries agreed to extend their additional voluntary cuts of 2.2 million bpd, announced in November 2023, until the end of September …
OPEC+ members extend oil production cuts into 2025
OPEC+ agreed to extend most of its deep oil output cuts well into 2025, according to the statement of the OPEC and non-OPEC Ministerial Meeting released on Sunday. OPEC+ members are currently cutting output by a total of 5.86 million …
Russia to cut oil production by nearly 0.5 mln bpd
Russia plans to cut its oil production and export by an average of 471,000 barrels a day in the second quarter of 2024 as part of its voluntary commitments under the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said. …
OPEC+ extends 200 mln bpd oil output cuts
Several OPEC+ countries have announced the extension of additional voluntary oil production cuts for the second quarter of 2024. Thus, Saudi Arabia extends production cuts by one million barrels a day until June, the United Arab …
OPEC+ states intend to stabilize oil market
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, reaffirmed their commitment to unity, full cohesion and market stability following Angola's departure announcement from the group. …
OPEC raises forecast for Russia’s liquid hydrocarbons output for 2022
OPEC raised its forecast for the output of liquid hydrocarbons in Russia for 2022 by 26,000 barrels per day (bpd) to 10.96 mln bpd, follows from the report of the organization. Thus, the figure will increase by 160,000 bpd in 2022 …
Secretary General: OPEC not in competition with Russia
OPEC's new secretary general Haitham Al-Ghais said that Russia's membership in OPEC+ is vital for the success of the agreement, Kuwait's Alrai newspaper reported. He said OPEC is not in competition with Russia, calling it …
OPEC mulls excluding Russia from oil-production deal - report
Some OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation's ability to produce more, the Wall Street Journal reported on Tuesday, citing OPEC delegates. …
Novak: OPEC+ decision to enable Russia to resume oil output by 90%
The decision made by OPEC+ ministers earlier on Wednesday on an increase in oil output by 400,000 barrels per day in March will enable Russia to resume its production by 90% of the pre-pandemic level, Russian Deputy Prime Minister Alexander Novak …
OPEC+ countries expect deficit on oil market
The balance on the crude oil market will be shifted towards the supply shortage even if OPEC+ countries restore oil production in April - June, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) says in its conclusion after the February 3 …
Underperforming OPEC+ deal participants obliged to submit their schedules
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. …
Goldman Sachs on OPEC+ deal: historic yet insufficient
Goldman Sachs said that oil prices would continue to fall in the coming weeks, reasoning that a "historic yet insufficient" deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout. …
OPEC announces readiness to radically cut oil output
The Organization of Petroleum Exporting Countries (OPEC) has developed several options for reducing oil output for the OPEC + meeting, which will be held on April 9, Bloomberg reports with reference to the organization’s materials. …
OPEC+ teleconference postponed
The OPEC+ teleconference has been postponed from April 6 to April 9 for technical reasons, Kremlin Spokesman Dmitry Peskov said, adding that relevant preparations are underway. "It [OPEC+ teleconference] has been rescheduled …
Russia’s sovereign wealth fund chief: new OPEC deal very close
Russia and Saudi Arabia are "very, very close" to a deal on oil production cuts, CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said. "I think the whole market understands that …
OPEC+ meeting to be held on April 6
The meeting of the OPEC+ group of oil producers is planned for April 6, Azerbaijan’s energy ministry said. "Azerbaijan has been invited to take part in the meeting that will be dedicated to finding the ways of …
OPEC+ talks to be held next week?
OPEC started preparations for negotiations within the OPEC+ framework, initiated by Saudi Arabia. The meeting may take place next week, a source taking part in the preparations said. "The meeting may take place next week. We …
Mishustin: Russia did not initiate OPEC+ deal exit
Russia proposed to extend the OPEC+ agreement for a year, it was other countries that initiated leaving the deal, Russian Prime Minister Mikhail Mishustin said opening a government meeting. "We did not initiate the withdrawal from …
Panic hits global markets
Stock markets in Europe and the US are braced for their biggest falls since the 2008 financial crisis
