Russia and OPEC

OPEC+ members extend oil production cuts into 2025

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 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

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

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. …

Secretary General: OPEC not in competition with Russia

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

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%

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

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 …

Goldman Sachs on OPEC+ deal: historic yet insufficient

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

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

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 …

OPEC+ meeting to be held on April 6

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+ 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

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

Panic hits global markets

Stock markets in Europe and the US are braced for their biggest falls since the 2008 financial crisis

Russia may pull out of OPEC+ in 2020

Russia may pull out of OPEC+ in 2020

The OPEC+ may consider wrapping up their oil output reduction in 2020, Russian Energy Minister Alexander Novak told Rossiya 24 TV. "As far as the production cuts are concerned, I repeat once again, this is not …