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Tag Archives: OPEC

OPEC threatens to kill US slate

The Organization of Petroleum Exporting Countries will once again become an enemy for US shale if the US Congress passes a law called NOPEC or No Oil Producing and Exporting Cartels Act, Bloomberg said this week citing sources at A meeting between a US government and the US Parliament was attended by senior OPEC officials and US bankers. The United …

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oil market aggravates OPEC cuts

The price of oil rose on Tuesday afternoon, when Saudi Arabia pledged further lower price cuts in March, while Russia was the deal's biggest partner and did not stick to the agreed portion of the agreed price cuts. Chart of the Week (Click to enlarge) – According to EIA, US ethane exports rose from almost nothing in 2013 to an …

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Oil Prices Decline on US Drill Rise, Pressure on OPEC Supply Cutbacks By Reuters

© Reuters. FILE PHOTO: An Oil Pump Lifter Pumps Oil in a Field Near Calgary By Henning Gloystein SINGAPORE (Reuters) – Crude oil prices fell about 1 percent on Monday as US drilling activity rose and Russia's largest oil producer printed President Vladimir Putin wants to end the supply-reduction agreement with the producer-club OPEC, which is dominated by the Middle …

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According to Oman oil minister, Trump was not fair to OPEC

The Oil Minister of Oman believes that President Donald Trump has helped OPEC to an undue slump. In contradiction to other golf ministers, Mohammed bin Hamad al-Rumhi emphasized that he wanted to avoid political hostilities with the American head of government and seemed to thank him for his doubts.

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OPEC prepares for "Extraordinary Convention" as oil falls

Just a few weeks after OPEC and its partners decided to launch another round of production cuts, the cartel is ready to extend these cuts as international prices continue to fall. Reuters reports citing UAE Oil Minister OPEC is ready to hold an extraordinary meeting when it switches back to "Whatever Needs" mode. Earlier this month, OPEC, Russia and nine …

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The Saudi oil export in October reached its highest level since the first OPEC deal

Saudi Arabia's crude oil exports rose to a 22-month high of 7.70 million Bpd in October, as OPEC's largest oil producer and exporter amassed supplies prior to the return of US sanctions on Iran. According to the Joint Organization Data Initiative (JODI) database, which collects self-reported data from 114 countries, Saudi Arabia's crude oil exports rose by 268,000 bpd in …

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OPEC, Russia strike deal to reduce oil production

Updated on December 7, 2018, 9:22 am ET VIENNA – OPEC and Russia agreed to an agreement on Friday to reach a significant production cut that would absorb a burgeoning global oil supply glut. Organization of oil exporting countries will dampen along with Russia and its allies Oil production amounted to 1.2 million barrels a day. The deal is still …

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