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Tag Archives: OPEC

Oil prices are recovering after the decline in production from the US, Russia and OPEC

An oil collector on the Schlumberger field prepares pipes in Midland, Texas, on December 16, 2008. Kirk McKoy | Los Angeles Times | Getty Images Oil prices rebounded on Tuesday after reports that production at the world's largest oil producers declined in the third quarter, although a resumption of supply and demand concerns in Saudi Arabia continued to depress prices. …

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Strong OPEC slightly cuts oil market in the short term

OPEC's crude oil production dropped by 200,000 bpd in June versus June, and with additional cuts of 100,000 bpd. From the non-OPEC part of the production cut coalition, the market balance has worsened in the short term, the International Energy Agency (IEA) said on Friday, but warned that the slightly denser market is a "temporary phenomenon". According to IEA estimates …

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OPEC plans take market share from US shale

In one of the least hot meetings of recent years, OPEC and its allies have postponed their production cuts to March 2020, suggesting that the oil market is still over-supplied and demand growth at least seems to be weaker by 2019. [19659002] OPEC's mission to reduce excess inventory would, if successful, lead to higher oil prices, which cartel members need …

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Russia approves OPEC + contract over production cuts

OPEC Secretary-General Mohammed Barkindo (R), Russian Energy Minister Alexander Novak (L), Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih (C), hold one during the 173rd Ordinary joint press conference from the Organization of the Petroleum Exporting Countries (OPEC) on 30 November 2017 in Vienna, Austria. Omar Marques | Anadolu Agency | Getty Images Russia and nine other non-OPEC …

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Iran warns against unilateralism that could lead to the death of OPEC: Oil Minister

Iranian Oil Minister Bijan Zanganeh believes that "unilateralism" among some OPEC members could eventually lead to the death of the Middle Eastern-dominated farmer community. OPEC will debate an expansion of cuts in oil production on Monday before the agreement was approved on Tuesday by non-members such as Russia. Russian President Vladimir Putin said over the weekend that the non-OPEC leader …

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US Mexico Tariffs raised, OPEC supply cuts in focus

Shell Oil's Pioneer Oil Rig in Port Angeles, Washington, on May 12, 2015. Jason Redmond | Reuters Oil prices rose on Monday after Saudi Arabia announced that producer club OPEC and Russia were expected to hold back on their deliveries, and as relief that the US and Mexico had averted a trade war that would have damaged the global economy. …

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