OPEC+ has decided to increase oil production by 548,000 barrels per day (bpd) in August. The move comes after recent market disruptions caused by U.S. and Israeli attacks on Iran. This is OPEC+’s first meeting since those events and reflects a major shift in their strategy. The group, which includes Saudi Arabia, Russia, and six […]
OPEC
OPEC+ members line up to endorse output cut after US coercion claim
CAIRO: OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move. The United States noted on Thursday that the cut would boost Russia’s foreign earnings […]
Saudi Arabia says OPEC+ oil cut ‘purely economic’
CAIRO: Saudi Arabia rejected as “not based on facts” criticism of an OPEC+ decision last week to cut its oil production target despite U.S. objections, and said Washington’s request to delay the cut by a month would have had negative economic consequences. Saudi Arabia says OPEC+ oil cut ‘purely economic’. The OPEC+ decision was adopted […]
UAE president to visit Putin in Moscow
UAE president to visit Putin in Moscow. The United Arab Emirates’ president on Tuesday will visit his Russian counterpart Vladimir Putin, state media reported, one of the few leaders to make the trip to Moscow since the Ukraine war started. Sheikh Mohamed bin Zayed Al-Nahyan “will discuss with President Putin the friendly relations between the […]
OPEC+ expected to slash oil output
OPEC+ expected to slash oil output Major oil producers led by Saudi Arabia and Russia were set to meet Wednesday as reports said they were mulling an output cut of up to two million barrels per day in a bid to prop up slumping prices. If implemented, it would be the first such major cut […]
EU’s Russian oil ban unlikely to affect OPEC+ decision
London: Saudia Arabia, Russia, and their allies are likely to stick to their policy of modest oil output increases when they meet Thursday after the EU banned most imports from Moscow. European Union leaders agreed on Monday to ban more than two-thirds of Russian oil imports, tightening economic screws on the country over its invasion […]
Top oil producers expected to agree on modest output boost
The world’s leading oil producers meet later on Sunday, with observers expecting an agreement to modestly boost output from August, after the United Arab Emirates blocked a deal earlier this month. Days of negotiations of the OPEC+ grouping to continue to further ease production cuts ended without agreement on July 5, exposing a row between […]
Oil falls on fading pipeline outage fears, Indian Covid-19 crisis
LONDON: Oil prices fell on fading fears of a prolonged outage at the largest US fuel pipeline system while India’s coronavirus crisis and a tech-led sell-off in global stock markets also weighed. Brent crude futures dropped $0.83, or 1.21%, to $67.49 a barrel by 1232 GMT. US West Texas Intermediate (WTI) crude futures fell $0.84, […]
Oil prices rise on expectations of more OPEC output cuts
SEOUL: Oil prices rose on Friday, supported by expectations of more production cuts by OPEC amid fears the US-China trade row could lead to a global slowdown, curbing demand for crude. International benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement. US West […]
IEA cuts 2019 estimate for oil demand growth on global trade worries
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020. The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate […]