Organization of the Petroleum-Exporting Countries (OPEC)

Azerbaijan ready to extend output cut deal

Azerbaijan ready to extend output cut deal

Azerbaijan is ready to make deeper cuts in oil output if OPEC agrees to extend a deal on output cuts into the second half of this year, Azerbaijan's energy ministry spokeswoman Zamina Aliyeva said. "Azerbaijan …

Russia-OPEC: two months before dialogue

Russia-OPEC: two months before dialogue

Russia Needs Data on Oil Supply, Markets to Decide on More Cuts

 OPEC Expert Committee to hold another meeting

OPEC Expert Committee to hold another meeting

Algeria's Energy Minister Noureddine Boutarfa said that another meeting of the OPEC expert committee will be held on November 24-25. The first meeting of the expert committee is scheduled for …

Novak: Russia to receive additional $26 bln

Novak: Russia to receive additional $26 bln

Russia's budget in 2017 may receive additional revenues of some 1.5 trillion rubles ($25.9 billion) if global oil prices stand at the range of $50-$60 per barrel, the Russian Energy Minister Alexander Novak said. …

This is how many barrels of oil the 13 OPEC countries produced last month

This is how many barrels of oil the 13 OPEC countries produced last month

The oil cartel continues to dominate global oil markets

Novak: OPEC and non-OPEC compliance on production cuts at 93%

Novak: OPEC and non-OPEC compliance on production cuts at 93%

As of February, OPEC members and countries outside of the cartel cut their oil production by 93% of the planned level, Russian Energy Minister Alexander Novak said. He explained that the monitoring committee is …

Valery Nesterov: Oil will remain at the level of $ 50 per barrel

Valery Nesterov: "Oil will remain at the level of $ 50 per barrel"

Today, the Central Bank of the Russian Federation announced a conservative forecast for the oil prices

New Projects, Shale Boom Could Trigger Oil Oversupply by 2018-19

New Projects, Shale Boom Could Trigger Oil Oversupply by 2018-19

OPEC will have to extend its oil output curbs in order to sustain a recovery in prices

Oil prices are entering a bearish trend despite supply deal

Oil prices are entering a bearish trend despite supply deal

Oil prices have entered a bearish trend despite short-term bounces, supply cuts and improved demand estimates

Saudi Arabia continue reducing oil output

Saudi Arabia continue reducing oil output

Saudi Arabia’s crude oil exports dropped by about 300,000 barrels per day (bpd) in January, official data showed on Monday, as the top OPEC producer played its part in a global supply-cut pact to support prices and ease a glut. …

 Saudi minister: oil production cuts may be extended if necessary

Saudi minister: oil production cuts may be extended if necessary

OPEC and its allies may prolong production cuts after they expire in June if the world’s crude inventories remain excessive, Saudi Arabia’s Energy Minister Khalid Al-Falih said. The curbs will be …

Oil drops after Saudis tell OPEC they reversed some output cuts

Oil drops after Saudis tell OPEC they reversed some output cuts

Extending OPEC’s cuts will accelerate the re-balancing of the market and help prices to return to “acceptable” levels

Russia#039s economic development minister: oil price declines due to several factors

Russia's economic development minister: oil price declines due to several factors

Decline of oil prices is due to several factors, including production growth in the US and possible changes in the further actions of the OPEC, Russia’s Economic Development Minister Maxim Oreshkin said. "The …

US oil depreciates OPEC agreement

US oil depreciates OPEC agreement

The cost of Brent crude oil decline bellow $51 per barrel for the first time since November 30, 2016. As of 5:44 (MSK) the prices of May futures for Brent oil fell by 0.70% to $50.94 per dollar on the ICE Exchange in …

Iran and Iraq to r up oil production despite OPEC cuts

Iran and Iraq to ramp up oil production despite OPEC cuts

They are exploiting Saudi Arabia’s precarious position by taking steps to boost production

US plans shale production growth despite OPEC#039s warning

US plans shale production growth despite OPEC's warning

US shale oil producers are plotting ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgence that could confound OPEC's strategy to tighten global supplies. As shale firms rebound from a two-year …

Iraq and Iran agree to resolve dispute on joint oil fields

Iraq and Iran agree to resolve dispute on joint oil fields

Iraq and Iran occasionally accuse each other of overstepping when it comes to the shared oil fields

 Secretary General: Russia supports OPEC

Secretary General: Russia supports OPEC

The Organization of the Petroleum Exporting Countries (OPEC) received enough support from Russia despite the fact that it has no plans to join the cartel, OPEC Secretary General Mohammad Barkindo said. "I think he …

Russia#039s Novak to meet with OPEC Secretary-General

Russia's Novak to meet with OPEC Secretary-General

Russian Energy Minister Alexander Novak will meet with OPEC Secretary-General Mohammad Sanusi Barkindo on the margins of the CERAWeek conference in Houston. "I think we will certainly meet on …

Saudi Arabia cuts light oil prices to Asia

Saudi Arabia cuts light oil prices to Asia

Global oversupply persists

Oil prices decline as U.S. stockpiles set record

Oil prices decline as U.S. stockpiles set record

U.S. crude stockpiles are jeopardizing OPEC’s efforts to drain a global surplus

 Sharp rise in Iran#039s crude oil shipments to Europe

Sharp rise in Iran's crude oil shipments to Europe

Iran is making rapid forays into the European crude oil market

OPEC Lost $2 Trillion In Oil Price Slump

OPEC Lost $2 Trillion In Oil Price Slump

Extending the cut will also increase the likelihood of some OPEC members giving in to the temptation to cheat

Lukoil interested in Middle East

Lukoil interested in Middle East

Lukoil's Middle East head sees oil at $55-$65 a barrel on cuts

Drawdown of huge oversupply begins

Drawdown of huge oversupply begins

Traders sell oil stored in tankers off Asia

Oil production from Kazakhstan on the rise

Oil production from Kazakhstan on the rise

Kashagan oil field offshore Kazakhstan should reach capacity by the end of the year

Non-OPEC producers achieve at least 60% of promised output cuts

Non-OPEC producers achieve at least 60% of promised output cuts

Eleven non-OPEC oil producers that joined a global deal to cut output to boost prices have delivered at least 60 percent of promised curbs so far, OPEC sources said on Wednesday, higher than initially estimated, CNBC reports. The …

OPEC Secretary General: oil market still far from equilibrium

OPEC Secretary General: oil market still far from equilibrium

The oil market was still far from equilibrium, OPEC Secretary General Mohammed Barkindo said, speaking at the International Petroleum Week conference in London. "Current oil prices are still far from balanced and …

Iran ring up oil production

Iran ramping up oil production

The country's oil output will increase to 4 million bpd by April

It#039s Not Record Oil Speculation That#039ll Drive Prices

It's Not Record Oil Speculation That'll Drive Prices

Speculators have piled back into oil since OPEC announced output cuts in November