Organization of the Petroleum-Exporting Countries (OPEC)

Azerbaijan ready to support OPEC deal extension

Azerbaijan will support the extension of the OPEC+ agreement, if the decision is made, Azerbaijan's Energy Minister Parviz Shahbazov said today. According to him, Baku always takes the fulfillment of undertaken …

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Oil market almost balanced, Maxim Oreshkin says

It is hardly worth waiting for drastic changes of the oil prices - the oil market is almost balanced, the head of the Ministry of Economic Development, Maxim Oreshkin said. According to him, the ministry did not take into account the …

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IEA: OPEC counties fulfill OPEC+ oil cut deal 88%

Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said in its …

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OPEC raises oil demand forecast

OPEC raised its forecast for world oil consumption in 2017 and 2018 for a third-straight month.  OPEC forecasts the world's appetite for oil will grow by 1.5 million bpd this year and 1.4 million bpd in 2018. The cartel raised …

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India expects reasonable oil prices from OPEC

India expects reasonable crude oil price from OPEC member countries, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan told Secretary General of OPEC Mohammad Barkindo. "I have …

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Africa to join OPEC-led oil cut

An extra 10 to 12 oil-producing countries have been invited to join an OPEC-led output cut aimed at getting rid of a supply glut, Venezuela’s oil minister Eulogio del Pino said. Eulogio del Pino, …

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 Why are they afraid of expensive oil?

Russia should think through a smooth exit from the oil production cut deal between OPEC and non-OPEC nations, which will protect the market from a shortage of raw materials, the President of Russian oil major Lukoil Vagit …

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