Organization of the Petroleum-Exporting Countries (OPEC)

Russia earned $100 billion after OPEC+ deal

Russia has earned at least 6 trillion rubles after signing an agreement with OPEC+ countries due to oil price cuts, Russian Energy Minister Alexander Novak said. The deal increased the cost of crude oil by $10 per …

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Lukoil CEO on future of OPEC+ deal

The future of OPEC+ deal will become clear in April after the situation with sanctions against Iran is clarified, Lukoil President Vagit Alekperov said on the sidelines of the Russian Investment Forum in Sochi. …

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OPEC cuts global oil demand forecast

OPEC cut its forecast for 2019 world oil demand due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as it starts new production cuts. OPEC said it now …

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OPEC+ to become alliance

The Organization for the Petroleum Exporting Countries and its allies (OPEC+) have decided to create a formal body - an alliance. The objectives of the alliance are listed as setting up “an intergovernmental platform to facilitate …

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 U.S. to be able to sue members of OPEC?

A bipartisan group of U.S. senators rolled out a bill that would allow the Justice Department to sue members of OPEC for antitrust violations, The Wall Street Journal reported. The House Judiciary Committee passed the bipartisan …

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Mohammad Barkindo: OPEC focus on averting new oil glut

OPEC and its allies do not rule out taking further action at their next meeting in April should oil inventories build up in the first quarter, OPEC’s secretary general said, Financial Tribune reported citing Reuters. Worried …

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OPEC+ to hold meeting in Baku on March 18

The Joint Ministerial Monitoring Committee (JMMC) meeting will be held in Baku on March 18, OPEC said. "The JMMC calls on all participating countries of the ‘Declaration of Cooperation’ to redouble their efforts in the …

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Brent oil exceeds $61

Oil prices rose after a report from OPEC showed its production fell sharply last month, easing fears about prolonged oversupply. International Brent crude oil futures were up 54 cents, or 0.9%, at $61.72 per barrel. WTI crude futures …

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