Organization of the Petroleum-Exporting Countries (OPEC)

IEA: oil markets to see another glut in 2020

The International Energy Agency (IEA) expects the return of an oversupplied oil market next year, despite the recent rollover of an OPEC-led pact designed to restrain any glut. The energy agency said the "main message" of …

 OPEC reports on oil production in June

OPEC decreased its daily oil production by 68,000 barrels to 29.83 million barrels in June, fulfilling an oil output reduction deal between the organization and non-OPEC countries by 122%, the organization said in a report citing data of …

Nine-month extension of oil output cut deal agreed

OPEC + countries voted in favor of joining the OPEC decision to extend the oil output cut deal for nine months while maintaining the quota of the old agreement. "Thank you very much; I believe that we have now joined the decision …

OPEC+ deal to be extended until April 2020?

  The most probable and the most discussed period for renewal of OPEC+ oil production capping deal is until April of the next year, a high-ranking source in the alliance said. "Nine months, rather than six, …

What to expect after July OPEC+ summit?

OPEC+, a group of 24 oil-producing countries, look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude …

Zanganeh: OPEC doomed to dissolution

Iran backed cooperation with non-OPEC oil exporter states, but believes that an organisation, where Russia and Saudi Arabai strive to challenge the interests of other members, is doomed to dissolution, Iran’s Oil Minister Bijan …