Organization of the Petroleum-Exporting Countries (OPEC)

OPEC deal overfulfilled by 55%

The OPEC states reduced oil production by 534,000 barrels a day in March to 30.02 million barrels a day, mostly due to reduction in Saudi Arabia, Venezuela, Iraq and Iran, OPEC said in a report. Thus, the OPEC+ oil output cut deal was fulfilled …

OPEC changes forecast for global oil demand growth

OPEC slashed its forecast for 2019 global oil demand growth to 1.21 million barrels per day (bpd) from 1.24 bpd, pointing out economic slowdown as the primary reason behind that decision.  As a result, total world demand for the …

Saudi Arabia threatens to ditch dollar oil trades

Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said. They said the option had …

OPEC+ expresses gratitude to Azerbaijan

The OPEC and non-OPEC countries fulfilled their obligations to reduce oil production, according to the Joint Ministerial Monitoring Committee (JMMC) communiqué, seen by Vestnik Kavkaza. The 13th meeting of the OPEC/non-OPEC …

Novak confirms participation in OPEC+ meeting in Baku

Representatives of 14 countries, including Russian Energy Minister Alexander Novak, confirmed their participation in the 13th meeting of the Joint OPEC and non-OPEC Ministerial Monitoring Committee in Baku, according to the …