Organization of the Petroleum-Exporting Countries (OPEC)

OPEC expects lower global demand for oil

OPEC said it expects lower demand for its crude oil in 2020 even as global demand rises. The United States will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the OPEC forecast in …

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Novak comments on next OPEC+ meeting date

Russian energy minister Alexander Novak said Moscow is still committed to OPEC+ meeting in March to decide on future production policies. "No one approached us officially or unofficially... We’re …

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Russia may pull out of OPEC+ in 2020

The OPEC+ may consider wrapping up their oil output reduction in 2020, Russian Energy Minister Alexander Novak told Rossiya 24 TV. "As far as the production cuts are concerned, I repeat once again, this is not …

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OPEC, allies agree to deepen oil output cuts

Oil producers led by Saudi Arabia and Russia agreed on Thursday to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March, Reuters reports. The countries involved pump …

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Is U.S. shale’s golden age over?

OPEC gambles that the United States shale's golden age is over, Bloomberg reported citing the sources in the organisation. The OPEC minsters believe relentless U.S. oil production growth will slow rapidly next year. Oil traders and …

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OPEC+ ready to extend production cuts

OPEC and its allies have reached a consensus on the need to extend oil output cuts after March 2020, Oman's Minister of Oil and Gas Mohammed bin Hamad Al Rumhi said. "I think that we should extend the …

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Russia cannot disclose plans on OPEC+ deal yet

Russia’s position on the future of the OPEC+ agreement cannot be disclosed yet, Russian Energy Minister Alexander Novak said. He said there was no decision yet on whether to exclude Russian gas condensate …

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