Organization of the Petroleum-Exporting Countries (OPEC)

OPEC+ Succeeds, What’s Next For Oil?

OPEC+ managed to pull off an eleventh-hour agreement, checking all the boxes after a contentious set of meetings. There were a lot of competing interests at play, but the agreement offers a little bit of everything, enough for all parties to …

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Oil demand to grow in 2019, expert says

Oil demand will grow next year, but at a slower rate than in 2018 due to higher oil prices in late 2018 and slowing economic growth, Trend reported citing Robin Mills, the CEO of Qamar Energy in Dubai. He said that some rebounds from …

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Russia agree to cut 200,000 bpd

Russia is ready to cut oil output by 200,000 barrels per day. Russia is ready to cut oil output by 200,000 bpd if OPEC offers to cut more than 1 million bpd, Reuters reported. On December 6, OPEC ministers discussed the oil …

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Putin and Novak discuss OPEC talks in Vienna

Russian President Vladimir Putin and the country's Energy Minister Alexander Novak held discussions prior to a meeting with the Organization of the Petroleum Exporting Countries in Vienna, a Kremlin …

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Oil drops 5% on concern over size of OPEC output cut

Oil prices plunged anew this morning amid a closely watched OPEC gathering in Vienna, where major producers have yet to reach an agreement on anticipated output cuts, according to an official. WTI crude for January delivery lost …

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Iran not to cut oil output while under sanctions

Iran will not discuss its OPEC quota as long as it is under sanctions, Iranian Oil Minister Bijan Namdar Zanganeh said, speaking after the session of the OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) in …

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OPEC+ recommends oil cuts

Saudi Arabia, Russia and other members of the OPEC+ group recommended an oil production cut, defying a Twitter plea from President Donald Trump to keep the taps open, but their meeting didn’t agree on how big any reduction should be, …

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Oil future decided in Vienna

The OPEC/non-OPEC Joint Ministerial Monitoring Committee is expected to outline the guidelines for the overall oil output level in 2019 at the meeting in Vienna on December 5-7.

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Azerbaijan to take part in OPEC+ meeting in Vienna

Azerbaijani Energy Minister Parviz Shahbazov will arrive in Vienna to take part in the 5th OPEC and non-OPEC Ministerial Meeting, according to the Azerbaijani Ministry of Energy. Shahbazov will pay a visit to the …

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OPEC receives Qatar's withdrawal letter

OPEC Secretary General Mohammad Sanusi Barkindo received a letter from Qatar giving notice of its intention to withdraw from its membership of OPEC, pursuant to Article 8 of the OPEC Statute, with effect from 1 January 2019. …

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