Organization of the Petroleum-Exporting Countries (OPEC)

Will additional 1% be able to save OPEC deal?

Iraq and some other oil producers taking part in global output cuts think they should reduce supply by an additional 1% to help re-balance the market, Iraqi Oil Minister Jabbar al-Luaibi said at a conference in the emirate of …

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Azerbaijan and Kazakhstan save OPEC deal

According to the IEA’s September report, non-OPEC countries fulfilled the plan to reduce production in August by 118% at the expense of Kazakhstan and Azerbaijan, the September report of the IEA said. Kazakhstan exceeded the plan …

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OPEC sees higher 2018 oil demand, trims output

OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices, Reuters …

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Novak: OPEC + deal will be extended, if only…

The decision to extend the agreement between the OPEC and non-OPEC countries  to reduce oil production (OPEC +) can be taken, if the target reduction of the oil reserves is not achieved, Energy Minister Alexander Novak said on the sidelines …

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 Iraq ready to extend OPEC oil-production cut

Baghdad will join the decision to extend a global oil output agreement between OPEC and non-OPEC producers, Iraqi Oil Minister Jabar al-Luaibi said. "We are the country that is really committed to the OPEC …

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Russia retains global oil leadership

Russia’s oil production amounted to 10.183 mln barrels per day in June 2017, outpacing Saudi Arabia’s oil production by 2.3% (9.95 mln barrels per day), according to the documents released by the state statistics service Rosstat. …

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OPEC+ sees July compliance to oil cuts deal at 94%

The compliance level of OPEC and participating non-OPEC countries has dropped from 98% in June to 94% in July, according to the estimations of OPEC Joint Ministerial Monitoring Committee, Bloomberg reported with reference to sources. …

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 Saudi Arabia oil exports decline slightly in June

Saudi Arabia's crude oil exports in June fell slightly to 6.889 million barrels per day (bpd), 35,000 bpd lower than the May level, official data showed. OPEC's biggest producer also pumped 10.070 million bpd in June, up 190,000 …

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