IEA: oil market could be tipped into deficit

Venezuela is likely to remain the biggest risk factor among leading oil producers for some time to come, according to the latest report from the International Energy Agency (IEA). "Within the OPEC countries, the biggest risk factor …

Africa to join OPEC-led oil cut

An extra 10 to 12 oil-producing countries have been invited to join an OPEC-led output cut aimed at getting rid of a supply glut, Venezuela’s oil minister Eulogio del Pino said. Eulogio del Pino, …

Why the U.S. exports oil

Light, sweet crudes coming out of the U.S. shale plays are often a better fit for certain foreign refineries

OPEC and Russia agree for 6 months

OPEC and Russia have agreed a mutually accepted formula of oil production cap for half a year, Venezuela’s Oil Minister Eulogio del Pino said. He also pointed out that Venezuela expects the signing of documents on …

Putin and Maduro discuss situation on oil market

Russian President Vladimir Putin and his Venezuelan counterpart Nicolas Maduro discussed in phone talks the situation on the global oil market as well as issues of bilateral strategic cooperation, the Kremlin …

What oil price OPEC and Russia need?

In order to balance their budgets, largest oil-producing countries in the world require different price of "black gold". According to Bloomberg, this leads to disagreements over the need to reduce oil production level. …