Organization of the Petroleum-Exporting Countries (OPEC)

UAE denies reports on reaching tradeoff in OPEC+ deal

The OPEC+ countries have not yet agreed with the UAE on the parameters and conditions for a deal to soften oil production restrictions, and consultations are still underway, the UAE Ministry of Energy said. "We note recent media …

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OPEC crisis and future of Saudi-UAE alliance

The coronavirus pandemic hit the global oil industry hard. As countries imposed severe restrictions on domestic and international travel and transportation, the global oil demand drastically declined and oil prices collapsed, …

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Why Oil Prices Won’t Hit $100

A remarkable oil rally has seen oil prices climb almost 34 percent so far this year. Bullish sentiment is now driving speculation of $100 oil in 2021 as collective confidence of a rebound in global economic activity gains momentum. However, there …

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OPEC to hold first in-person meeting in a year in Baghdad

Ministers of OPEC countries will have the first in-person meeting in a year on September 30, 2021, in the Iraqi capital to celebrate the occasion of the 60th OPEC Anniversary that has been postponed since last September, according to the …

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Italy reports first Nigerian COVID-19 variant

The Nigerian variant of COVID-19 was isolated in Brescia north of Milan on Tuesday. "For the first time we have managed to isolate the virus bearing these mutations which concern us because they could confer resistance to COVID …

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OPEC sees positive oil market outlook

OPEC sees a generally positive oil market outlook with last year’s uncertainty easing, but downside risks caused by the pandemic persist, the group’s secretary general and its experts said. "We have come a long way from …

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IEA report: oil market recovery still fragile

The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said, Rigzone reports. The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment

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OPEC+ countries expect deficit on oil market

The balance on the crude oil market will be shifted towards the supply shortage even if OPEC+ countries restore oil production in April - June, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) says in its conclusion after the February 3 …

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