Organization of the Petroleum-Exporting Countries (OPEC)

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What's next for oil prices?

Crude oil has rebounded to $40 per barrel and hoping to stay there. Some analysts have come out with more bullish forecasts for the near-term, but plenty of risks remain. “Good production discipline on the part of OPEC+ coupled with a …

Novak: oil market may become balanced in June or July

The global oil market may become balanced at the end of June or in early July, Russian Energy Minister Alexander Novak said in an interview to Rossiya 24 television channel broadcast following a meeting of the OPEC+ Joint Ministerial Monitoring …

OPEC+ monitoring committee may discuss August output quota

The OPEC+ ministerial monitoring committee, which will gather on June 18, may discuss the issue of extension of the May quota for another month, though the main agenda only includes the issue of current compliance rates of the agreement on crude …

OPEC and allies agree to extend production cut

OPEC and its oil-producing allies reportedly agreed to extend the historic 9.7 million barrels per day production cut that was set to expire at the end of June, according to two sources familiar with the matter, CNBC reports. The cut …

Brent oil surpasses $40 per barrel

Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures …

OPEC+ could extend oil cuts through September - media

An alliance of oil-producing nations led by Saudi Arabia and Russia is close to a deal that would extend their collective production cuts through September 1, as the world emerges from pandemic-induced lockdowns, delegates said. …