Organization of the Petroleum-Exporting Countries (OPEC)

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Saudi Arabia to cut oil output ahead of schedule?

Saudi Arabia and other OPEC members are considering cutting their oil output as soon as possible, rather than waiting until next month when the group’s recent production agreement with the U.S. and Russia is set to begin, people familiar …

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Can crude oil drop to $10?

Oil has dropped to a twenty-one-year low today. Bears are out for blood. The WTI West Texas Crude Oil dropped over 18% today and reached a low of $14.45, a price level that has surprised traders. The steep fall in price is due to the lack of …

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Oil rises on forecast U.S. output drop

Oil prices rose around 1% on Tuesday after the U.S. Energy Information Administration (EIA) predicted shale output in the world's biggest crude producer would fall by a record amount in April, adding to cuts from other major producers. …

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Azerbaijan backs OPEC+ deal to out oil production

Baku has expressed its readiness to support a historic agreement reached earlier this week that would see Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC oil-producing countries cut production in an effort to …

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U.S. Secretary of Energy praises new OPEC+ agreement

U.S. Secretary of Energy Dan Brouillette said that the energy sector of the United States will soon recover from the recent ‘price wars’ on global oil markets and consequences of the COVID-19 pandemic and will emerge …

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OPEC counties release new deal final communique

OPEC+ oil producers reached a new agreement to collectively reduce oil production by 9.7 million barrels a day for two months, starting from 1 May.  After that, production will be cut by 7.7 million barrels a day for 6 months, …

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Azerbaijan approves new OPEC+ oil output cut deal

OPEC+ nations have signed an agreement on daily oil production cuts by 9.7 million barrels for a term of two months, Kazakhstan’s energy ministry said. "After the online ministerial meeting of the OPEC+ and non-OPEC+ …

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African oil workers support new OPEC + deal

The African Organization of Petroleum Producers (APPO) has decided to support the efforts of OPEC + to stabilize the oil market and reduce oil production, the APPO infroms. "In a spirit of cooperation and collective responsibility …

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Novak says OPEC+ may take additional measures if needed

Russian Energy Minister Alexander Novak said on Friday that the group of global oil producers known as OPEC+ may take additional measures on oil markets if necessary, Reuters reports. He was talking to Russian state TV Rossiya-24 after …

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Putin discusses oil with Trump and Saudi King

In the course of the conversation with U.S. President Donald Trump and Saudi King Salman bin Abdulaziz Al Saud, Russian President Vladimir Putin confirmed the determination to coordinate actions …

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OPEC+ adopts declaration on cooperation

OPEC+ had adopted a new declaration on cooperation during the online video conference to discuss the terms of a new oil output cut deal, Azerbaijan's Ministry of Energy said. The ministry said in a statement that OPEC+ had …

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OPEC+ meeting nears with resolve for deep oil cuts

OPEC and its allies are moving closer toward a historic deal to take at least 10% of global crude supply off the market as they get set for the first of two critical meetings later Thursday, with key producers Saudi Arabia and Russia signalling …

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