Organization of the Petroleum-Exporting Countries (OPEC)

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Is U.S. shale’s golden age over?

OPEC gambles that the United States shale's golden age is over, Bloomberg reported citing the sources in the organisation. The OPEC minsters believe relentless U.S. oil production growth will slow rapidly next year. Oil traders and …

OPEC+ ready to extend production cuts

OPEC and its allies have reached a consensus on the need to extend oil output cuts after March 2020, Oman's Minister of Oil and Gas Mohammed bin Hamad Al Rumhi said. "I think that we should extend the …

Russia cannot disclose plans on OPEC+ deal yet

Russia’s position on the future of the OPEC+ agreement cannot be disclosed yet, Russian Energy Minister Alexander Novak said. He said there was no decision yet on whether to exclude Russian gas condensate …

Brazil receives informal request to join OPEC

Brazil's president Jair Bolsonaro said the country received an informal request to join OPEC, following a conversation with Saudi Crown Prince Mohammed Bin Salman. Speaking at the Future Investment Initiative forum …

Oil prices on rise again

Oil prices were on the rise this morning as the Organization of Petroleum Exporting Countries (OPEC) delayed further cutting production to lower supply this year. International benchmark Brent crude was trading at $58.84 per barrel …

Oil slumps again… Will OPEC act?

Saudi Aramco has fully restored the damaged production from the Abqaiq and Khurais facilities from just a few weeks ago, an impressive turnaround in such a short period of time. But now, Riyadh faces another challenge that could prove more …

"One can forget about oil at $100 per barrel"

Russia’s Energy Minister Alexander Novak expressed an opinion that everyone has forgotten about oil at $100 per barrel. "We live based on mid-term oil price assumptions of $50 ... Our budget is based in …