SINGAPORE (Reuters) – Minimal oil price gains on Monday show record output cuts by giant producers will still leave them with a mountain to climb to restore market balance, industry watchers said, with the coronavirus pandemic decimating demand just as stocks ... More »
(Reuters) – Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a “historic yet insufficient” deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout. The Organization of... More »
BAKU/DUBAI/LONDON (Reuters) – OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil... More »
TOKYO (Reuters) – The agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut output failed to reach the reduction levels expected by the market, leading to oil prices remaining stagnant, the head of the Japanese petrole... More »
CAIRO (Reuters) – Iraq’s oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market. Thamer al-Ghadhban said in a statement that the “massive oil cut deal will help lower oil inventories and boost pri... More »
DUBAI/LONDON/MOSCOW (Reuters) – OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the ... More »
DUBAI/LONDON (Reuters) – OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with... More »
VIENNA (Reuters) – OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global ... More »
LONDON (Reuters) – Qatar’s decision to quit OPEC shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel, a top Iranian official said, adding that any supply cuts should come only from countries that had increased output. ... More »
DOHA (Reuters) – Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show unity in tackling an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s bi... More »
CALGARY, Alberta (Reuters) – The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame. “OPEC alone cannot be blamed for all the problems ... More »
FILE PHOTO: A boat is seen close to oil installations at Lake Maracaibo in Cabimas, Venezuela October 5, 2017. Picture taken October 5, 2017. REUTERS/Isaac Urrutia HOUSTON/DUBAI (Reuters) – As Venezuela’s dilapidated energy sector struggles to pump enough crud... More »
OPEC's compliance with an agreement among oil producers to reduce output has been acceptable, Iran's oil minister said on Monday, adding that some changes were needed if participants seek to balance the market. More »
Venezuela’s Oil Minister Nelson Martinez talks to journalists after a meeting in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and lo... More »
FILE PHOTO – Nigeria’s Oil Minister Emmanuel Ibe Kachikwu addresses a news conference after a meeting of OPEC oil ministers in Vienna, Austria, December 4, 2015. REUTERS/Heinz-Peter Bader/File Photo Nigerian Oil Minister Emmanuel Ibe Kachikwu said on Thursday ... More »
Iraqi Oil Minister Jabar Ali al-Luaibi speaks during a media conference with Saudi Energy Minister Khalid al-Falih (not pictured) in Baghdad, Iraq, May 22, 2017. REUTERS/Khalid al Mousily Iraqi Oil Minister Jabar Ali al-Luaibi said on Thursday that extending t... More »
Africa’s third-biggest oil producer, Equatorial Guinea, has been accepted as a new member of the Organization of the Petroleum Exporting Countries (OPEC), a source close to the country’s oil minister told a Reuters on Thursday. More »
Kuwaiti Oil Minister Essam al-Marzouq said on Thursday he did not expect OPEC oil producers to discuss any deepening of their oil output reduction target at a meeting where extending the length of the deal is on the agenda. More »
OPEC President, Saudi Arabia’s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.... More »
Saudi Arabia’s Energy Minister Khalid al-Falih (L) and Russia’s Energy Minister Alexander Novak attend a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song Saudi Arabia and Russia, the world’s two top oil producers, agreed on Monday to extend oil ... More »
The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger Kuwait’s oil minister Essam al-Marzouq said on Thursday he expected a global pact to cut oil supplies to be extended beyond June, su... More »
Shaybah oilfield complex is seen at night in the Rub’ al-Khali desert, Saudi Arabia, November 14, 2007. REUTERS/ Ali Jarekji/File Photo Saudi Arabia’s crude exports to the United States in March will fall by around 300,000 barrels per day from February, in lin... More »
A worker checks the valves at Al-Sheiba oil refinery in Basra, Iraq, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the bi... More »
Qatar Energy Minister Mohammed Al-Sada said on Sunday that even with an increase in drilling rigs, the oil market is likely to reach a balance as producers implement agreed output cuts. More »
A soldier patrols in front of the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 29, 2016. REUTERS/Heinz-Peter Bader A committee set up to monitor oil output cuts by OPEC and non-OPEC producers will me... More »
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader OPEC and non-OPEC countries have made a strong start to loweri... More »
Azerbaijan would support additional cuts to global crude oil production if such a decision is made by other oil producers within and outside OPEC, RIA news agency quoted Azeri President Ilham Aliyev as saying on Thursday. More »
Saudi Arabia’s Energy Minister Khalid al-Falih talks during the 23rd World Energy Congress in Istanbul, Turkey, October 10, 2016. REUTERS/Murad Sezer Saudi Arabia’s Energy Minister Khalid al-Falih will not attend meetings on Wednesday between OPEC and non-OPEC... More »
Venezuela’s President Nicolas Maduro (C) attends the 17th Non-Aligned Summit in Porlamar, Venezuela September 18, 2016. Miraflores Palace/Handout via REUTERS Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were “close” to re... More »
VIENNA It used to be said of OPEC that it was like a teabag – it only worked in hot water. If that is so, conditions on world oil markets could hardly be more difficult as prices languish at almost seven-year lows near $40 a barrel. Yet, rather than closing ra... More »
