OPEC

OPEC

OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization oil demand supply market upstream downstream Vienna Austria

OPEC+ Ready for Extra MeetingOPEC+ Ready for Extra Meeting
December 24, 2018 18:25
  • OPEC Oil Output to Fall in 2019
    Crude oil production from members of OPEC is expected to fall to below 30.73 million barrel per day by the end of this year, the group's lowest monthly output since February 2015, the US Energy...
  • OPEC to Publish Quotas for New Production Cut Deal
    OPEC plans to publish this week quotas for individual countries under the new OPEC/non-OPEC production cut deal agreed upon on December 7 and in force since January 1, an OPEC source told Russian...
  • OPEC Cuts Have Oil Market on Path
    The oil market is on its way to rebalancing, and the 1.2 million barrels per day in supply cuts by OPEC and its allies will be enough to finish the job in the first half of this year, UAE Energy...
  • OPEC Sends Fewer Oil Cargo to US
    OPEC crude cargoes leaving for the United States in December dropped to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm Kpler show.
  • JP Morgan Sees ‘Low Price Scenario’ for Oil
    If OPEC does not follow through with its commitment to reduce oil production throughout this year, Brent crude prices could struggle to rise, according to J.P. Morgan’s head of Asia Pacific oil and...
  • Kuwait Pledges Support for OPEC Cuts
    Kuwait's new oil minister, Khaled Al-Fadhel, has pledged an ongoing commitment to OPEC's production cuts in his first statement to the Kuwait News Agency after being appointed last week.
  • OPEC+ Ready for Extra Meeting
    OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per day does not balance the market next...
  • Saudi Crude Production Will Fall to 10.2 mbpd
    OPEC and its allies have formalized their production quotas under their new supply deal, with Saudi Arabia, the world's largest crude exporter, committing to a 322,000 bpd cut from its October...
  • OPEC to Publish Production Cut Quotas
    Contrary to initial reports that OPEC will not make public the country quotas in the new production cut deal, the organization now plans to publish a table of each OPEC and non-OPEC individual...
  • OPEC Unplanned Supply Losses Could Double Cutback
    OPEC may be about to succeed by accident, again. 
  • Oman will cut oil output by 2% from January for an initial period of six months, according to a letter sent to customers of Omani oil by the country’s oil and gas ministry. 
  • OPEC, Non-OPEC Will Sign Coop. Agreement
    A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months in Saudi Arabia, the UAE energy minister said Tuesday.
  • OPEC Pullback to Help US Shale Producers
    US shale producers cheered OPEC’s decision to trim output, a move that sent crude prices higher on Friday, closing at levels that oil executives said would keep their profits flowing. 
  • Qatar Will Leave OPEC in January
    Qatar is to leave OPEC next month in order for the Persian Gulf state to focus on gas production, the country’s new Energy Minister Saad al-Kaabi announced in a surprise move on Monday. Qatar has...
  • Putin Says Russia, Saudis Will Extend OPEC+ Oil Pact
    Russia and Saudi Arabia agreed to extend into 2019 their agreement to manage the oil market, known as OPEC+, although the two sides have yet to agree on any fresh output cuts.
  • Novak: Uncertainty Clouding OPEC Decisions
    OPEC coalition decisions on further global oil market cooperation will be taken next week amid uncertainty over many factors impacting the industry, including Iranian crude export volumes, but...
  • Survey Shows Saudis, UAE Cover Iran Oil Loss
    OPEC oil supply has fallen in November from a two-year high due to US sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE...
  • OPEC Refuses to Panic Amid Oil Market Rout
    OPEC is showing no public signs of panicking to the largest weekly plunge in oil prices since 2016, with five senior sources telling S&P Global Platts that the organization has not discussed...
  • OPEC, Allies to Discuss Cuts
    OPEC, Allies to Discuss Cuts
    Russian Energy Minister Alexander Novak said Monday that he plans to discuss a potential output cut in 2019 with oil companies before OPEC/non-OPEC meetings in early December.
  • OPEC Trying to Maintain Oil Market Balance, Not Please Donald Trump
    OPEC will not respond to US pressure to lower oil prices but will seek to maintain a balanced market, UAE energy minister Suhail al-Mazrouei said Tuesday, after President Donald Trump warned the...
  • Saudi Minister: No Plans to Break Up OPEC
    Saudi Arabia is not preparing for a break up of OPEC and believes the group will remain the global central bank for oil for a long time, Saudi Energy Minister Khalid al Falih said on Monday. 
  • Doubt Cast on Relevance of OPEC, Non-OPEC Teamwork
    Iran Oil Minister Bijan Namdar Zanganeh says the Joint Ministerial Monitoring Committee (JMMC) and Joint Technical Committee (JTC) in charge of monitoring a deal between OPEC and other oil...
  • OPEC Output at Highest Level
    OPEC’s crude production climbed to the highest level since 2016 as increases by Saudi Arabia and Libya offset losses stemming from impending US sanctions on Iran.
  • OPEC Concerned Over Oversupply Risks in 2019
    OPEC's key technical committee is examining the oil market outlook for 2019 as the group tries to balance supply concerns from Iran and other vulnerable producers along with the possibility of a...
  • OPEC Lack of Power Now More Obvious
    OPEC is dying. President Donald Trump will probably rejoice. But he may not like what takes its place any better.

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