OPEC

OPEC

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

OPEC+ Panel Calls for More Oil CutsOPEC+ Panel Calls for More Oil Cuts
February 09, 2020 17:14
  • OPEC+ Should Decide on Coronavirus Response Later
    Gazprom Neft CEO Alexander Dyukov said Wednesday the OPEC+ group of oil producers should respond to the impact of the coronavirus outbreak but decide on quotas later on.  
  • OPEC+ Panel Calls for More Oil Cuts
    OPEC+ Panel Calls for More Oil Cuts
    An OPEC, non-OPEC technical panel has recommended extending a current oil supply cut pact until the end of 2020 and more output reductions due to the impact of the coronavirus on oil demand,...
  • OPEC+ Mulls Advancing Meeting Date
    A coronavirus-triggered 10% fall in crude oil prices over the last two weeks has shaken some OPEC countries --- including kingpin Saudi Arabia --- to the realization that waiting until March 5-6,...
  • OPEC Secretary General:  Oil Demand Has Upside Potential
    Worldwide oil demand forecasts may be lower than in previous years, but OPEC Secretary-General Mohammed Barkindo said Friday to CNBC that demand growth is still “robust” and could surprise to the...
  • OPEC, Non-OPEC Agree on Deeper Oil Output Cut
    OPEC and its allies (OPEC+ including Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan) led by Russia agreed to cut output by an additional 500,000 barrels per...
  • IEA's Birol: OPEC Should Make Right Call
    OPEC countries, which are meeting next week to discuss their level of oil output, should make the right decision for the global economy, which remains “very fragile”, the head of the International...
  • OPEC+ Will Face ‘Major Challenge in 2020
    The Organization of Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said Friday, adding urgency to the oil producer group’s policy...
  • Zanganeh Sees More Output Cuts by OPEC
    Oil Minister Bijan Namdar Zanganeh was quoted as saying Monday that he expects further production cuts to be announced at the next meeting of the Organization of the Petroleum Exporting Countries...
  • Data Show OPEC+ Will Cut Output Again
    The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. That is the inescapable conclusion from the latest round of monthly reports published by the three...
  • OPEC Cuts Oil Demand Growth Forecast for Third Month
    OPEC trimmed its forecast for oil demand growth for the third month in a row on Thursday, citing weaker-than-expected data in the Asia Pacific region as well as advanced economies in the Americas...
  • OPEC, GECF To Boost Cooperation
    The secretaries general of the Organization of the Petroleum Exporting Countries and the Gas Exporting Countries Forum (GECF) signed a Memorandum of Understanding to strengthen cooperation in...
  • Ecuador Leaving OPEC
    Ecuador said Tuesday it will leave the Organization of Petroleum Exporting Countries in January.   
  • Crude Oil Futures Edge Lower After OPEC Meet
    Crude oil futures were marginally lower during mid-morning trade in Asia Friday after an OPEC meeting on Thursday that saw no further cuts in crude production and bearish market reports on oil...
  • OPEC Posts First Oil Output Rise in 2019 Despite Saudi Cuts
    OPEC oil output increased in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by US sanctions on Iran...
  • OPEC Compliance Declines
    OPEC's compliance with its production quotas fell sharply in June, as output gains in the month by Saudi Arabia and Nigeria, along with Iraq's, continued to flout their cap and shrank the bloc's...
  • Brent, WTI Prices Surge as OPEC Extends Cuts
    The letter of association drawn up to clarify the terms of cooperation between OPEC and non-OPEC members is not binding and will not impact the half-a-century old organization. Oil Minister Bijan...
  • Zanganeh: OPEC Should Act Unitedly
    Members of the Organization of Petroleum Exporting Countries should hold consultations among themselves first on oil policy before striking deals with producers outside the bloc, Oil Minister Bijan...
  • OPEC, Non-OPEC to Meet on July 1-2
    OPEC and its allies have fixed the date of their upcoming meetings in Vienna for July 1-2, four sources have told S&P Global Platts, ending a protracted scheduling spat that the organization's...
  • OPEC Warns Tensions Hurting Oil Market
    OPEC said that international trade tensions are hurting demand for oil, slashing its estimates for consumption earlier in the year and predicting further challenges ahead.  
  • Zanganeh: OPEC Must Remain Apolitical
    Iran will stay in the Organization of the Petroleum Exporting Countries despite some of the member states hostility, the Oil Minister said. According to the parliamentary news website ICANA, Bijan...
  • Saudis Sure of OPEC+ Cuts Extension With Russia Coop.
    Saudi Arabia’s top oil official said he was sure that OPEC+ will extend production cuts into the second half of the year after holding talks with Russia.  
  • OPEC Sees Higher Oil Demand in 2019
    OPEC said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including US shale producers slows, pointing to a tighter market if the...
  • Oil Supply Crunch Will Test OPEC Spare Capacity
    Oil production capacity could fall to under one percent of global oil demand by the end of the year if OPEC compensates falling production from Iran and Venezuela, leaving oil prices exposed to...
  • OPEC in the Dark on Supply Outlook
    OPEC is in the dark on the oil supply outlook for the second half of this year, with Iranian and Russian outages looking increasingly significant but Saudi Arabia reluctant to pump more due to...
  • Iraq to Uphold OPEC Production Cuts
    Iraq will remain committed to the OPEC+ deal struck in December 2018 to cut production by 1.2 million barrels per day, according to the nation's oil ministry.  

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