OPEC

From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate…

The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC.

Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly…

OPEC+ production cuts have brought oil prices back from the brink, but the group will have to tread carefully to avoid triggering a new price collapse when it begins to reverse those reductions…

OPEC slashed oil production to the lowest level since the Persian Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand…

As the OPEC+ alliance sticks to its guns in trying to curb oil output to shore up prices, Asian buyers are increasingly looking to the US for a cheaper source of supply.

It was too good to be true. Last weekend’s OPEC+ meeting took a decision in record time to extend deep output cuts that had halted a dramatic slide in prices — and members even agreed to abide…

OPEC and its allies slashed almost one-fifth of their crude oil production in May, the first month of their landmark supply accord, according to the latest S&P Global Platts survey of the…

Iraq wants OPEC+ to take into consideration the economic and living conditions of countries when assigning quotas in oil production cuts, the country's finance minister said, as OPEC's second-…

OPEC and its oil-producing allies agreed on Saturday to extend the group’s historic production cut for an additional month in an ongoing effort to balance the global oil market. The agreement…

OPEC+ is set to extend production cuts to prop up the oil market after a breakthrough in high-stakes negotiations, and the organization could meet as soon as this weekend to sign off on the deal…

Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual…

OPEC is cautiously optimistic that the worst of the oil crisis triggered by the coronavirus pandemic is over, said the group’s top official.

OPEC’s crude production surged by the most in almost 30 years last month as its biggest members fought to dominate a global market devastated by the coronavirus crisis. Saudi Arabia, the…

Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter.

Kuwait said it has started cutting oil output ahead of May 1, the date when suppliers worldwide plan to start slashing production to counter a devastating glut. The fourth-biggest member of…

The most ambitious bid to rescue the global oil industry ever seen has been swept aside by a brutal wave of demand destruction. Less than two weeks ago, the world’s biggest oil producers -- in…

OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts.

Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it will not be enough to head off oversupply with the…

OPEC and Russia have postponed a meeting set for Monday to discuss supply cuts and ending a brutal price war.

OPEC Fund for International Development has approved $500,000 in emergency grant to purchase and distribute medical equipment needed for combating COVID-19 in Iran.  The grant is set to be…

Russia stepped up its price war with Saudi Arabia by warning it can raise oil production, while also saying further cooperation with OPEC is possible. After the collapse of OPEC+ talks last…

OPEC and its allies need to cut crude output by 500,000 barrels per day to clear the oil market's oversupply from the coronavirus outbreak, Iran’s Oil Minister said upon his arrival in Vienna…

OPEC could deliver a larger-than-expected production cut at its meeting later this week, according to MUFG Bank. Oil prices have been under pressure since the outbreak of the coronavirus in…

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.