OPEC
OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization oil demand supply market upstream downstream Vienna Austria
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August 03,2020From 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. -
July 28,2020The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC.
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July 15,2020Global 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...
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July 14,2020OPEC+ 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.
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July 04,2020OPEC 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...
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June 23,2020As 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.
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June 15,2020It 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 by...
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June 10,2020OPEC 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 group...
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June 08,2020Iraq 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-...
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June 07,2020OPEC 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 was...
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June 05,2020OPEC+ 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...
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May 31,2020Not 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,...
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May 16,2020OPEC is cautiously optimistic that the worst of the oil crisis triggered by the coronavirus pandemic is over, said the group’s top official.
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May 03,2020OPEC’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.
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April 26,2020Saudi 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.
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April 24,2020Kuwait 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.
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April 22,2020The most ambitious bid to rescue the global oil industry ever seen has been swept aside by a brutal wave of demand destruction.
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April 17,2020OPEC 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.
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April 13,2020Oil 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...
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April 05,2020OPEC and Russia have postponed a meeting set for Monday to discuss supply cuts and ending a brutal price war.
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April 03,2020OPEC Fund for International Development has approved $500,000 in emergency grant to purchase and distribute medical equipment needed for combating COVID-19 in Iran.
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March 11,2020Russia stepped up its price war with Saudi Arabia by warning it can raise oil production, while also saying further cooperation with OPEC is possible.
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March 04,2020OPEC 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 on...
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March 03,2020OPEC could deliver a larger-than-expected production cut at its meeting later this week, according to MUFG Bank.
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February 26,2020Gazprom 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.
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