Tag Archives: OPEC

London, United Kingdom | AFP |  Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The agreement, which reduces production to eight million bpd from July to December, depends …

London, United Kingdom | AFP | Top oil producers started a crucial meeting on Thursday to discuss a possible cut in output after a collapse in demand due to the coronavirus and a Saudi-Russian price war caused the market to crash. The video conference meeting began shortly after 1440 GMT between …

Singapore, Singapore | AFP | Oil prices fell sharply Monday after a meeting to discuss output cuts between OPEC and its allies was delayed, dimming hopes of swift action to support coronavirus-ravaged energy markets. US benchmark West Texas Intermediate plunged eight percent at the open in Asia but clawed back some ground and was trading …

Baghdad, Iraq | AFP | As crude prices plunge, Iraq’s oil sector is facing a triple threat that has slashed revenues, risks denting production and may spell trouble for future exports. So what are the challenges facing the only significant industry in Iraq, as global oil prices fall to around $25 …

Singapore, Singapore | AFP | Oil prices were mixed in volatile Asian trade on Monday, but remained at multi-year lows due to the double shock of the coronavirus pandemic and the Saudi-Russia price war. Both main contracts plummeted at the open after a trillion-dollar support package for the American economy crashed …

Moscow, Russia | AFP |  Russian President Vladimir Putin has insisted the economy can weather the coronavirus pandemic and low oil prices, but the two-pronged crisis is a huge challenge to his promises to reduce poverty and boost growth. Since 2016, Russia has cooperated closely with the Organization of the Petroleum …

London, United Kingdom | AFP | The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its …

London, United Kingdom | AFP |  OPEC is on red alert over escalating US-Iran tensions that fuelled strong oil-price gains — but the cartel and other crude-producing nations are unlikely to end output cuts at a meeting Tuesday. The Organization of the Petroleum Exporting Countries, a cartel of 14 countries pumping …

London, United Kingdom | AFP | Global energy demand will surge by a third over the next two decades on advancing prosperity, but Indian demand growth will eclipse that of flagging giant China, Britain’s BP forecast Thursday. “The demand for energy is set to increase significantly driven by increases in prosperity …

Riyadh, Saudi Arabia | AFP | Saudi Arabia on Monday launched an ambitious programme which it hopes will attract $427 billion in investments in the industrial and logistics sectors, as the OPEC kingpin bids to reduce dependence on oil. To kickstart the 12-year programme, the Gulf state announced the signing …