Saturday, 22 January 2022

Tag Archives: Opec

US Crude oil prices drop more than 10% to 20-year low

LONDON: Crude oil futures fell dramatically on Monday, with US futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that US storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to ...

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Top oil producers agree on record output cuts

VIENNA: Top oil-producing countries agreed Sunday to record output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour Sunday in a last-ditch effort ...

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Top oil producers except Mexico agree to output cuts

LONDON: 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 on Mexico’s consent for ...

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OPEC seeks crude quota compliance

VIENNA: OPEC countries were to meet again here after they failed to agree on output cuts that could stem price pressure from abundant reserves and weak global economic growth. Saudi and Venezuelan oil ministers voiced confidence that the 14-member Organization of the Petroleum Exporting Countries would strike deals on an ...

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Iran has no plans to leave OPEC despite tensions

GENEVA: Iran has no  plans to leave the Organization of the Petroleum Exporting Countries despite being treated like an enemy by some fellow members, Oil Minister Bijan Zanganeh said in an interview published. “Iran has no plans to leave OPEC…and regrets that some members of OPEC have turned this organization ...

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OPEC chief visits Iran as US sanctions waivers expire

TEHRAN: OPEC Secretary-General Mohammed Barkindo visited Tehran for an oil and gas expo just hours before sanctions waivers the US granted to Iran’s biggest oil customers were set to expire. The OPEC chief visit came as China, Turkey and Iraq said that they cannot abide by the unilateral US sanctions and ...

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Oil slips to $71, hit by talk of higher OPEC+ production

LONDON: Brent oil slipped to around $71 a barrel on Tuesday, pressured by expectations of higher US inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts. Analysts on average expect US crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The ...

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Oil slips on weak demand growth outlook

HONG KONG: Oil prices fell as markets eyed only modest prospects for growth in fuel demand, although OPEC-led efforts to cut output still offered some support. US West Texas Intermediate (WTI) crude oil futures were at $56.30 per barrel at 0210 GMT, down 29 cents, or 0.5 percent, from their ...

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Opec output posts biggest drop since 2017

LONDON: Opec oil supply fell in December by the largest amount in almost two years, a Reuters survey found, as top exporter Saudi Arabia made an early start to a supply-limiting accord while Iran and Libya posted involuntary declines. The 15-member Organisation of the Petroleum Exporting Countries (Opec) pumped 32.68 ...

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Qatar to quit OPEC in 2019

DOHA: Qatar is to leave OPEC next month in order for the Gulf state to focus on gas production, Energy Minister Saad al-Kaabi announced on Monday. “Qatar has decided to withdraw its membership from OPEC effective January 2019,” Kaabi said at a Doha press conference. He added that Qatar would ...

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