OPEC

How countries have responded to rising oil prices

The war in Iran and the effective closure of the Strait of Hormuz - through which around 20% of the world's oil and natural gas flows - hasseen rising fuel…

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Angola to quit OPEC, reducing membership to 12 countries

By Alex Lawler LONDON, (Reuters) - Angola has said it is leaving the Organization of the Petroleum Exporting Countries (OPEC) with effect from Jan. 1 2024, after exits from Ecuador…

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OPEC plans no immediate action after Iran urges Israel oil embargo, sources say

By Elwely Elwelly and Ahmad Ghaddar DUBAI/LONDON, Oct 18 (Reuters) - OPEC is not planning to hold an extraordinary meeting or take any immediate action after Iran's foreign minister called…

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OPEC optimistic on demand, calls for more oil and gas investment

ABU DHABI, Oct 2 (Reuters) - OPEC is optimistic on demand and sees under-investment as a risk to energy security, Secretary General Haitham Al Ghais said on Monday at an…

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OPEC+ unlikely to agree bigger oil cuts on Sunday, sources say

By Maha El Dahan, Alex Lawler and Ahmad Ghaddar VIENNA, June 2 (Reuters) - OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting…

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OPEC+ agrees no change to oil policy – sources

LONDON/DUBAI, Dec 4 (Reuters) - OPEC+ agreed to stick to its oil output targets at a meeting on Sunday, two OPEC+ sources told Reuters, as the oil markets struggle to assess the…

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Oil rises on prospect of OPEC supply cut, demand growth

Aug 29 (Reuters) - Oil prices rose 1% on Monday, as expectations that OPEC would cut output if needed to support prices, coupled with conflict in Libya and rising demand amid soaring…

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UPDATED: OPEC+ agrees to raise September output target by 100,000 bpd – source

LONDON, Aug 3 (Reuters) - OPEC+ has agreed to raise its September oil output targets by 100,000 barrels per day, an OPEC+ source said. OPEC+ was meeting on Wednesday amid market expectations…

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OPEC’s Secretary-General Barkindo dies

ABUJA, July 6 (Reuters) - OPEC's Secretary-General Mohammad Barkindo has died, Mele Kyari, the chief executive of Nigerian National Petroleum Corp said on Wednesday. Barkindo, who was 63 years old, was due to…

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Oil headed for 3% weekly fall on emergency stocks release

MELBOURNE/BEIJING, April 8 (Reuters) - Oil prices drifted lower on Friday and were set to drop around 3% for the week as consuming countries' planned release of 240 million barrels from emergency…

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OPEC officials tell EU of unease about proposed ban on Russian oil, sources say

LONDON, March 24 (Reuters) - OPEC officials believe a possible European Union ban on oil from its partner Russia over the invasion of Ukraine would hurt consumers and the group has conveyed…

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OPEC+ starts two days of talks amid oil price gyrations, Omicron fears

LONDON, Dec 1 (Reuters) - OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid…

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Oil price drops on growing talk of increased production despite faltering demand

Oil prices fell on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of…

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Brazil minister says no plans to join OPEC for now

ABU DHABI, Nov 17 (Reuters) - Brazil has no plans to join the Organization of the Petroleum Exporting Countries (OPEC) for now, although it is working with the producer group,…

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OPEC+ could reconsider output increase, says Kuwaiti oil minister

KUWAIT, Aug 29 (Reuters) - The 400,000 barrel per day increase in oil output agreed by OPEC+ nations in previous gatherings might be reconsidered at its next meeting on Sept.…

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OPEC sticks to 2021, 2022 oil demand forecasts despite virus challenges

OPEC on Thursday stuck to its prediction of a strong recovery in world oil demand in 2021 and further growth next year, despite concerns about the spread of the Delta…

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Oil steadies in undersupplied market but coronavirus cases weigh

Oil prices steadied on Monday after a choppy session as the spread of the COVID-19 Delta variant stoked fears about fuel demand, but losses were limited by forecasts that crude supply…

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Oil prices rise but rising Covid-19 cases weaken outlook

Oil rose above $69 a barrel on Tuesday, recouping some of the previous session's 7% slide, as a tight physical market pushed aside concerns about rising COVID-19 infections weakening the demand…

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OPEC+ agrees oil supply boost after UAE wins argument with Saudi

MOSCOW/DUBAI/LONDON, July 18 (Reuters) - OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy…

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OPEC sees world oil demand reaching pre-pandemic level in 2022

OPEC stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise further in 2022 similar to pre-pandemic…

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Oil slips, retreats from gains notched on strong Chinese data

Oil prices edged lower on Monday, pulling back from early gains fostered on strong Chinese economic news and ongoing supply restraint from major oil producers. Crude benchmarks have steadily climbed throughout 2021 as…

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Oil price rises slightly after OPEC+ confirms cuts

Oil ticked up on Thursday on strong U.S. economic data, falling inventories and the OPEC+ decision to stick to its output cuts, but a stronger U.S. dollar limited the gains. Brent…

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OPEC December oil output rises for sixth month led by Libya – survey

OPEC oil output rose for a sixth month in December, a Reuters survey found, buoyed by further recovery in Libyan production and smaller rises elsewhere in the group. The 13-member…

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Analysis – OPEC would miss ‘friend Trump’, wary of strains under Biden, sources say

Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as U.S. President, sources close to the organisation said, and would miss President…

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Oil prices down again as resurgence of coronavirus cases threatens recovery

Oil prices slipped for a fourth straight day on Tuesday on worries a resurgence of coronavirus cases globally is stifling a promising recovery in fuel demand, while growing output from…

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OPEC turns 60

In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the cartel created 60 years ago is more likely to do…

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Slight gains for oil price as Asian demand rebounds

Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen. Brent crude added 22 cents, or 0.5%, to…

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OPEC+ to meet Saturday on extending cuts

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such…

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Oil price steadies, but still 45% down this year

Oil prices edged up on Monday in sluggish trading with holidays in Singapore, London and New York, as rising concerns over demand recovery offset supply cuts. Brent rose to $35.81…

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Top oil producers agree on ‘historic’ cuts to boost prices

Top oil-producing countries agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers…

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Oil prices fall again despite Opec+ deal to cut production

Oil prices dropped on Friday as traders feared that an Opec deal to slash global supplies by 10% would not offset a historic drop in demand due to the coronavirus outbreak.…

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OPEC calls for big oil production cut

The OPEC oil cartel is calling for a deep production cut to keep crude prices from falling further as disruption to global business from the coronavirus slashes demand from air…

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Photo Story: OPEC meeting in Vienna

Austrian health professionals wait to check the body temperature of participants at the 178th Extraordinary Meeting of the Organization of Petroleum Exporting Countries (OPEC) conference and 8th OPEC and non-OPEC…

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OPEC meeting breaks up without agreement

A meeting of the OPEC group of major oil-exporting countries broke up late Thursday without agreement on cutting production to head off pressure on prices from abundant reserves and…

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OPEC gearing up for deeper oil cuts

OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices…

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OPEC and Russia-led allies to extend deal to cut oil output by nine months

OPEC agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price…

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Midday Corporate Dispatch – Financial and Corporate News

These are the salient financial and corporate news. Provisional figures for Malta’s external transactions show that during January-March 2019, the current account balance recorded a surplus of €48.9 million as…

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Saudi Arabia considering ditching dollar for oil trades

In an exclusive report, Reuters said that Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to…

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Oil Price climb to 2019 highest level

Brent oil climbed above $65 a barrel to its highest this year as Opec-led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged…

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OPEC to reduce oil production by 1.2m barrels a day

Opec and its oil producing allies have agreed to cut production by 1.2m barrels a day, defying Donald Trump’s calls to keep output high and sending crude prices rocketing 5…

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Qatar to quit OPEC

Qatar will quit Opec from next year, a group that it has been a part of since 1961, the country’s energy minister said on Monday. Saad al-Kaabi told reporters the…

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Oil price hit $82.55 per barrel, its highest since November 2014

Oil prices rose Tuesday on global supply concerns following U.S. sanctions on Iran’s oil exports, with benchmark Brent surging to a four-year high, then retraced gains to settle just slightly…

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Saturday Morning Briefing

Good morning, History repeats itself as a second vessel is rejected from docking – just days after the Aquarius was stranded for a week. This issue is the dominant story…

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OPEC countries to increase oil production

OPEC issued a communique on Friday that called on a return to 100 percent compliance for the group, down from 152 percent in May. The announcement deferred country-specific allocations, likely because they…

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Oil prices are artificially Very High! – Trump

"Looks like OPEC is at it again," he wrote. "With record amounts of oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very…

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