International organization of petroleum-exporting countries
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As OPEC turns 60 oil demand drop steepens
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Is this the end game for oil?
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Asia defies Wall Street weakness but economy, election worries cap gainsSINGAPORE/NEW YORK - Asian stocks inched up on Friday, despite Wall Street declines, but struggled to make deeper gains as worries about a faltering economic recovery kept investors to the sidelines or..
Brent falls below $40 amid weak demandBrent, the international benchmark for crudel, fell below $40 during the second day of trading, for the first time since June 25, as prices remained depressed over a weak demand outlook. Slow pick-up..
Russian energy minister diagnosed with Covid-19Russian Energy Minister Alexander Novak has tested positive for the coronavirus, the country's prime minister said Tuesday. The announcement comes on the eve of a videoconference by the ministerial..
Oil falls on supply glut fears as OPEC+ set to boost outputBy Yuka Obayashi TOKYO (Reuters) - Oil prices fell on Monday on oversupply concerns as OPEC and its allies wind back production cuts in August and a rise in worldwide COVID-19 cases points to a slower..
OPEC+ pumps up but oil still in Covid dangerDA NANG – The oil market verdict is finally in and it points to likely danger ahead. The odd collection of major oil-producing nations, including the Saudi-led Organization of Petroleum Exporting..
Saudi Crown Prince and Nigerian President discuss ways to stabilise oil marketSaudi Arabia held a call with fellow OPEC member Nigeria as the organisation strives to deliver production cuts aimed at bolstering global crude markets. Saudi Crown Prince Mohammed bin Salman and..
Oil tops $42 as OPEC+ laggards pledge better complianceLONDON — Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus..
Saudi Arabia Raises Selling Price Of Its Oil, Biggest Hike In 20 YearsSaudi Arabia has made some of the biggest price increase for crude exports in at least two decades. The decision comes after OPEC (Organization of the Petroleum Exporting Countries) and its allies,..
OPEC, Russia extend record oil cuts to end of JulyOPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost..
OPEC, allied nations extend daily production cut by monthDUBAI, United Arab Emirates — OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to encourage stability in..
OPEC and allies to agree one-month extension to output cutsOPEC and its allies led by Russia are "most likely" to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said.
OPEC+ to meet Saturday on extending cuts, pushing for complianceOPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs.
OPEC, allies coordinating to hold Saturday meeting: Saudi ArabiaSaudi Arabia's energy minister said on Friday that OPEC and its allies, a group known as OPEC+, were working to hold their oil output policy meeting on Saturday.
Oil moves higher, hovers below $40 as doubts emerge over next step on OPEC cutsNEW YORK — Oil ended slightly higher on Wednesday but remained below the session’s early highs above $40 a barrel, the highest since March, retreating as doubts emerged about the timing and scale..
OPEC+ keen to keep U.S. shale in check as oil prices rallyWhen OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output.
Saudi prince, Vladimir Putin pledge coordination ahead of OPEC+ meetingRussia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group. The talks between President Vladimir Putin and Saudi Crown Prince..
Explainer: Why oil-rich Venezuela is suffering severe gasoline shortagesAt least five Iranian tankers carrying fuel are currently en route to gasoline-starved Venezuela, which has the world's largest crude reserves. The United States, which maintains sanctions on both OPEC..
Iran's OPEC governor dies after brain haemorrhageIran's OPEC Governor Hossein Kazempour Ardebili has died of a brain haemorrhage two weeks after falling into a coma, the semi-official news agency ISNA reported on Saturday.
Exclusive: OPEC+ wants to maintain oil output cuts beyond June - sourcesOPEC and its allies want to maintain existing oil cuts beyond June when the OPEC+ group is next due to meet to shore up prices and demand, which has been hit by the coronavirus pandemic, four OPEC+..
Oil mixed on supply cuts, fears of second coronavirus waveOil prices were mixed on Monday, supported by Saudi Arabia's move to reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, but pressured by fears of a second..
Saudi Arabia to slash oil output in June by additional 1m barrels per daySaudi Arabia is to voluntarily cut its oil production in June by an extra one million barrels per day – on top of the reduction already committed to as part of the OPEC+ agreement signed last month...
Oil prices rise on Saudi voluntary cutsOil prices rose on Monday, recovering earlier losses on news that leading exporter Saudi Arabia will reduce its output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+..
Oil falls to below $30/bbl as glut grows, output cuts eyedNEW YORK — Oil dropped 4% to below $30 a barrel on Wednesday as U.S. crude stockpiles ticked up and diesel inventories swelled, offsetting OPEC-led cuts in production and hopes for a recovery in..
Second cargo of water trucks from Mexico arrives in Venezuela under oil swapA vessel carrying water trucks and equipment bartered by two Mexican companies arrived in Venezuela on Thursday, the second shipment under an oil-for-food agreement signed with the OPEC nation's..
Factbox: Non OPEC+ crude oil supply cutsThe Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Sunday to reduce output by 9.7 million barrels per day (bpd) for May and June in an effort to prop up oil..
U.S. oil sanctions against Iran are unjust: RouhaniIranian President Hassan Rouhani said U.S. sanctions against Iran and Venezuela were unjust in a telephone call with Venezuelan President Nicolas Maduro on Monday and called for the two countries to..
Saudi energy minister says effective global oil cuts above 19 million bpdSaudi Arabia's energy minister said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges..
Trump says global oil production cut should help industry recoverU.S. President Donald Trump said on Monday the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day (bpd), a figure that appeared to include a wider group of producers,..
Trump says OPEC+ looking to cut 20 million bpd, not 10 millionU.S. President Donald Trump said on Monday the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day, double the 10 million barrels agreed to a day earlier.
Kremlin says 'important' global oil deal helped avert market chaosThe Kremlin said on Monday that the global oil output deal clinched by OPEC and non-OPEC countries had helped stop oil markets sliding into chaos and would help support a more or less stable oil price..
Asian Shares Fall, Oil Gains After OPEC Plus Strikes DealShares were mostly lower Monday in Asia while crude prices gained more than $1 per barrel after OPEC and other oil producing nations agreed to cut output to reflect the collapse of demand due to the..
Oil gains on OPEC+ deal, stocks stymied by pandemic worriesGlobal equities weakened on Monday as investors braced for more indications of economic damage from the coronavirus pandemic while oil prices rose in choppy trade following a landmark deal by OPEC and..
Japan petroleum industry head says OPEC+ deal falls short of expectationsThe agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut output failed to reach the reduction levels expected by the market, leading to oil prices remaining..
Goldman Sachs still sees crude prices falling after OPEC+ dealGoldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is 'historic yet insufficient,' adding that no deal would be enough to offset..
Oil firmer on OPEC+ deal, equities unable to shake pandemic fearsGlobal shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices..
Oil, equities slip as OPEC+ cut fails to lift confidenceOil prices and U.S. stock futures dipped in early Monday trade as a landmark agreement by OPEC and its allies to slash output by a record amount failed to give investors any cause for lasting optimism..
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemicOPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including..
OPEC, Russia end oil-price war after agreeing to record-sized production cutThe multiweek oil-price war between Russia and its OPEC allies was finally resolved on Sunday as the international consortium agreed to cut crude oil production by almost 10%. OPEC+ announced it will..
Iraqi oil minister says big oil cut deal will help to stabilize oil marketIraq's oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market.
Canada welcomes oil cut deal, says it is committed to achieving price certaintyCanada on Sunday formally welcomed a deal by OPEC and allies to cut oil output by a record amount, saying Ottawa was committed to achieving price certainty and economic stability.
Saudi Arabia, Russia, U.S. welcome outcome of OPEC+ meeting: SPASaudi Arabia's king Salman, Russia's president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone call, Saudi state news agency SPA said on..
Trump says 'great' OPEC+ deal will save U.S. jobsU.S. President Donald Trump on Sunday praised a deal among the world's top oil producers to cut global petroleum output, saying it would save jobs in the U.S. energy industry.
Mexico to cut oil output by 100,000 bpd from May: officialsMexico will reduce its oil output by 100,000 barrels per day (bpd) from May after top oil producers collectively agreed to cut production by 9.7 million barrels per day at OPEC+ talks, Mexican..
Kremlin says leaders of Russia, U.S., Saudi Arabia support OPEC+ oil dealRussian President Vladimir Putin, U.S. President Donald Trump and Saudi Arabia's King Salman all supported the OPEC+ deal to cut global crude output, the Kremlin said on Sunday.
Mexico's energy minister says oil producers agreed to cut output by 9.7 mln bpd from MayMexico's Energy Minister Rocio Nahle said on Sunday oil producers unanimously agreed to cut output by 9.7 million barrels per day from May at OPEC+ talks and thanked OPEC members for their support in..
Kazakhstan confirms global deal to cut oil output by 9.7 million bpdKazakhastan's Energy Ministry said on Sunday it confirmed reports that the OPEC+ group of countries had agreed to cut the global oil output by 9.7 million barrels per day for two months starting on May..
OPEC+ agrees largest ever oil output cut of 9.7 million bpd: sourcesOPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic, sources..
Global pact to contain oil price crash takes shapeDUBAI, United Arab Emirates (AP) — The OPEC oil cartel and nations including Russia have agreed to boost oil prices by cutting as much as 10 million barrels a day in production, or a tenth of global..
Saudi, others resist Mexican plan to make small oil output cuts - sourcesSaudi Arabia and other oil producers in the OPEC+ group pushed back on Friday on a Mexican plan to cut less than requested under plans for global supply curbs, two sources from the OPEC+ group said on..
Russia's Putin, Saudi crown prince discuss OPEC+: KremlinRussian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed a planned OPEC+ reduction of oil output, the Kremlin said.