Tag: OPEC

Monday, April 20th 2020 - 07:39 UTC
US oil falls to below US$ 15 a barrel and Brent dropped to US$ 27

US crude fell about 20% to below US$15 a barrel on Monday, its lowest level in about two decades, as a coronavirus-triggered collapse in demand eclipsed a deal to cut output. West Texas Intermediate, the US benchmark, fell 18.7% to US$14.84 a barrel. Brent crude, the international benchmark, was off 1.5% at US$27.64 a barrel.
Friday, April 10th 2020 - 08:57 UTC
US, Russia and Saudis hammer out a tentative accord to cut oil supply and help boost prices

OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis.
Monday, March 9th 2020 - 08:55 UTC
Oil prices plunge 30% after OPEC fails to agree on production cuts; Russia clashes with Saudi Arabia

Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.
Tuesday, January 28th 2020 - 08:09 UTC
Brazil willing to discuss with OPEC, but not prepared to join the cartel

Brazil has decided to stay out of OPEC for the time being as it seeks to expand its oil production, according to media reports quoting energy minister Bento Albuquerque. “The idea is just to increase our production and to participate more in the international oil and gas market,” Albuquerque said in an interview.
Thursday, December 26th 2019 - 11:49 UTC
Saudi Arabia and Kuwait agree to resume oil production in the shared Neutral Zone

Saudi ARAMCO said on Wednesday a new agreement between Saudi Arabia and Kuwait paves the way for the resumption of oil production in the Neutral (partitioned) Zone shared by the two countries.
Thursday, December 12th 2019 - 17:47 UTC
Venezuela increases oil output amid drive to keep world inventories low

OPEC Wednesday announced that oil pumping in Venezuela in November reached 697.000 bpd. But one country's increase in production may not have a positive impact in the near future in view of OPEC's decision to curb output in an attempt to keep inventories at a level that holds profit margins attractive.
Monday, September 9th 2019 - 09:45 UTC
OPEC+ wants to further cut output to support oil price, but admits it no longer controls the market

Top oil producers will consider fresh output cuts at a meeting this week, but analysts are doubtful they will succeed in bolstering crude prices dented by the US-China trade war.
Friday, July 19th 2019 - 09:55 UTC
Loans from Russia and China to Venezuela will be renegotiated through the Paris Club, says Guaidó

Loans to Venezuela from President Nicolas Maduro's allies Russia and China would be renegotiated through the Paris Club if Maduro leaves power, an advisor to the opposition said, responding to concerns about favorable treatment for the two countries.
Tuesday, July 2nd 2019 - 09:20 UTC
Oil prices slip despite OPEC cuts: fears of a weakening global economy

Oil prices slipped on Tuesday as worries that a weakening global economy would dent demand for the commodity outweighed the Organization of the Petroleum Exporting Countries' (OPEC) decision to extend supply cuts until next March.
Monday, May 20th 2019 - 09:58 UTC
Long queues and fuel rationing in oil rich Venezuela; Army sent to “cool” angry tempers

Soldiers oversaw rationing of gasoline at service stations in several parts of Venezuela on Sunday as worsening fuel shortages forced angry drivers to wait for hours to fill their tanks, prompting protests in some areas.