Tag: OPEC

Saturday, May 18th 2019 - 08:21 UTC
OPEC meeting in Jeddah: Saudi Arabia minister promises “we will be flexible”

Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market's needs, but that he was not sure there is an oil shortage with data, particularly from the United States, still showing inventories building.
Saturday, May 18th 2019 - 08:07 UTC
Angry Venezuelans queue for hours because of gasoline shortage

Drivers queued for hours in towns across Venezuela on Friday as fuel shortages worsened in the country following a plunge in gasoline imports and a stoppage at the nation's second-largest oil refinery.
Wednesday, March 13th 2019 - 08:48 UTC
Venezuela orders US diplomats to leave within 72 hours; blames Trump for the “cyber sabotage”

Venezuela ordered American diplomats to leave the country within 72 hours on Tuesday after President Nicolas Maduro accused US counterpart Donald Trump of cyber “sabotage” that plunged the OPEC nation into its worst blackout on record.
Friday, February 22nd 2019 - 09:24 UTC
Brazilian oil production challenges OPEC' attempts to balance the market and prices

While everyone is talking about how surging U.S. crude oil production will offset a large part of the ongoing OPEC/non-OPEC production cuts, there are other oil producers not taking part in the OPEC+ deal and poised to see their output jump this year.
Thursday, December 20th 2018 - 08:38 UTC
What’s Behind The Crash In Crude?

Oil prices crashed to new one-year lows on Tuesday, dragged down by a deepening sense of global economic gloom as well as fears of oversupply in the oil market itself.
Tuesday, December 18th 2018 - 09:35 UTC
Creditors demanding payment of US$ 1.5 billion Venezuelan bond in default

A group of creditors has demanded payment on a US$ 1.5 billion Venezuelan bond that is in default, their lawyer said on Monday, kicking off a long-awaited showdown between creditors and the crisis-wracked OPEC nation. President Nicolas Maduro’s government and state-owned companies owe nearly US$ 8 billion in unpaid interest and principal following this year’s default on bonds amid a hyperinflationary collapse of the country’s once-wealthy socialist economy.
Tuesday, December 4th 2018 - 08:41 UTC
Qatar exits OPEC on January to concentrate as world's largest LNG exporter

Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de facto leader of the oil exporting group which is trying to show unity in tackling an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s biggest liquefied natural gas (LNG) exporter, is embroiled in a row with OPEC members Saudi Arabia and the United Arab Emirates.
Saturday, November 24th 2018 - 08:59 UTC
Oil price slumps 8% to lowest in more than a year: Crude supply grows faster than demand

Oil prices slumped up to nearly 8% to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6.
Tuesday, November 20th 2018 - 08:43 UTC
Venezuela preparing macroeconomic data to deliver to IMF

Venezuela which is sitting on one of the world’s largest crude oil reserves but which is suffering the worst loss of oil production in history outside of war-induced outages is getting ready to share macroeconomic data with the International Monetary Fund to avoid penalties including possible exclusion from the IMF.
Thursday, September 27th 2018 - 08:24 UTC
Iran tells Trump he is responsible for oil price increase: stop interfering in the Middle East

President Donald Trump should stop interfering in the Middle East if he wants the price of oil to stop rising, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Wednesday.