Tag: OPEC

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.
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.