BUSINESS | OPEC+ Fears Second Virus Wave Could Lead To Oil Surplus In 2021

MOSCOW – OPEC and its allies fears a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel officials from OPEC+ producers, called the Joint … Continue reading BUSINESS | OPEC+ Fears Second Virus Wave Could Lead To Oil Surplus In 2021

BREAKING NEWS | Saudi King Salman, Nigerian President Discuss Oil Market: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman bin Abdulaziz and Nogerian President Muhammadu Buhari discussed efforts taken to stabilize and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday. The two leaders ‘stressed the importance of compliance, by all participants, to the OPEC+ agreement and the … Continue reading BREAKING NEWS | Saudi King Salman, Nigerian President Discuss Oil Market: SPA

BUSINESS | OPEC+ Panel Shifts date of Next Meeting To August 19: Sources

LONDON – An OPEC+ ministerial panel monitoring the group’s oil supply reduction deal will hold its next virtual meeting on Aug.19, a day later than previously planned, three OPEC+ sources said on Friday, without giving a reason for the date change. The panel, called the Joint Ministerial Monitoring Committee (JMMC), advises the Organization of the … Continue reading BUSINESS | OPEC+ Panel Shifts date of Next Meeting To August 19: Sources

BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says

RIYADH | SAUDI ARABIA – Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday. Aramco’s capital spending plan for 2021 will be ‘significantly … Continue reading BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says

NEWS ALERT | Saudi Crown Prince, Nigerian President Discuss OPEC+ Deal Compliance

RIYADH | SAUDI ARABIA – Saudi Crown Prince Mohammed Bin Salman, in a phone call with Nigerian president Muhammadu Buhari, reviewed the current progress made on the OPEC+ deal, state news agency (SPA) said on Monday. Salman and Buhari also reviewed aspects of cooperation to enhance stability of oil markets, SPA added.

BUSINESS | OPEC, Allies Coordinating To Hold Saturday Meeting: Saudi Arabia

RIYADH | SAUDI ARABIA – Saudi 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. ‘The conditions right now warrant hopefully successful meetings. Coordination is under way to hold OPEC and OPEC+ meetings tomorrow afternoon’, Prince Abdulaziz … Continue reading BUSINESS | OPEC, Allies Coordinating To Hold Saturday Meeting: Saudi Arabia

BUSINESS | OPEC+ To Meet On Saturday To Discuss Extending Oil Output Cuts: Ennahar TV

RIYADH | SAUDI ARABIA – The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, will meet on Saturday, June 6, Algeria’s Ennahar TV channel reported on Friday, citing an OPEC Sources. The sources added that the meeting will discuss extending a deal on oil output cuts.

BUSINESS | OPEC+ May Meet This Week If Laggards Agree To Comply: Sources

LONDON – OPEC+oil producers could still hold a virtual ministerial meeting this week if Iraq and others that have not fully complied with current oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known … Continue reading BUSINESS | OPEC+ May Meet This Week If Laggards Agree To Comply: Sources

NEWS | Putin and Trump Discussed G7 Summit, Oil Markets In Call: Kremlin

BUCHAREST | ROMANIA – U.S. President Donald Trump told President Vladimir Putin in a phone call on Monday about his idea of holding an expanded Group of Seven Summit later this year with a possible invitation for Russia, the Kremlin and the White House said. Trump said on Saturday he would postpone a G7 Summit … Continue reading NEWS | Putin and Trump Discussed G7 Summit, Oil Markets In Call: Kremlin

BUSINESS | Saudi Crown Prince Discusses Oil Markets Stability With Russian President On Phone

RIYADH | SAUDI ARABIA – Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, received a phone call from President Vladimir Putin of the Russian Federation. During the phone conversation, they discussed the efforts being exerted to stabilize the oil markets, the Saudi Press Agency, SPA, reported. … Continue reading BUSINESS | Saudi Crown Prince Discusses Oil Markets Stability With Russian President On Phone