OPEC Meets On Output Increase As Oil Prices Rally

OPEC and its allies meet on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel. The oil price rally to three – year high is exacerbated by an even bigger increase in gas prices, … More OPEC Meets On Output Increase As Oil Prices Rally

OPEC+ Gradual Output Hikes To Help Stabilise Markets, Says Iraqi Oil Minister

Milan / Italy – – Iraqi’s oil minister said on Wednesday that the OPEC+ policy of gradual crude output hikes will help stabilize global oil markets, the oil ministry said in a statement. Iraq supports the group known as OPEC+ that help oil markets stability, the oil minister, Ihsan Abdul Jabbar, said, adding that the … More OPEC+ Gradual Output Hikes To Help Stabilise Markets, Says Iraqi Oil Minister

OPEC+ Could Reconsider Output Increase, Says Kuwaiti Oil Minister

Kuwait – – The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept.1, Kuwait’s oil minister said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase … More OPEC+ Could Reconsider Output Increase, Says Kuwaiti Oil Minister

OPEC+ Sees No Need To Meet U.S. Call For More Supply

London/UK OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters. The price of international benchmark Brent crude has risen 35% this year towards $70, driven … More OPEC+ Sees No Need To Meet U.S. Call For More Supply

U.S. Energy Secretary Makes Phone Call To Saudi Arabia Ahead of OPEC+ Meet

The United States said in call with Saudi Arabia that energy should be kept affordable for consumers, as the administration of President Joe Biden resumed the practice of his predecessor Donald Trump who contacted OPEC’s leaders before key meetings. U.S. Energy Secretary Jennifer Granholm said on Twitter she had a call with Saudi Energy Minister … More U.S. Energy Secretary Makes Phone Call To Saudi Arabia Ahead of OPEC+ Meet

Oil Falls On OPEC+ Concerns Over Slow Demand Recovery

Oil prince fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered its 2021 demand growth forecast, although strong Chinese factory activities lent some support. Brent crude for May, which expires on Wednesday, fell 32 cents, or 0.5%, to $63.82 a barrel at 0948GMT. The more active Brent contract for … More Oil Falls On OPEC+ Concerns Over Slow Demand Recovery

BREAKING NEWS | Putin Thanks Saudi King Salman Over Russia OPEC+ Role

Russian President Vladimir Putin has thanked Saudi Arabia’s King Salman for the ‘active and joint cooperation’ in OPEC+. Putin said Russia and Saudi Arabia are actively cooperating in the alliance of the world’s largest oil exporters to ensure the stability of global energy markets, Saudi Press Agency reported on Wednesday. Putin’s remarks were made during … More BREAKING NEWS | Putin Thanks Saudi King Salman Over Russia OPEC+ Role

BUSINESS | Kuwait Says To Support Any OPEC+ Supply Decision

Kuwait said on Thursday it would support any decision made by OPEC and its allies on future oil supply policy. ‘Kuwait fully supports the joint OPEC+ efforts to restore balance to the oil market, and going forward we will also support whatever necessary joint decision will be agreed to under the OPEC+ framework’, Kuwaiti Oil … More BUSINESS | Kuwait Says To Support Any OPEC+ Supply Decision

BUSINESS | Oil Slips Below $45 On Demand Doubts, Rising Supply

NEW YORK – Oil slipped further below $45 a barrel on Friday, giving up this week’s gains, under pressure from doubts about demand recovery due to the novel coronavirus pandemic rising supply. Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts this week. … More BUSINESS | Oil Slips Below $45 On Demand Doubts, Rising Supply

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.