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 | Saudi Aramco Cuts July Crude Supplies To At Least Five Buyers In Asia: Sources

RIYADH | SAUDI ARABIA – World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday. The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources … Continue reading BUSINESS | Saudi Aramco Cuts July Crude Supplies To At Least Five Buyers In Asia: Sources

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 NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources

LONDON – Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting’s preparations told Reuters on Sunday. Algeria, which currently holds the presidency of the Organization of Petroleum Exporting Countries (OPEC), has … Continue reading BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources

NEWS ALERT | Saudi Cabinet Urges OPEC+ Countries To Further Reduce Production: SPA

RIYADH| SAUDI ARABIA – Saudi Arabia’s cabinet has urged OPEC+ countries to further reduce oil production rates to restore balance in global crude markets, state news agency (SPA) reported early on Wednesday. ‘The cabinet affirmed the Kingdom of Saudi Arabia’s endeavor to support the stability of global oil markets’, according to a statement. ‘The Kingdom … Continue reading NEWS ALERT | Saudi Cabinet Urges OPEC+ Countries To Further Reduce Production: SPA

BUSINESS | Saudi Cabinet Says Ready To Take Any Extra Measures With Other OPEC+ Producers To Stabilise Oil Market

RIYADH | SAUDI ARABIA – Saudi Arabia said on Tuesday it is ready to take any extra measures with OPEC+ members and producers to achieve  oil market stability, state news agency SPA reported citing cabinet statement. ‘Kingdom is committed with Russia to implement productions cuts over next couple of years’, the cabinet statement said.

BUSINESS | Oman Says Will Cut Oil Output By 200,000 Bpd From May 1 As OPEC+ Pact

Oil Refinery, Chemical & Petrochemical plant abstract at night. RIYADH | SAUDI ARABIA – Oman has told its oil producing companies to cut 200,000 barrels per day starting from May 1 until the end of June in line with OPEC+ crude supply reduction pact and will inform its customers of the same plan, its oil … Continue reading BUSINESS | Oman Says Will Cut Oil Output By 200,000 Bpd From May 1 As OPEC+ Pact