Tag: OPEC

OPEC+ presses for compliance with oil cuts

OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end

Iran says OPEC has raised and stabilised crude oil price

OPEC has managed to raise crude prices and stabilise the oil market, Iran’s oil minister said. “OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized”

Russia’s Novak expects no hasty OPEC+ decisions this month

Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable

OPEC trims 2020 oil demand, sees virus fears weighing on prices

OPEC said world oil demand will fall more steeply in 2020 due to the coronavirus pandemic and said next year’s recovery faces large uncertainties, pointing to growing headwinds for the group and its allies in supporting the market

OPEC July oil output surges as Gulf voluntary cuts end

OPEC oil output has risen by over 1 million barrels per day in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance

Shell dives to USD18.1B loss on virus-hit oil market

Royal Dutch Shell posted a colossal net loss of USD18.1 billion for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market, and flagged that job cuts are on the way

OPEC prepares for an age of dwindling demand

The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC, according to a Reuters report

Saudi Arabia says OPEC+ moving to easing oil cuts on demand recovery

Saudi Arabia’s energy minister said that OPEC+ was moving to the next phase of its oil cut pact when the group is expected to ease their reductions as oil demand recovers

OPEC says global oil demand set for record rise in 2021

Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report

Angola resists OPEC pressure to comply fully with oil cuts

Saudi Arabia has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for May overproduction in July-September