Tag: SAUDI ARABIA

OPEC+ extends most oil output cuts into April

OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day (bpd), and would decide in coming months when to gradually phase it out

OPEC oil output falls in February on Saudi additional cut

OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to agreed reductions under a pact with allies ending a run of seven consecutive monthly increases

Oil price rally points to more OPEC+ easing from April

OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, OPEC+ sources said, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic

Oil in longest rally in two years as vaccines boost demand hopes

Oil rose, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand

OPEC+ maintains oil policy amid price rally

OPEC+ maintained its oil output policy as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery

OPEC Jan oil output rises for 7th month, Nigeria limits gain

The 13-member Organization of the Petroleum Exporting Countries is pumping 25.75 million barrels per day in January, the survey found, up 160,000 bpd from December and a further increase from a three-decade low reached in June

Saudi Arabia pips Russia to be China’s biggest oil supplier in 2020

Saudi shipments to China in 2020 were rose 1.9% from a year earlier to 84.92 million tonnes, or about 1.69 million bpd, data from the General Administration of Chinese Customs showed

OPEC sees US shale output recovering further on oil rally

The outlook for US shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said, in a sign its policy of cutting output is helping rivals pump more

Saudi voluntary oil cut to help with low demand in first quarter

Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event

Oil set for weekly gain on Saudi output cut pledge

Brent crude climbed 44 cents, or 0.8%, to $54.82 a barrel by 1007 GMT, the highest since late February, and U.S. West Texas Intermediate (WTI) gained 36 cents, or 0.7%, to $51.19, also its highest level since late February