Oil war: Russia, Saudi Arabia throw hats into the ring
It is the sign of the time as the global economy falters again. What appeared as a three-year-old marriage between OPEC and its ally, OPEC+, to support oil prices and erase the glut on the market headed for dissolution because of perceived irreconcilable differences between partners turned opponents. Last week, OPEC recommended additional production cuts of 1.5 million barrels per day, bpd starting in April and extending until the end of the year. However, OPEC-ally Russia rejected the additional production cuts to shore up prices, with its energy minister, Alexander Novak, saying that from April the country’s oil producers will be pumping oil as usual, without compliance to any OPEC+ quotas. Saudi Arabia in a counter said it was cutting the prices for its oil and planning a production increase, to supply 12.3 million bpd in April, well above its current production levels of 9.7 million bpd, Saudi Aramco CEO Amin Nasser said on Tuesday. Has Russia become the bump in the road, as it is not willing to budge? Russia is the world’s second-biggest oil exporter after Saudi Arabia. Russia’s point of view is that the OPEC+ agreement has become meaningless.
Oil prices steady as Russia touts easing OPEC+ output
Oil was little changed on Monday, holding near a three-month high on optimism over a nearing U.S.-China trade deal even as Russia said an OPEC-led pact may consider easing output cuts next year. Brent crude LCOc1 was up 9 cents, or 0.14%, at $66.23 per barrel by 1240 GMT in thin trading ahead of the […]
OPEC says it pumped less oil in November
OPEC members curbed production in November, led by kingpin Saudi Arabia, it said Wednesday, before agreeing to deeper cuts last week. OPEC and partner countries such as Russia want to maintain crude oil prices at a minimum level despite a decline in global trade and abundant reserves. Total output of crude by the cartel […]
Oil prices fall as U.S. crude stocks jump
Oil prices fell on Wednesday after industry data showed an unexpected build-up of U.S. crude inventories and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on Sunday. Brent futures LCOc1 fell 34 cents to $64 per barrel by 1430 GMT. West Texas Intermediate […]
Oil set for big weekly gains as OPEC+ agrees on deeper output cuts
Oil prices rose on Friday and were on track for weekly gains as a meeting of OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. The additional cuts by the Organization of the Petroleum Exporting Countries and allies including Russia – a grouping known as OPEC+ – […]
OPEC, allies agree to deepen crude oil output cuts
OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for an unexpectedly short period of the first three months of 2020. The Organization of the Petroleum Exporting Countries (OPEC) began a meeting to discuss policy in Vienna at […]
OPEC gearing up for deeper oil cuts, Russia yet to agree
OPEC is gearing up to deepen oil supply cuts later this week but still needs to strike an agreement with allies such as Russia on details of a deal to support prices and prevent a glut next year. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting […]
Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said. The deal being discussed by the Organization […]
Nigeria has met 100% OPEC target agreement ― Sylva
The Minister of State for Petroleum Resources, Chief Timipre Sylva says Nigeria has met the 100 per cent target agreement entered into by Organisation of Petroleum Exporting Countries (OPEC) and 10 Non-OPEC member states. Sylva said this in a statement issued by his Spokesman, Alhaji Garba Muhammad in Abuja on Sunday. OPEC and 10 Non-OPEC […]
OPEC November oil output slips before Aramco IPO, policy meeting
OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO) of state-owned Saudi Aramco, a Reuters survey found. On average, the 14-member Organization of the Petroleum Exporting Countries has pumped 29.57 […]
OPEC+ and the threat of glutted global oil
The Organization of the Petroleum Exporting Countries, OPEC and its non-OPEC allies known as OPEC+ would meet next week at the Vienna, Austria headquarters to review production freeze arrangement in a global oil market that tilts towards a glut.
