OPEC’s pact with Russia falls apart, sending oil into tailspin
A three-year pact between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production. Oil prices plunged 10% as the development revived fears of a 2014 price crash, when Saudi Arabia […]
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 […]
