Representatives from the oil industry and from OPEC will attend the COP28 climate summit in Dubai next month, OPEC Secretary General Haitham Al Ghais said on Tuesday. “The oil industry will be at COP and we will be …
LONDON/DUBAI – OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group’s more bullish view compared to other forecasters.
The …
(Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition …
OPEC+ continues to work to balance oil markets, cautiously eyeing China growth, the UAE Minister of Energy told a conference just two days ahead of the alliance’s October 4 ministerial panel meeting.
“Many dynamics are moving on and …
(Bloomberg) – Saudi Arabia Energy Minister Prince Abdulaziz bin Salman said OPEC is working to keep oil markets stable and improve global energy security, without targeting any specific price level for crude.
“Proactive, preemptive and precaution — these …
(Bloomberg) – OPEC’s top official warned against abandoning fossil fuels, hitting back once again at remarks from the world’s energy watchdog. Cutting out fossil fuels “would lead to energy chaos on a potentially unprecedented scale, with dire consequences …
Last week, Brent crude topped $90 per barrel for the first time since last November, and WTI climbed to an 11-month high, too. The reason: Saudi Arabia and Russia said they would extend their oil supply cuts until …
Oil prices are set for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply, the International Energy Agency (IEA) …
(Bloomberg) – Rosneft PJSC Chief Executive Officer Igor Sechin said Russia’s intermittent oil production cuts are curbing the development of the nation’s biggest crude producer. “Rosneft has been limiting crude oil production in one way or another since …
LONDON – Saudi Arabia will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down …
(Bloomberg) – Global oil markets are on track for a sharp supply deficit of more than 2 MMbpd this quarter as Saudi Arabia slashes production, OPEC data indicate. Output from the Organization of Petroleum Exporting Countries tumbled last …
Saudi Arabia’s cabinet, or Council of Ministers, showed its support for what it considers to be precautionary measures taken by OPEC+ to stabilize the oil market, Saudi Arabi media said on Tuesday.
It said it would continue …
(Bloomberg) – OPEC signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets. A monitoring committee comprising the kingdom and other key OPEC nations recommended no …
MOSCOW/LONDON/DUBAI – OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six OPEC+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally.
Ministers from the Organization of
LONDON – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey …
LONDON – Oil prices dipped on Monday after weak economic data from top consumers the United States and China, though expected crude supply cuts from Saudi Arabia and Russia limited losses.
Brent crude futures fell 19 cents, or 0.2%, …
VIENNA – OPEC will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to …
LONDON – Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday.
Saudi Arabia …
Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates.
Saudi Arabia on Monday …
LONDON – OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market, …
LONDON – Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman earlier this month outlined one of the biggest reforms at OPEC in recent years and presented it as a reward for countries that invest in their oil industry.
The …
(Bloomberg) – Saudi Arabia’s latest oil production cuts are set to tighten global markets sharply next month, data from OPEC show. Even before the kingdom announced its surprise new measures just over a week ago, the Organization of …
(Bloomberg) – Russia’s President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked on OPEC+ cooperation by phone, the Kremlin said.
The two leaders “gave high praise to the level of cooperation within the OPEC+ that allows …
LONDON – Oil prices rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown.
LONDON – Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks.
Brent crude futures were up 36 cents, or 0.5%, at …
Saudi Arabia agreed to take one for the team this weekend and volunteered to cut another 1 million barrels per day off its crude oil production to keep the market in check—and to punish short sellers.
But Saudi …
