Search result for OPEC
Oil prices are unchanged as the market awaits decisions from the Federal Reserve and OPEC.
Oil prices remained relatively unchanged as the market anticipates a meeting of OPEC and its allies, a Federal Reserve rate decision, and U.S. government data on oil and fuel stockpiles on Wednesday. Brent crude futures fell 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermedia...
Asia is more concerned about the impact of Libyan difficulties on oil prices than cargo movements
Due to the region's low reliance on those supplies, Libya's oil production woes are unlikely to have a significant impact on Asia's crude buying plans, but refiners are girding for some price impact and supply squeeze as goes straight of the North African OPEC producer scramble for ca...
Russia-Ukraine Issue Boosts Oil Prices
Oil prices soared once again on Thursday as fears of the conflict between Russia and Ukraine intensified. If Russia continues with its plan of invading Ukraine, the energy supply line to Europe could be disrupted.
The heightened fear of this happening sent the Brent crude rising b...
INDIA URGES OPEC TO PRODUCE MORE CRUDE OIL
HIGHLIGHTS
- India has urged OPEC to increase crude oil production.
- The daily output of OPEC is 7 million barrels per day.
India has urged Organization of Petroleum Exporting Countries (OPEC) and its partners to increase oil produ...
MAY 2020 SPELLS GAINS FOR OIL: WESTERN TEXAS INTERMEDIATE CLOSES AT 88% FOR MAY
Highlights:
- Balance in the demand and supply restored for oil
- With reopening of the economies, oil gets another boost
Post the historic dip to below zero in April 2020, oil has made a miraculous recovery. It was actually a matter of time since this w...
CRUDE OIL STORAGE: A JACKPOT HITTING BUSINESS TODAY
Highlights:
- Crude oil is more than in abundance today
- With pandemic shutting down economies and travel, there is an urgent need for storage
- Oil tankers and crude oil storage firms are enjoying one of the best periods in their businesses
HISTORIC LOW: (MINUS) -$37.63 A BARREL FOR OIL FUTURES CONTRACT
Highlights:
- Crude oil futures contract take a beating to minus $37.63 per barrel
- A historic low since 1946
- It is the result of too much oil in the country with a serious storage deficit
The pandemic of coronavirus seems to be c...
OIL PRICES INCREASED, OPEC MEMBERS PLAN ADDITIONAL RATE CUTS
HIGHLIGHTS
- Members of the Organization of the Petroleum Exporting Countries (OPEC) are considering to reduce an additional cut of 1 million barrels per day.
- Airlines cancellations and travel bans by countries globally sparked worries about the worldwi...
Oils Dips below $57 as the COVID-19 Pandemic Grows and OPEC Unable to Reach Consensus!
On Tuesday the 18th, oil prices continue to decline even as multiple pleas from Saudi Arabia and other OPEC countries, to cut down oil production, have failed to generate a consensus among its members and allied countries. In the mid-afternoon trading numbers, prices for Brent Crude, were down by...
Saudis Looking to Cut Global Oil Supply as Coronavirus [COVID-19] Threatens Demand:
According to sources the Saudis, in recent years, have always strived to maintain the oil prices above $60. With this year oil prices reducing by $11 a barrel and getting dragged down to $54/Barrell, it has alarmed most of the oil dependent economies. Now with the spread of Coronavirus [COVID-19]...
Abu Dhabi F1 race
As Saudi Arabia needed assistance to convince Russia to sign deeper cuts in the supply of oil at this month's OPEC, it was its gulf partner in the United Arab Emirates.
FILE PHOTO: The OPEC logo is put outside its office in front of OPEC and NO-OPEC meetings, Austria 6 December 2019...
The OPEC deal results in Saudi stocks going up
Since OPEC and its allies decided to extend the production cuts by 500,000 barrels a day to boost oil prices, the Saudi stock market rose strongly on Sunday, led by bank shares. On Friday, Saudi Arabia led the OPEC+ Group, which in a decade is seeking to avert over-supply and increase prices, wil...
Oil prices fall significantly after the OPEC meeting
On Saturday, the OPEC will take no drastic steps to lift oil prices, as global stocks pulled back from trade war worries. Oil prices are not expected on Friday.
In the lead-up to the Organization of Petroleum Exporting Countries meeting held in Vienna on 5 December, the US and European ...
Even after public offering to state own Aramco, Saudis are still stuck with OPEC
Saudi Arabia's proposed initial public offering to its state-owned oil company, Saudi Aramco, is fueling talk that it could spell the end of the price-control group known as the OPEC. But there is a crucial point omitted from such a study.
On the ground, it makes se...
Efforts to bring up the falling crude oil prices
It was told by the executive director at International Energy Agency on Wednesday that the crude oil producing countries who are in the OPEC+ are failing to support up the prices and the prices still are in the 60’s/bbl. territory for brent.
Fatih Birol highlighted how, desp...
OPEC funds rehabilitation project in Sri Lanka
OPEC Fund for International Development (OFID) has signed a US $ 40 Million rehabilitation fund with the government authorities, to kick start a rehabilitation program in the southern sector of the country.
The joint development program between the Sri Lankan authority and the OPEC coun...
Russia targets oil consumption
One key component within the new agreement, in accordance with Russia’s energy minister, Alexander Novak, is going to be co-operation on atomic power - and oil, gas, liquefied gas, electricity, and numerous transports comes. Indeed, the energy ministry said that Rosatom had additionally sig...
Russia misses the oil target
Russian oil output edged right down to 11.25 million barrels per day last month from August’s 11.29 million BPD; however, it remained on top of the cap set under the worldwide production deal. Accord reached between the Organization of the Petroleum Exporting Countries and allied producers,...
UAE oil agreement with China
The Abu Dhabi National company (ADNOC) signed a strategic cooperation agreement with China National Offshore Oil Corporation (CNOOC) mutually of OPEC’s largest producers united to explore upstream and downstream opportunities and liquefied gas (LNG) cooperation with the world’s high o...