OPEC

OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic. OPEC+ is unlikely to change its output policy, which…
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Saudi Arabia’s King Salman bin Abdulaziz and Nigerian President Muhammadu Buhari discussed efforts taken to stabilise and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday. The two…
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From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future. Iraq has seen fatal protests as its electricity grid buckles amid searing heat, while…
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Oil prices decreased today, Friday, but is on track to achieve gains for the second week in light of the growing confidence that demand for fuel began to rise despite the Corona virus pandemic that is wracking economies around the world. …
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The International Energy Agency, IEA, has warned that demand for oil will plummet by 8.1 million barrels per day (bpd) in 2020 due to reduced air travel occasioned by the Coronavirus (COVID-19) pandemic. This is expected to further depress…
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From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge for the OPEC cartel and its…
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...Led by Saudi Arabia Saudi Arabia, the Emirates, Kuwait, Bahrain, the Sultanate of Oman and Iraq have affirmed their full commitment to the agreement to reduce oil production between OPEC + countries. The energy and oil ministers…
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The price of oil has risen above $45 a barrel, the first time it has reached that level since the coronavirus outbreak forced countries across Europe into lockdown. However, this rebound may prove to be short-lived, according to oil market…
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Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar .DXY and falling U.S. crude inventories undermined by bearish sentiment about fuel demand. Brent crude LCOc1 fell 7 cents to $45.10 a barrel by…
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At least one part of the oil industry should be happy about OPEC+’s easing of production cuts beginning this month, and this part is refiners who have been forced to boost their intake of high-sulfur fuel oil to replace heavy crude their…
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