Tag Archives: Opec

Oil prices fell on Tuesday with U.S. crude leading the decline, falling about 3% as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production. However, the markets were supported on hopes of demand recovering as across the world, governments announced …

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of …

As the OPEC+ deal is pending, US senators from oil states held phone talks with Saudi officials to ensure that Riyadh finally puts an end to the problem “it helped to create” – the ‘oil price war’ that tanked the market. The two-hour phone call, led by Republican Senators Kevin …

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic. Thursday’s videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) …

World stock markets jumped on Monday, encouraged by a slowdown in coronavirus-related deaths and new cases, though a delay in talks between Saudi Arabia and Russia to cut supply sent oil tumbling again. Equity investors were encouraged as the death toll from the virus slowed across major European nations including …

Iraqi Deputy Prime Minister, Minister of Oil, Thamer Al-Ghadban attributed on Sunday the postponement of the conference of oil-producing and exporting countries, until next Thursday due to “technical reasons”. Al-Ghadban said, in a statement to the official newspaper, “Al-Sabah”, that “the conference that was scheduled to take place on Monday …

European stock markets sank on Friday, erasing meager gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut. With virus-fighting lockdowns raising the risk of a prolonged global downturn, …

Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut. Brent crude fell $2.07 to $31.78 a barrel by …

Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the …

Crude oil futures topped $70 per barrel in early trading Monday amid rising tensions in Iraq and Iran following the killing of a top Iranian military commander in Baghdad. Benchmark Brent crude futures reached $70.72 early in Monday’s session, up 1.28 percent, before falling back below the $70 mark to …

China’s largest oil and gas producer CNPC has announced the discovery of an oilfield that could hold over a billion tons of reserves in the northwest of the country. According to CNPC, the proven reserves at Qingcheng oilfield in the Ordos basin stand at 358 million tons, while its estimated …

Iraqi and Jordanian officials announced that Amman would receive its first shipment this week of a planned 10,000 barrels per day (BPD) of oil from Iraq’s province of Kirkuk as apart of an agreement made between the two neighboring countries in early 2019. Hala Zawati, Jordan’s Minister of Energy and …

A gas pipeline exploded near Basra in southern Iraq on Wednesday and halted supplies to a local power station, but did not affect gas or oil output, oil ministry officials and police said. A technical fault due to scorching summer temperatures appeared to have caused the blast in al-Haritha 10 …

Iraq is close to reaching a deal with oil majors BP and Eni for an export pipeline project that was initially planned as part of a mega-deal with U.S. energy giant ExxonMobil, according to five senior Iraqi oil officials involved in the negotiations. Under the proposed $400 million agreement, British …

As if life was not bad enough for Adnan Kadhim – he lives in a slum where municipal authorities dump Baghdad’s rubbish – now someone is setting the waste on fire, making his children sick. As the United Nations marks World Environment Day on Wednesday, Iraq is suffering a pollution …

The foreign minister of Qatar said on Wednesday that Washington’s decision not to extend sanction waivers on Iranian oil exports would harm countries that rely on the supplies. The United States has demanded that buyers of Iranian oil stop purchases by May 1 or face the prospect of sanctions, ending …