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OPEC+ will have to cut output in December, according to market data

OPEC+ will have to cut output in December, according to market data

The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. OPEC said on last Tuesday that oil inventories had continued to rise despite a global deal. The International Energy Agency (IEA) urged Opec countries to swiftly deliver on promised production. The price of a barrel of brent...

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OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC agreed to keep oil production restrained until early next year. Saudi Arabia and Russia have instead signed up for eternity. OPEC will extend production cuts into 2020. Oil surged to a five-week high after Saudi Arabia and Russia signaled their support. OPEC+ will agree to extend production cuts for at least another six months...

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Russia, Saudi Arabia agree to maintain oil cuts for as long as nine months

Russia, Saudi Arabia agree to maintain oil cuts for as long as nine months

Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman. Ten days ago, the political lethargy Russia had descended. Yandex is Russia’s biggest internet search engine. Mueller probed alleged Russian meddling in 2016 US elections. A Ilyushin 62 jet reportedly arrived in Caracas months. 2020 parliamentary elections will be based fully...

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OPEC warns that trade tensions are hurting global oil demand

OPEC warns that trade tensions are hurting global oil demand

OPEC said that international trade tensions are hurting demand for oil. Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts. On coming week the International Energy Agency will publish its first forecast of oil market balances in 2020. Iran has no plans to leave the...

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OPEC+ grapples with Iran crisis as ministers meet in Jeddah

OPEC+ grapples with Iran crisis as ministers meet in Jeddah

OPEC and allies gather in the Saudi Arabian city of Jeddah last weekend. Opec and its allies extended oil production cuts for nine more months. OPEC said on last week to oil inventories had continued to rise despite a global deal. The more expensive oil and gas are, the greater the financial pressure to shift...

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Nigeria plans to double crude oil production, triple refining in bid for self-reliance

Nigeria plans to double crude oil production, triple refining in bid for self-reliance

Nigeria plans to almost double oil production and triple its refining capacity by 2025. Nigeria and Saudi Arabia has over the decades enjoyed a robust bilateral relationship with the Nigerian delegation. The Saudi Energy Minister communicated the blessings of the King of Saudi Arabia. The Nigerian National Petroleum Corporation (NNPC) says it has no plans...

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OPEC+ oil cuts jeoperdized by Iran waiver termination

OPEC+ oil cuts jeoperdized by Iran waiver termination

The threatens to squeeze oil supplies in an already tight market. It’s allies extended oil production cuts for nine more months after last year. OPEC said on last week that oil inventories had continued to rise despite a global deal. Oil prices have soared as hopes rise once more. The International Energy Agency (IEA) yesterday...

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Saudis pledge even deeper oil cuts in February under OPEC+ deal

Saudis pledge even deeper oil cuts in February under OPEC+ deal

Saudi Arabia has cut oil output to its lowest in almost two years. Saudis Pledge Even Deeper Oil Cuts in February Under OPEC deal. Saudi Arabia will pump oil for six months at levels “well below” the voluntary production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said. Energy Minister Khalid al-Falih said output...

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Saudis to keep Aramco’s hold on oil intact ahead of share sale

Saudis to keep Aramco’s hold on oil intact ahead of share sale

Crown Prince Mohammed bin Salman is preparing to roll out details of a sweeping plan to develop infrastructure and industry. Saudi Arabia’s crown prince insisted the stalled plan to sell shares in oil giant Aramco will go ahead. Saudi Aramco plans to retain exclusive rights to develop Saudi Arabia’s oil reserves. Saudi Arabia is seeking 1.6...

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Russia aims to speed up oil output cuts as Saudis criticize pace

Russia aims to speed up oil output cuts as Saudis criticize pace

OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude. OPEC and its Russia-led allies agreed on Friday to slash oil production. Russia wants to stay out of any oil-production cuts being touted by some of its...

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