People pass near a petrol station at the Central Business District in Nairobi, capital of Kenya, on June 29, 2023. (Photo by John Okoyo/Xinhua) The meeting was co-chaired by Al Ghais and Zhang Jianhua, head of China's National Energy Administration. The next high-level meeting of the ...
VIENNA, December 1, 2023 – OPEC+ members have agreed to oil production cuts totaling 2.2 million bopd for early 2024, the oil and gas organisation announced on Thursday.The cuts are being calculated from the 2024 required production levels decided at a meeting held in June 2023, and are in...
In the 4th OPEC+ Ministerial Meeting (held on June 23, 2018), OPEC+ countries declared that they have exceeded the required level of production cuts outlined in the 'Declaration of Cooperation', reaching 147% in May 2018. Therefore, OPEC+ decided that as of July 1, 2018, it will ensure...
The market generally believes that the outcome of this meeting is unfavorable for oil prices, and the gradual cancellation of voluntary production cuts indicates that despite the recent increase in global oil inventories, some OPEC member countries still have a strong desire to restore production. In...
Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group. The talks between President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman come as Russia was said to be determined to start easing oil-output cu...
OPEC+ will hold its next meeting on Dec. 4. White House ‘disappointed’ The White House said in a statement that Biden was “disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact ofPutin’s ...
But on Sunday the group of oil producers decided to keep the policy unchanged. Its key ministers will next meet on Feb. 1 for a monitoring committee while a full meeting is scheduled for June 3-4. On Friday, G7 nations and Australia agreed a $60 per barrel price cap on ...
The financing will enhance ETG’s working capital, strengthen food systems and support the livelihoods of more than 600,000 smallholder farmers across sub-Saharan Africa.This is the OPEC Fund’s first sustainability-linked loan, a financing tool that ties lending terms to meeting environmental, ...
OPEC+ negotiations over production quotas have often been difficult in the past, most recently at their June meeting. WHAT IS AGREED ALREADY? OPEC+ after long negotiations in June extended oil output cuts of 3.66 million barrels per day (bpd), or about 5% of daily global demand, until the ...
Referring to the voluntary cuts, the OPEC Secretariat said they represent "a precautionary measure aimed at supporting the stability of the oil market." The JMMC will next convene on June 4, with a full ministerial meeting to follow.