Top OPEC producers and their main allies have given a raft of conflicting messages about their next oil policy moves, making it particularly difficult to predict the outcome of the next OPEC+ meeting in early June. Remarks by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, the de-fac...
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...
OPEC expected to extend existing quotas at June meeting despite upcoming Iraqi sale. (Organization of Petroleum Exporting Countries)Mackey, PegElass, Jareer
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 ...
Analysts thought the 12-member group would boost production in an effort to cool off oil prices and take some pressure off the world economy…. Instead of raising production the Organization of Petroleum Exporting Countries ended a contentious meeting in Vienna without changing quotas for its members...
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 ...
Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group.
Calls from many in the oil and gas industry for more production cuts, on top of the 2.6 million bpd that Opec members agreed to remove from the market in June 1999, have not resulted in any further action. During the last meeting, in November 1998, ministers failed to agree on new cuts...
Pressured by investors and society, the global oil industry is looking for ways to stay in the game by meeting the world’s growing demand for energy, including crude, with the lowest carbon emissions possible. Such a feat by an industry so entrenched into our existence could surely secure ...
Analysts await latest maneuvering at upcoming OPEC meeting in June. (column)Smith, Eugene R