Post Tagged with: "OPEC"

‘Iran not expecting OPEC call to cut output’

May 24, 2017 10:30 pm
‘Iran not expecting OPEC call to cut output’

Iran’s Petroleum Minister Bijan Zanganeh says he does not expect the Organization of the Petroleum Exporting Countries (OPEC) to call on the Islamic Republic to reduce its oil production when it meets to discuss extending an oil output deal tomorrow. Iran’s Petroleum Minister Bijan Zanganeh says he does not expect […]

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‘Oil above $55 per barrel not to OPEC’s benefit’

February 23, 2017 8:10 pm
‘Oil above $55 per barrel not to OPEC’s benefit’

Iran’s Oil Minister Bijan Zanganeh. (Photo by Shana) Iran says the member states of the Organization of the Petroleum Exporting Countries (OPEC) will not benefit if oil prices increase beyond $55 per barrel.   Iran’s Oil Minister Bijan Zanganeh was quoted by the domestic media as saying that if oil […]

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OPEC reports big Saudi oil cut, boosting compliance with deal

February 13, 2017 3:57 pm
OPEC reports big Saudi oil cut, boosting compliance with deal

OPEC Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group’s supply-reduction deal to a record high of more than 90 per cent. The Organisation of the Petroleum Exporting Countries is […]

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Oil edges up ahead of Christmas

December 24, 2016 4:00 pm
Oil edges up ahead of Christmas

File image of an oil platform Crude prices have edged up ahead of the Christmas with the global markets waiting to see how OPEC’s planned output cuts will affect oil prices in 2017. Brent futures climbed 11 cents to settle at $55.16 a barrel on Friday. US West Texas Intermediate […]

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OPEC, non-OPEC producers set for deal

December 10, 2016 6:00 pm
OPEC, non-OPEC producers set for deal

OPEC headquarters in Vienna, Austria (@AFP) The Organization of the Petroleum Exporting Countries (OPEC) is expected to clinch a deal with non-OPEC producers to reduce oil output. OPEC has started a meeting with producers from outside the group in Vienna on Saturday amid hopes that non-OPEC producers will commit to […]

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OPEC states must work for stable oil market: Iranian President Hassan Rouhani

December 8, 2016 10:30 pm
OPEC states must work for stable oil market: Iranian President Hassan Rouhani

Iranian President Hassan Rouhani Iranian President Hassan Rouhani says all member states of the Organization of the Petroleum Exporting Countries (OPEC) must make joint efforts to stabilize the global oil market and reverse a slump in prices following their landmark supply-cut deal. In a telephone conversation with Venezuela’s President Nicolas […]

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Crude prices enjoys best weekly gain in years

December 3, 2016 5:30 pm
Crude prices enjoys best weekly gain in years

File image of an oil platform in the Persian Gulf Crude prices have soared after the Organization of the Petroleum Exporting Countries agreed to cut crude output. Oil futures scored a weekly gain of over 12% amid growing hopes that OPEC’s output deal will help shrink the glut of crude […]

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Iran’s OPEC ‘victory’ hailed at home

December 1, 2016 3:30 pm
Iran’s OPEC ‘victory’ hailed at home

The agreement by OPEC to exempt Iran from a much-debated oil freeze plan has been praised by the country’s media as a victory with most of the credits going to the country’s Petroleum Minister Bijan Zanganeh. (Photo by Shana) Iran’s media have hailed what is seen at home as the […]

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Libya rejects OPEC production cuts

November 27, 2016 8:20 pm
Libya rejects OPEC production cuts

Chairman of Libya’s National Oil Corporation Mustafa Sanalla Libya says it cannot be part of an imminent deal by members of the Organization of the Petroleum Exporting Countries (OPEC) for cutting down oil production levels, saying it will push for increased income to make up for the militancy and political uncertainty […]

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Oil prices slumped sharply after Saudi no-show

November 26, 2016 10:00 am
Oil prices slumped sharply after Saudi no-show

An AFP file image taken on August 21, 2013 shows an oil well near Tioga, North Dakota. Oil prices have slumped sharply amid uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal. US crude fell nearly 4 percent, settling down $1.90 a barrel at […]

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OPEC, non-oil cartel members discuss production cuts

October 29, 2016 3:45 pm
OPEC, non-oil cartel members discuss production cuts

OPEC OPEC officials held talks with Russia and other non-cartel members Saturday in Vienna to debate how to implement a plan aimed at cutting oil output to reduce a global supply glut and bolster prices. “The recovery process has taken far too long and we cannot risk delaying the adjustment […]

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OPEC facing its ‘hardest’ times in history

October 26, 2016 3:10 pm
OPEC facing its ‘hardest’ times in history

OPEC produces about 35% of crude oil globally. OPEC is at its hardest stage in history as oil producing members are struggling to build consensus around the need to trim production and stabilize the market, its chief Mohammed Barkindo says.  “OPEC has gone through good times and conditions for more […]

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OPEC report Iran’s oil output at 3.6 mb/d

October 13, 2016 9:40 pm
OPEC report Iran’s oil output at 3.6 mb/d

OPEC says Iran’s oil production has now reached a record high of 3.6 million barrels per day (mb/d). The Organization of the Petroleum Exporting Countries (OPEC) says Iran’s oil production has reached a new record high of 3.665 million barrels per day (mb/d).   OPEC in a monthly report said […]

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​Russia support OPEC’s oil freeze plan

October 10, 2016 7:45 pm
​Russia support OPEC’s oil freeze plan

Russian President Vladimir Putin says his country supports an OPEC plan to freeze oil production as a way to support oil prices. (Photo by AFP) Russia has expressed full support for a proposed plan to freeze oil production as a way to support oil prices.  Russian President Vladimir Putin told […]

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Organization of Petroleum Exporting Countries (OPEC) reaches deal to cut oil production output

September 28, 2016 9:40 pm
Organization of Petroleum Exporting Countries (OPEC) reaches deal to cut oil production output

OPEC has reportedly reached a deal to cut its production to 32.5 million barrels per day from November. The Organization of Petroleum Exporting Countries (OPEC) has reportedly agreed to reduce its oil production to 32.5 million barrels per day (mb/d) from November. The agreement to slash OPEC’s production by 0.75 […]

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