Tag Archives: OPEC

Trump slams OPEC for keeping crude prices ‘artificially high’

US President Donald Trump has accused the Organization of the Petroleum Exporting Countries (OPEC) of propping up oil prices, which have reached their highest level in over three years. “Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good ...

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Russia & Saudi-led OPEC working on deal to corner oil market for decades

Moscow and Riyadh, backed by OPEC, are negotiating a deal that would allow them long-term control of oil prices. If successful, Russia and Saudi Arabia would manage oil markets for the next two decades. At the moment, Russia and OPEC are signing agreements on oil production cuts on a yearly basis. However, the next deal could be much longer. “We ...

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IEA predicts nightmare scenario for OPEC

The US will supply much of the world’s additional oil for the next few years, according to a new report from the International Energy Agency (IEA). Over the next three years, the US will cover 80 percent of the world’s demand growth, the IEA says in its newly-released Oil 2018 annual report. Canada, Brazil and Norway will cover the remainder, leaving no ...

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Russia gets $41.5 billion boost from OPEC deal

Since the start of the OPEC-Russia production cut deal, Russia’s oil companies and government have received the equivalent of around $ 41.5 billion more in proceeds, thanks to the higher oil prices. Due to the higher oil prices as a result of the pact, Russia’s federal budget has received so far $ 29.41 billion (1.7 trillion rubles) more, Russian Energy Minister ...

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Maduro wants joint cryptocurrency mechanism within OPEC

President of Venezuela Nicolas Maduro wants the world’s major oil producers to create a mechanism for issuing cryptocurrencies. Caracas is about to start the pre-sale of its own oil-backed digital currency, the petro. “I will make an official proposal to all OPEC members and non-OPEC states to work out a joint cryptocurrency mechanism backed by oil,” Maduro told reporters after meeting ...

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The OPEC deal may end in June

A couple of weeks ago, comments from the UAE’s energy minister spurred the oil price rally higher. What the minister said — or rather, hinted — was that the oil production cut deal that OPEC agreed to at the end of 2016 with Russia could continue beyond its December 2018 deadline. The rise, however, may have been too high for OPEC ...

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Relations between Russia & OPEC constructive, based on trust – Novak

RT Exclusive Published time: 7 Dec, 2017 10:59 The Organization of the Petroleum Exporting Countries (OPEC) and independent producers led by Russia made the right decision to extend their oil production cuts until the end of 2018, according to Russian Energy Minister Aleksandr Novak. Read more He told RT it provides an opportunity for a longer-term understanding of the joint ...

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US shale to surge after OPEC extension

Just as expected: OPEC and the group of non-OPEC countries led by Russia extended their production cuts for an additional nine months through the end of 2018. Read more “It’s been a good long day… in fact, it’s been a great day,” Saudi oil minister Khalid Al-Falih said at the presser. “I’m pleased to announce the decision has been unanimous.” ...

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OPEC will extend the cut

There will be an OPEC deal extension—no matter the public tussling between opposing forces in the industry cartel—if the world’s largest oil producers are really determined to end the supply glut. Read more A failure to agree on the market remediation would cause oil prices to plummet immediately, forfeiting any gains that have been made in the last year. Saudi ...

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U.S. oil production down, OPEC says

Daniel J. GraeberVIENNA, Feb. 9 (UPI) — Apart from Texas and North Dakota, oil production from the Lower 48 states is on the decline, OPEC said in its market report for February. Top News – UPI.com

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