Tag Archives: OPEC

Trump’s order for OPEC to reduce prices is insulting – Iranian oil minister

Donald Trump has insulted OPEC member states by ordering the organization to reduce prices, the Iranian oil minister stated, responding to the US leader’s recent criticism of OPEC for keeping oil prices artificially high. “[Donald] Trump sends every day a new message that creates uncertainty in the oil market,” Bijan Zanganeh said in an interview with Iranian broadcaster IRIB. According ...

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Formation of China-India oil cartel threatening OPEC

When reports emerged that India and China are in talks about forming an oil buyers’ club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying. “The timing is right. The boom in US oil and gas production gives us greater leverage ...

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Russian budget gets $65 billion boost from OPEC oil production cut deal

The agreement with OPEC to cut oil production has given Russia over 4 trillion rubles (shy of $ 65 billion) in additional revenue, according to the Russian Direct Investment Fund (RDIF). Read more “Thanks to the work of President Vladimir Putin with the King and Crown Prince of Saudi Arabia, relations are in a unique phase, and this gives a ...

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Saudi Arabia invites Russia to join OPEC as observer, Moscow says it’s ‘an option’

Riyadh has invited Moscow to join OPEC as an observer, the Saudi energy minister says. The announcement follows an agreement between OPEC and non-members led by Russia to increase crude oil output by a million barrels per day. Read more The announcement was made on Saturday during the 4th OPEC and non-OPEC ministerial meeting in Vienna. “We’ve invited Russia to ...

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Win-win deal for Russia & Saudi Arabia: OPEC agrees to ramp up production

OPEC and non-member allies led by Russia have agreed to raise oil production by a million barrels per day. It can be regarded as a victory for Saudi Arabia and Russia, which had pushed to boost output to alleviate high prices. Read more Saudi Energy Minister Khalid Al-Falih told reporters in Vienna that an agreement had been reached for a ...

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US-China trade war is great news for OPEC

The US-Chinese trade rift threatens to limit US crude oil exports to China that have been gaining pace in recent months and eating into OPEC’s share in the market, a market that is setting the pace of global oil demand growth. The heightened trade tension between the United States and China over the past week resulted in China threatening to ...

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OPEC+ eyes boosting crude output by 1mn barrels

An OPEC+ ministerial committee is recommending participants to boost daily crude production by 1 million barrels. The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC), which includes six oil-producing nations, will recommend an increase of crude production by the participants of a 2016 deal to cap output, Russian Energy Minister Aleksandr Novak told the media. The decision is set to be made ...

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Russia and Saudi Arabia will save the day if OPEC deal falls apart

Even if the current OPEC/NOPEC oil production cut deal goes to pieces, Saudi Arabia and Russia will be willing to go it alone. The two largest oil producers in the agreement said that on Thursday ahead of the much-talked-about OPEC meeting later this month, suggesting that some kind of market-managing efforts may remain in place, even if Iran and Iraq ...

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Is Russia about to abandon the OPEC deal?

OPEC and Russia are meeting in a little more than a month to discuss the progress of their oil production deal and what’s next. On the face of things, there will be no surprises: every country taking part in the deal is still committed to the cuts until the end of the year. But Russia pumped more than its quota ...

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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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