Oman’s Ministry of Energy and Minerals has announced its intention to extend its voluntary reduction of 40,000 barrels of oil per day until December 2024, according to media reports. This extension is being implemented as a precautionary measure, the state-owned Oman Observer said in a report. Oman, although not a member of OPEC, is one […]
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‘Saudi lollipop’ for oil markets: Kingdom announces OPEC production cuts
Saudi Arabia will make additional voluntary cuts of 1 million barrels a day to its oil production in an effort to increase prices following a long OPEC+ meeting in Vienna, Financial Times reported. The 1 million b/d cut will initially be for July but could be extended, Saudi Energy Minister Prince Abdulaziz said, describing it […]
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Journalists not invited to OPEC meeting: Reports
OPEC has not invited Reuters or Bloomberg news agencies to report on ministerial meetings in Vienna this weekend to discuss future oil policy, according to media reports. Ministers from the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+ that includes top producers Saudi Arabia and Russia, are scheduled to […]
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Iran a responsible member of the OPEC family: Secretary General
OPEC will welcome Iran’s full return to the oil market when sanctions are lifted, the secretary general of the Organization of the Petroleum Exporting Countries (OPEC) told the Iranian oil ministry’s website SHANA on Monday. “We believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I’m sure […]
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Oil prices rise after OPEC shocks market with output cut announcement
Oil prices spiked on Monday after OPEC+ announced they would cut production by about 1.16 million barrels per day — a surprise move, which could trigger global inflation. Brent crude, the global benchmark, jumped 4.8% to $83.73 a barrel, while WTI, the US benchmark, rose 4.9% to $79.36. On Sunday, Saudi Arabia announced that it […]
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Saudi Arabia, Russia confirm oil production cuts until end of 2023
Saudi Arabia and Russia reaffirmed their commitment to the recent OPEC+ decision to cut production until the end of 2023 during a high-level meeting held in Riyadh on Thursday, Saudi Gazette reported. Saudi Energy Minister Prince Abdulaziz bin Salman, who is also the head of the Saudi side in the Joint Saudi-Russian Intergovernmental Commission on […]
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OPEC expects higher oil demand growth as China relaxes COVID restrictions
The projection is 100,000 bpd higher than last month’s forecast
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Russia retaliates to Western sanctions; announces oil output cut
The price of Brent crude rose to $86.6 per barrel on the news of the output cut
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Sheikh vs shale: Saudis won’t let oil stay at $75, shale chief claims
OPEC is likely to cut oil production again, CEO of US shale giant Pioneer Natural Resources said at a recent conference. “Saudi [Arabia] is not going to let Brent stay around $75 a barrel,” Scott Sheffield said, adding that it wouldn’t surprise him “if they had another cut.” Sheffield believes that oil futures will stay in backwardation […]
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Iraq’s oil revenues top $115 billion, ministry says
Iraq’s oil revenues in 2022 exceeded $115 billion, figures announced by the oil ministry on Tuesday, showed. “The total revenue from the export of crude oil for the year 2022 amounts to more than US$115 billion,” Minister for Oil Hayan Abdel-Ghani said in a statement. The country exported more than 1.2 billion barrels in 2022, […]
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