The 9.7 million barrel per day cuts will not cover demand lost due to coronavirus, but will provide some relief for storage capacity
OPEC
Posted inDRILLING & PRODUCTION
UAE supports Saudi call for emergency OPEC+ meeting
The OPEC+ emergency meeting has been postponed due a deepening dispute between Russia and Saudi Arabia
Posted inDRILLING & PRODUCTION
OPEC+ emergency meeting postponed to April 8 or 9
The dispute between Saudi Arabia and Russia has deepened
Posted inDRILLING & PRODUCTION
No new talks with Russia on production deal, Saudi Arabia says
We are just days away from the expiration of the current OPEC+ deal
Posted inDRILLING & PRODUCTION
Rosneft CEO questions need for OPEC+ agreements
Igor Sechin reportedly questioned whether there was a point to cutting production if other producers simply filled the gap
Posted inProducts & Services
Largest oil glut in history just months away: Rystad Energy
A report by Rystad Energy found that an imbalance of 10 million barrels per day would hit the market in April
Posted inProducts & Services
The OPEC Fund commits $200m to fight against COVID-19
The financial package will be deployed via long-term loans, private sector and trade finance facility windows and grants.
Posted inDRILLING & PRODUCTION
Developing countries could lose up to 85% of oil and gas income in 2020: OPEC, IEA
IEA and OPEC leaders released a rare joint statement in reaction to the coronavirus pandemic and the crash in oil prices
Posted inVideo
Video: Why Saudi Arabia launched an oil price war
Oil prices plummeted after the collapse of the OPEC+ agreement to deepen and extend cuts to production.
Posted inVideo
Video: ‘I cannot see us not agreeing’ on an OPEC+ production cut, says UAE energy minister
Ahead of meetings with non-OPEC allies in Vienna which ultimately did not lead to an agreement, The UAE’s Energy Minister Suhail al-Mazrouei discussed the possibility that Russia would agree to proposed production cuts.