Tag: OPEC

June 19, 2023

The OPEC Fund for International Development (the OPEC Fund) today signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy […]

June 23, 2020

U.S. benchmark West Texas Intermediate (WTI) is over $40 a barrel, a price level it has struggled to surpass in the past. The uptick is the result of investor enthusiasm over the fact that global oil supply is still under […]

June 16, 2020

Oil and gas markets have always been volatile. Prices went up, prices went down — sometimes violently — and when they did, fortunes were made and lost. The industry learned to live with volatility, confident that when the market went […]

June 9, 2020

Goldman Sachs sees a correction in oil prices on the horizon even amid a significant recovery in the last month and the recent decision by OPEC and its allies to extend historically large production cuts through July. “With oil now […]

June 8, 2020

Oil prices pared gains on Monday, despite the weekend announcement by OPEC and its allies, known as OPEC+, that historic production cuts of 9.6 million barrels per day across the group would continue through July as the coronavirus pandemic continues […]

June 4, 2020

Some of the world’s most powerful oil producers had been expected to convene on Thursday, with energy market participants closely monitoring whether the influential group will officially agree to extend their deepest ever round of output cuts. OPEC kingpin Saudi […]

May 28, 2020

After an enormous rally, oil prices have started to ease off today. The West Texas crude oil’s July contract crossed above $34 per barrel on Tuesday this week, which left many traders scratching their heads. There is no doubt that […]

April 27, 2020

At the start of the year, even before oil and gas companies were clobbered by the global coronavirus or Covid-19 downturn and the short-lived OPEC+ crude price war, energy market sentiment wasn’t exactly robust. However, what has unfolded in the […]

April 17, 2020

The OPEC+ ‘deal of the century’ last weekend changes oil market dynamics in the short run. The 10 million barrels per day (b/d) production cut from May is huge, amounting to 10% of global supply, and it’s needed. The cuts […]

April 15, 2020

The headlines suggest a bold new era for the OPEC-plus cartel after members agreed to a historic supply cut deal of nearly 10 million barrels a day over the weekend to help offset colossal demand losses from the Covid-19 coronavirus. […]

April 15, 2020

Crude Oil futures just broke below their March 2020 lows and are plunging even after President Trump brokered a deal for OPEC to cut production. There’s a growing consensus that oil prices will be trading in the low single digits […]

April 13, 2020

The OPEC+ deal that’s supporting oil prices could save millions of U.S. jobs, according to the chief executive of Russian sovereign wealth fund RDIF. After days of discussion, OPEC and its allies reached an agreement on Sunday to cut production […]

April 10, 2020

OPEC+ leaders Saudi Arabia and Russia arrived at an historic crude production cut late Thursday, effectively halting a bitter oil war which saw prices implode by more than 50% from January highs. Details from the virtual OPEC+ conference have just […]

April 8, 2020

Oil markets are facing their greatest moment of uncertainty in decades ahead of a virtual meeting of OPEC+ ⁠— the alliance of OPEC and non-OPEC producers ⁠— on Thursday, which was delayed from Monday over persistent disagreements and abrasiveness between […]

April 3, 2020

Barely a month on from the collapse of OPEC+ and the subsequent slump in oil prices, the crude producers’ group has announced it will attempt another round of negotiations via an online meeting on Monday (April 6), prompting a price […]

April 1, 2020

The oil price war could last until the end of the year, an analyst said Wednesday. Prices have plummeted more than 60% since the beginning of year after OPEC+ failed to reach an agreement, leading Saudi Arabia and Russia to […]

March 11, 2020

OPEC kingpin Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with non-OPEC leader Russia. State-owned oil behemoth Saudi Aramco said Wednesday that it had been asked by the Saudi […]

March 9, 2020

While OPEC and its compatriots struggle to cope with the demand weakness caused by the covid19 virus, it must be asked if this is more than a brief interlude in an otherwise robust oil market (robust in terms of price, […]

March 6, 2020

OPEC and non-OPEC allies have so far failed to agree on how much production to cut amid the coronavirus outbreak, with Russia reportedly refusing to give the green light to the deepest supply cuts since the global financial crisis. Oil […]

March 5, 2020

OPEC ministers reached a deal on Thursday to cut oil production by 1.5 million barrels a day, but it remains to be seen whether Russia and the other OPEC+ partners will go along with the reductions. The OPEC+ is meeting […]