Page 22 - Opec

Oil prices decline with OPEC+ warning of precarious market outlook

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, speaking at the coalition's committee meeting on Monday, called on the group to be proactive in the face of uncertain demand

Kremlin says new OPEC+ committee's oil talks to tackle weak demand outlook

Russian President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman held two phone calls last week to discuss oil markets

Putin and Saudi crown prince discuss OPEC+ agreements and coronavirus

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed energy markets and the implementation of agreements by the oil producers group known as OPEC+, the Kremlin said

Oil dips on prolonged second wave of Covid-19, fears of more supply

Brent crude futures fell 23 cents to settle at $42.93 a barrel, and US West Texas Intermediate (WTI) crude futures dropped 8 cents to settle at $40.88 a barrel

OPEC+ fears second Covid-19 wave could lead to oil surplus in 2021

Such a surplus could threaten plans by OPEC, Russia and allies, known as OPEC+, to taper record output cuts made this year by adding 2 million bpd of oil to the market in 2021

OPEC+ will ensure oil prices do not plunge again: Mohammad Barkindo

"We have to be realistic that this recovery is not picking up pace at the rate that we expected earlier in the year," he said. "Demand itself is still looking anaemic."

OPEC+ panel discusses weaker oil demand outlook, Libya supply rise: Report

On Thursday, OPEC Secretary General Mohammad Barkindo told a conference that demand was recovering at a slower pace than expected

OPEC+ oil output boost to leave market in precarious balance, IEA says

At the same time, markets are set to receive fresh supplies in January as OPEC and its partners relax some of the measures they've taken to prevent a glut

Saudi Prince, Russian President urge OPEC+ to stick to agreed output cuts

During a phone call, the two leaders reviewed global oil-market conditions and efforts made to achieve balance and support the growth of the global economy, the official Saudi Press Agency said

Libya govt gets ready to pump more oil as it reopens biggest field

The National Oil Corp., Libya's state energy company, lifted force majeure on the western deposit of Sharara and instructed its operator to resume production, according to a statement on Sunday

Oil prices drop 3% on weak demand outlook and higher OPEC supplies

Brent crude futures fell $1.37, or 3.2%, to settle at $40.93 a barrel after dropping to a low of $39.92

Oil market: Muddle of contradictions as traders size up prospects for 2020

As prices stick to a narrow range near $40 a barrel, some of the biggest commodity houses, including Vitol Group, Trafigura Group, and Mercuria Energy Group, have diverging views about what's next

66% energy execs believe US oil production has peaked: Dallas Fed survey

The Dallas Fed did not say if the peak was considered temporary or permanent as major oil firms have been discussing

Venezuela hails 'record level of compliance' with OPEC+ deal

The OPEC+ cooperation agreement saw "a record level of compliance" in August, Venezuelan Oil Minister Tareck El Aissami said

OPEC+ calls for compliance with oil cuts, Saudi says not an act of charity

OPEC and its allies, led by Russia, pressed for better compliance with oil output cuts on Thursday against the backdrop of falling crude prices as uncertainty reigns over the global economic outlook

OPEC+ panel to meet to discuss output cuts, oil price decline amid Covid-19

OPEC and allies are scheduled to hold an online meet to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook

60 years of OPEC: Is the cartel's power over the oil market broken?

The main reason OPEC was able to wrest this control in 1973 was that in 1970, crude oil production in Texas started to fall

Covid-19: Opec sees weaker outlook as demand falters, shale recovers

Oil prices slipped further below $40 a barrel in London on Monday, close to their lowest in more than two months

Bringing US economy to its knees, to being a friend: Opec turns 60

Founded in Baghdad on September 14, 1960 to counter the power of seven US and British oil companies, Opec has repeatedly yielded to pressure from Washington

Brent crude tumbles below $40 in wake of faltering demand outlook

A stall in Asia's recovery, the end of the US summer driving season and increased supply from the OPEC+ alliance signal a bleak short-term outlook for oil prices