OPEC – Page 3 – THE OVAL CIRCLE

Saudi Arabia & Russia warn of major oil supply crunch without new investments in fossil fuels

Posted on June 9, 2021June 9, 2021By Editor

The leaders of the OPEC+ group, Saudi Arabia and Russia have warned that an imminent supply crunch is inevitable if the world fails to invest enough in new oil and gas projects. … Read More >Saudi Arabia & Russia warn of major oil supply crunch without new investments in fossil fuels

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Oil price could rise to $74 with historic global surplus subsiding

Posted on April 20, 2021April 20, 2021By Editor

The oil inventory glut that amassed during the Covid-19 pandemic is almost gone, Bloomberg reported citing industry data. The tightening could further prop up crude prices, according to expert projections. … Read More >Oil price could rise to $74 with historic global surplus subsiding

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Oil touches 13-month high driven by global recovery hopes & OPEC+ supply cuts

Posted on February 10, 2021February 10, 2021By Editor

Crude oil futures secured further gains on Tuesday, with both global benchmark Brent and US West Texas Intermediate (WTI) climbing to the highest levels since January 2020. … Read More >Oil touches 13-month high driven by global recovery hopes & OPEC+ supply cuts

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Oil climbs closer to $60 on growth hopes and OPEC+ supply cuts

Posted on February 6, 2021February 6, 2021By Editor

Crude prices hit their highest level in over a year on Friday, closing in on $60 a barrel amid economic revival hopes and supply curbs by OPEC and allied producers. … Read More >Oil climbs closer to $60 on growth hopes and OPEC+ supply cuts

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Oil rises to multi-month highs as OPEC+ likely to follow current production policy

Posted on January 5, 2021January 5, 2021By Editor

Oil prices reached the highest levels in nearly a year on expectations that OPEC and allied producers led by Russia may keep the production quota in February unchanged amid weak oil demand caused by the global pandemic crisis. … Read More >Oil rises to multi-month highs as OPEC+ likely to follow current production policy

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Russia’s oil output plunges to LOWEST in nearly a decade

Posted on January 3, 2021January 3, 2021By Editor

Oil and condensate production in Russia fell for the first time in 12 years and reached nine-year lows in 2020, as one of the major global oil exporters supported the historic OPEC+ deal to boost a pandemic-hit energy market. … Read More >Russia’s oil output plunges to LOWEST in nearly a decade

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Russia plans to boost oil production next year under OPEC+ agreement

Posted on December 26, 2020December 26, 2020By Editor

Russia will support hiking production under the historic OPEC+ accord by 500,000 barrels a day in February if the market continues to stabilize, the deputy prime minister in charge of the energy sector, Alexander Novak, has said. … Read More >Russia plans to boost oil production next year under OPEC+ agreement

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Iraq does not want to be exempt from OPEC+ deal as oil exporters close to keeping output curbs

Posted on November 30, 2020November 30, 2020By Editor

Baghdad still wants to be a part of the agreement between OPEC states and allies led by Russia as the historic oil deal proved to be an effective tool in boosting the energy market crippled by the coronavirus pandemic. … Read More >Iraq does not want to be exempt from OPEC+ deal as oil exporters close to keeping output curbs

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OPEC+ likely to prolong existing oil cuts despite rising prices – media

Posted on November 29, 2020November 29, 2020By Editor

Members of the Organization of Petroleum Exporting Countries (OPEC) and their allies led by Russia, known as OPEC+, may further hold back oil supplies amid concerns over demand. … Read More >OPEC+ likely to prolong existing oil cuts despite rising prices – media

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OPEC+ crude production cuts could be extended – Putin

Posted on October 25, 2020October 25, 2020By Editor

Russia does not rule out the possibility that OPEC+ could extend its current 7.7 million barrels per day of production cuts into next year, according to Russian President Vladimir Putin. … Read More >OPEC+ crude production cuts could be extended – Putin

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