Search results for: opec

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  • 25 December 2017

    OPEC and Non-OPEC countries which have participated in voluntary production cuts since late 2016, achieved the highest level of conformity with their respective adjustments in production during the month of November.  This was revealed by the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) on Thursday, December 21 and based on the report of the Joint OPEC-Non-OPEC Technical […]

  • 24 February 2017

    The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) reported on Friday that OPEC and non-OPEC countries are on the right track towards full conformity with their adjustments in production but there is still room for improvement.  The Joint OPEC-Non-OPEC Technical Committee (JTC) held its inaugural meeting on February 22 at the OPEC Secretariat in Vienna where it […]

  • 16 May 2017

    OPEC’s net oil exports revenues in 2016 fell to $433 billion, or some 15 percent from $509 million in 2015. This is according to a report by the U.S. Energy Information Administration. EIA said the reason for the decline was mainly due to the fall in average annual crude oil prices during 2016, and to a lesser […]

  • 22 January 2018

    OPEC and Non-OPEC countries have achieved record-breaking levels of conformity with production adjustments during December 2017.

  • 12 April 2017

    By Alex Lawler LONDON (Reuters) – OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February, suggesting that its effort to clear a supply glut that has weighed on world oil prices is succeeding. But the Organization of the Petroleum Exporting Countries […]

  • 12 October 2015

    OPEC forecast on Monday that demand for its oil in 2016 would be much higher than previously thought as its strategy of letting prices fall hits U.S. shale oil and other rival supplies, reducing a global surplus.

  • 9 September 2015

    Indonesia has submitted an official request to the Organization of the Petroleum Exporting Countries (OPEC) to reactivate its full membership in the organization. The request has been circulated to all OPEC Member Countries for their consideration and approval. OPEC has announced that the Indonesian Minister of Energy and Mineral Resources, His Excellency Sudirman Said, would […]

  • 22 February 2018

    OPEC and Non-OPEC countries participating in voluntary production cuts have started off 2018 with record-breaking conformity levels.

  • 23 October 2017

    The OPEC-Non-OPEC producing countries that last year agreed to a deal to keep the oil production limited to stabilize oil prices are delivering more than promised, the Joint Ministerial Monitoring Committee (JMMC) said on Friday. According to JMMC, for the month of September 2017, OPEC and participating Non-OPEC producing countries achieved a record high conformity level with […]

  • 30 November 2017

    OPEC has reportedly agreed to extend the oil production cuts for another nine months after the original agreement expires next year.

  • 28 April 2017

    The Joint Ministerial Monitoring Committee (JMMC) reported on Friday that OPEC and non-OPEC countries have continued their high level of conformity with their voluntary adjustments in production. JMMC’s statement was based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for the month of March. The Committee expressed its satisfaction with the progress made […]

  • 7 December 2018

    The Organization of Petroleum Exporting Countries has struck a deal with its Russia-led allies to cut production by 1.2 million barrels a day, in order to bring up oil prices.

  • 15 July 2020
    Exploration & Production, Infrastructure, Market outlooks, Outlook & strategy

    OPEC, Russia, and other oil producers are set to meet on Wednesday to decide on the oil output policy from August onward.

  • 12 September 2016

    Mohammad Sanusi Barkindo, the recently-appointed Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), visited Paris on Friday to meet with Dr. Fatih Birol, the International Energy Agency’s Executive Director. According to the joint statement by OPEC and IEA, the two men met to underscore their commitment to continued cooperation and exchange views […]

  • 21 November 2016

    OPEC Secretary General, Mohammad Sanusi Barkindo, met with Iran’s Minister of Petroleum,  Bijan Namdar Zanganeh, during a closed-door session on November 19 in Tehran. The visit comes ahead of the much-awaited OPEC meeting in Vienna on November 30, where OPEC members will decide whether to cut oil production to stabilize the oil market. Reportedly, the […]

  • 20 April 2018

    Another record-breaking month of conformity levels with production adjustments during March 2018…

  • 12 December 2016

    Following the recent agreement by OPEC members to cut production to stabilize oil prices, the cartel on Saturday held a meeting with a number of non-OPEC nations which have committed to cut their output as well. Oil price on Monday rose to highest level since mid-2015. Ministers from OPEC met with several Ministers from non-OPEC oil […]

  • 9 December 2019

    Saudi Arabia together with other OPEC members and Russia have decided on deeper production cuts for the first quarter of next year as part of an attempt to prevent oversupply and support oil prices.

  • 3 June 2016

    OPEC failed to agree a clear oil-output strategy on Thursday as Iran insisted on steeply raising its own production, though Tehran’s arch-rival Saudi Arabia promised not to flood the market and sought to mend fences within the organisation.

  • 13 December 2016

    In line with OPEC’s recent agreement to cut output to stabilize oil prices, Qatar’s oil production levels will be reduced effective January 1, 2017, Qatar’s state-owned oil company, Qatar Petroleum, said on Tuesday.  Qatar Petroleum President and CEO, Saad Sherida Al-Kaabi, said: “This decision comes in line with the State of Qatar’s commitment to the […]

  • 24 September 2018

    Oil output increase was not discussed at Sunday’s joint OPEC-Non-OPEC ministerial monitoring committee, despite U.S. President Donald Trump calling for OPEC to lower oil prices via Twitter.

  • 29 September 2016

    Organization of Petroleum Exporting Countries (OPEC) on Wednesday agreed to reduce oil production, aiming to stabilize oil prices. According to Reuters, this is the first such deal in eight years. The agreement in principle was reached in Algeria, where the OPEC oil ministers agreed to keep the production at 32.3 and 33 million barrels per […]