OPEC

IMF Forecasts Gloom for Persian Gulf Oil States

At the current pace of demand growth for oil and the current fiscal position of the six Middle Eastern countries comprising the Gulf Cooperation Council (GCC), the region's financial wealth ...
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OPEC+ Considers Price-Gouging as Coronavirus Spreads

The price of Brent crude has dropped from around $69 a barrel in early January to just over $56 dollars Monday morning. Virtually all of that decline has come since ...
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Despite Threats to Iraqi Supplies, Global Oil Markets in Good Shape: IEA

The U.S. drone attack that killed Iranian Lieutenant General Qasem Soleimani sent shivers through global oil markets earlier this month. Crude prices had been climbing all through December following the ...
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OPEC Forecasts Higher Demand for Crude as Global Economy Improves

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components rise by 5.6% to 66.48 a barrel in December, following a ...
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Saudi Arabia, Kuwait Near Deal on More Oil

A 2,330-square-mile area bordering the Persian Gulf between Saudi Arabia and Kuwait, known as the Neutral Zone, has produced no oil for more than four years. Not because there's none ...
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IEA Does Not See Oil Supply Dropping in Q1 Despite OPEC Production Cuts

The two big stories about oil markets over the past month have been the initial public offering of Saudi Aramco and the deeper production cuts agreed to by the oil-producing ...
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OPEC+ Agrees to Cut Another 500,000 Barrels of Production

As expected, OPEC and its non-member partners (OPEC+) announced Friday that the group will reduce its production target by an additional 500,000 barrels a day, bringing total cuts down by ...
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Saudi Arabia, Russia to Propose Slashing Oil Production Cuts by Another 42% 

The Wall Street Journal reported Thursday morning that a select committee of OPEC members, including representatives of Saudi Arabia and Russia, will recommend that the cartel and its partners, collectively ...
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What to Expect From Thursday’s OPEC Ministers Meeting

When oil ministers from OPEC oil producers begin their meeting on Thursday, analysts and traders will be looking for an extension of the cartel's current production cuts, or even better, ...
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OPEC Maintains Forecasts as Crude Prices Remain Subdued

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components fall by 3.9% in October to $59.91 a barrel, following a ...
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OPEC Forecasts Higher Demand for Renewable Energy, Lower Demand for Oil

Between 2018 and 2040, global oil demand is expected to rise from 98.7 million barrels a day to 110.6 million. Oil and natural gas are forecast to continue to meet ...
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OPEC Cuts 2019 Supply, Demand Forecasts

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components rise by 4.6% in September to $62.36 a barrel, following an ...
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10 Unbelievable Oil and Gas Movers After Saudi Drone Attack

Crude oil prices spiked by around 20% over the weekend following the drone attack on Saudi Arabia's Abqaiq crude processing plant. It could have been worse. High global crude oil ...
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OPEC Had a Very Bad August

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components drop by 7.9% in August to $59.62 a barrel, more than ...
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Why Saudi Arabia Is Changing Its Top Oil Industry Executives

The initial public offering (IPO) of a rumored 5% stake in Saudi Arabia's national oil company, Saudi Aramco, heated up last month, and more fuel was added over the weekend ...
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