OPEC

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Global oil demand will fall this month to a level last seen in 1995, the IEA said today. But it did not give any clear indication that a week of diplomacy by its executive director Fatih Birol has achieved any concrete pledges of extra production reductions or purchases for strategic storage.
News ID: 9158    Publish Date : 2020/04/15

Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it will not be enough to head off oversupply with the coronavirus pandemic hammering demand.
News ID: 9149    Publish Date : 2020/04/13

The global economy will shrink by 3pc this year, and few major economies will make up for the lost growth in 2021 as a result of collapsing economic activity in the wake of the Covid-19 pandemic, the IMF said today.
News ID: 9133    Publish Date : 2020/04/14

Crude futures rose in early Asian trading after Opec and non-Opec producers finalised a landmark two-year production restraint agreement that will take 9.7mn b/d off the market in May and June.
News ID: 9123    Publish Date : 2020/04/13

The Opec+ agreement to cut crude output is insufficient to balance the market amid continuing declines in demand from the Covid-19 pandemic, Asia-Pacific crude buyers said today.
News ID: 9117    Publish Date : 2020/04/13

Non-Opec producer Oman has already instructed all operators and oil producers in the sultanate to cut crude oil output for two months beginning 1 May, in line with its commitments under yesterday's Opec+ production restraint agreement.
News ID: 9115    Publish Date : 2020/04/13

The president of Mexico -- the lone holdout in an OPEC deal to cut crude production and shore up prices -- said Friday that he has reached a deal with the US president to reduce oil output.
News ID: 9110    Publish Date : 2020/04/11

A historic production cut agreement between OPEC and its allies, known as OPEC +, hit a roadblock after Mexico refused to agree to its share of the cuts after a marathon meeting between the oil-producing nations that lasted more than nine hours.
News ID: 9104    Publish Date : 2020/04/10

The Opec+ group will be under intense pressure to reach a production cut agreement at an emergency online meeting today. But expectations are low, with many aspects of the discussions still not agreed.
News ID: 9090    Publish Date : 2020/04/09

Iranian Oil Minister Bijan Namdar Zanganeh said he has held consultations with several foreign officials about plans to restore stability to the global oil market ahead of a meeting between OPEC and its allies.
News ID: 9086    Publish Date : 2020/04/08

OPEC and Russia have postponed a meeting set for Monday to discuss supply cuts and ending a brutal price war.
News ID: 9052    Publish Date : 2020/04/05

As many as 25 very large crude carriers (VLCCs) were booked for floating storage during 1 February-30 March, according to shipping data obtained by Argus, as crude demand and prices plummet from a combination of the Opec+ battle for market share and the coronavirus pandemic.
News ID: 9006    Publish Date : 2020/04/01

Benchmark US crude futures have fallen by more than 7pc to below $20/bl, as the expiry of the Opec+ production restrain deal and plunging demand from the coronavirus sent prices sharply lower.
News ID: 8970    Publish Date : 2020/03/30

Oil fell on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut.
News ID: 8754    Publish Date : 2020/03/16

The Ministry of Economy has sent requests to multilateral development banks, in which Iran is a member, for financial and non-financial assistance for controlling, combating and treating the coronavirus.
News ID: 8719    Publish Date : 2020/03/14

Oil futures surged in aftermarket trading after Donald Trump said the US government will take advantage of low oil prices and buy "large quantities" of crude to fill the Strategic Petroleum Reserve.
News ID: 8716    Publish Date : 2020/03/14

A meeting of the Opec and non-Opec Joint Technical Committee (JTC) will no longer take place as scheduled on 18 March, reducing any chance that the group will revisit extending its production deal in the short term.
News ID: 8695    Publish Date : 2020/03/12

Opec has slashed its forecast for 2020 global oil demand growth again to reflect the effect of the coronavirus outbreak on consumption, and it expects further downward revisions.
News ID: 8683    Publish Date : 2020/03/11

Iran’s former ambassador to the Organization of the Petroleum Exporting Countries ( OPEC ) said the global oil prices will probably continue to decline, which would be to the detriment of Saudi Arabia.
News ID: 8665    Publish Date : 2020/03/09

Iranian Oil Minister Bijan Namdar Zanganeh says there is an oversupply in the crude oil market, saying OPEC and non- OPEC producers need to discuss how to ensure market balance.
News ID: 8642    Publish Date : 2020/03/06

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