Opec has agreed to cut production by roughly 1.2 million barrels per day (mbpd) to 32.5 mbpd, which equates to a 4.5-4.6 per cent cut per member country, said Barclays in a new report.
“We believe the outcome is consistent w
Saudi Arabia is optimistic that the Opec’s (Organization of the Petroleum Exporting Countries) deal to curb oil output to 32.5 million barrels per day (bpd) will speed up the (market) recovery and benefit producers and consumers, said a re
Saudi Arabia's King Salman bin Abdulaziz Al Saud yesterday met at his palace in Riyadh Venezuelan President Nicolas Maduro and discussed ways to stabilise the world oil markets, the official news agency SPA said.
Maduro is cur
The chief executive of Vitol, the world's largest oil trader, said on Wednesday he did not see the global oil market tightening before 2018.
Ian Taylor also expressed scepticism over the significance of a potential OPEC deal o
Iran is ready to support any decision to help restore balance to the oil market after it regains its pre-sanctions market share, the Iranian oil ministry's Shana news agency reported on Saturday, quoting a minister.
Opec's share of the oil market is at a good level, United Arab Emirates Energy Minister Suhail bin Mohammed Al-Mazroui said as the producer group continues to contend with low crude prices.
"Regardless of the different vi
Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen Opec, Venezuelan President Nicolas Maduro said on Saturday, following a meeting with Iranian Foreign Minister Mohammad Javad Zarif.
Iraq's prime minister said the country has not yet reached its full oil market share, suggesting his government would not restrain crude output as part of any possible Opec agreement to lift prices.
"And the capping, we a
The GCC petroleum industry must focus on innovation and efficiency to maintain the value of the region’s natural resources, said a senior manager at the Kuwait Oil Company (KOC).
The recent market has been challenging for th
Opec cut its forecast for world economic growth this year on Tuesday, citing increased uncertainty following Britain's vote to leave the EU and said the pace of oil demand growth would slow slightly next year in its first 2017 forecast.