EghtesadOnline: Crude oil future prices ticked higher during the mid-morning trade in Asia Friday, as the markets continued to price in a commitment from the OPEC to ensure that the members adhere to the mandated production cuts.
EghtesadOnline: It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the organization’s six decades as a dominant force in global oil markets.
EghtesadOnline: The United Arab Emirates, currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining the oil market’s faith in the group’s unity in the cuts.
EghtesadOnline: Iraq is seeking exemptions from OPEC+ cuts in Q1 of 2021 and has discussed the issue with key producers in the 23-member coalition during three consecutive meetings, state-owned al-Sabaah newspaper reported, citing the country's oil minister.
EghtesadOnline: OPEC and its allies have achieved the oil-market equivalent of a high-wire act: increasing supply even as demand remains depleted, without crashing prices.
EghtesadOnline: Oil prices fell on Monday on oversupply concerns as OPEC and its allies wind back production cuts in August and a rise in worldwide Covid-19 cases points to a slower pick-up in fuel demand.
EghtesadOnline: From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus.
EghtesadOnline: Oil prices rose more than 1% on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet commitments on cutting supply and two major oil traders said demand was recovering well.
EghtesadOnline: Iraq wants OPEC+ to take into consideration the economic and living conditions of countries when assigning quotas in oil production cuts, the country's finance minister said, as OPEC's second-largest oil producer struggles to adhere to it production limits.
EghtesadOnline: Iraq plans to study using Kurdish natural gas for power generation, the country's oil minister said on Sunday, allowing OPEC's second-largest oil producer to plug the gas deficit and power shortage.