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.
EghtesadOnline: 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.
EghtesadOnline: 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.
EghtesadOnline: OPEC Fund for International Development has approved $500,000 in emergency grant to purchase and distribute medical equipment needed for combating COVID-19 in Iran.
EghtesadOnline: OPEC and its allies need to cut crude output by 500,000 barrels per day to clear the oil market's oversupply from the coronavirus outbreak, Iran’s Oil Minister said upon his arrival in Vienna on Wednesday.
EghtesadOnline: OPEC and its allies (OPEC+ including Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan) led by Russia agreed to cut output by an additional 500,000 barrels per day until March 2020 as the 177th OPEC meeting held in Vienna, Austria, closed on Friday.
EghtesadOnline: While US sanctions on Iran’s oil industry have slashed the OPEC member’s crude exports, its oil product sales remain strong at nearly $500 million a month, shipping data and Reuters calculations show.
EghtesadOnline: OPEC oil output increased in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by US sanctions on Iran, a Reuters survey found.