Auto Added by WPeMatico
By Ahmad Ghaddar and Olesya Astakhova Seven members likely to raise target by 188,000 bpd, sources say Most cannot meet targets due to Hormuz closure Group-wide OPEC+ policy expected to remain unchanged LONDON, May 21 (Reuters) – Seven leading OPEC+ oil-producing countries will likely agree to a modest hike to July output when they meet …
(Reuters) – Saudi Arabia’s crude oil exports in March fell to 4.974 million barrels per day from 7.276 million bpd in Feb, official data showed on Wednesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published …
Saudi Arabia Crude Exports Fall to 4.974 mln bpd in March Read More »
UAE says OPEC, OPEC+ exit was sovereign strategic decision, not political move DUBAI, May 16 (Reuters) – The United Arab Emirates’ decision to withdraw from OPEC and OPEC+ was a sovereign and strategic choice based on a comprehensive assessment of its production policy and future capabilities, the UAE energy minister, Suhail Al Mazrouei, said on …
UAE Says OPEC, OPEC+ Exit Was Sovereign Strategic Decision, Not a Political Move Read More »
(Reuters) – Saudi state oil giant Aramco could reach a maximum sustainable oil production capacity of 12 million barrels per day in three weeks if required, CEO Amin Nasser said on Monday. He said that the energy supply shock that began in the first-quarter was the largest the world has ever experienced, and that if …
(Reuters) – The oil market will lose around 100 million barrels every week, if the disruptions in the Strait of Hormuz continue at the current rate and it remains closed, the CEO of Saudi oil giant Aramco, Amin Nasser, said on Monday. “We expect demand rationing to continue as long as supply remains disrupted through …
By Alex Lawler OPEC April output plunges 830,000 bpd Eight OPEC+ producers had pledged to raise output before Iran war forced export cuts Biggest drop is in Kuwait LONDON, May 11 (Reuters) – OPEC oil output dropped further in April to the lowest in more than two decades, a Reuters survey found, as the U.S.-Israeli …
OPEC Oil Output Hits New Low in April on Hormuz Export Disruption, Reuters Survey Finds Read More »
The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilise even if flows resume, Saudi Aramco’s CEO said on Sunday, as shipping disruptions choke traffic through the Strait of Hormuz. “Our objective is simple: keep energy flowing, even when the system is …
Aramco CEO Warns 1 Billion Barrels Lost Will Slow Oil Market Recovery Read More »
(Reuters) – U.S. President Donald Trump’s military forays in Venezuela and Iran have weakened OPEC more than anyone thought possible just months ago. The White House may view this as a major win, but it may ultimately leave both the U.S. and energy markets worse off. For decades, the Organization of the Petroleum Exporting Countries, …
OPEC’s control over production levels was a sticking point in the UAE’s participation in the group going back years By Anthony Di Paola The United Arab Emirates’ surprise exit from OPEC gives it greater ability to accelerate investment and expand, the head of the country’s state-run oil company said. “It serves our national interests and …
UAE Oil Head Says OPEC Exit Gives Ability to Speed Up Investment Read More »
It’s easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day (bpd) is …
OPEC+ Crude Output Boost is Symbolic, But it Still Matters: Russell Read More »
