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While oil demand is still ravaged by COVID-19 crisis, gradual stabilization is expected to begin in Q2 of 2020, prompting cautious growth forecast in 2021
“Definitely. Last night 22 countries reached a compromise, and the question was only in Mexico’s position,” Kremlin spokesman Dmitry Peskov told reporters, answering the question whether the Kremlin believes the deal would come through. In the early hours on Friday, Russian President Vladimir Putin, U.S.
Egypt’s participation in the OPEC+ meeting aimed at a direct follow-up and coordination with the oil bloc and boosting the cooperation efforts and initiatives among the producers to achieve stability and sustainability of the world’s oil market,” al-Molla said in a statement.
The stock markets bloodbath triggered the first-ever forced trading halt in the US and similar measures in Egypt, Europe, Asia, and Gulf Cooperation Council (GCC).
Coronavirus outbreak threatens the oil market by falling global demand: Source
Egyptian petrol prices will remain unchanged upon the second quarterly review
Brent increased by $0.75 to $61.57, WTI up by $0.65 to $56.75
Al-Rajhi said, in an interview with the Daily News Egypt, that the fund approved $270m for Egypt during the last fiscal year (FY), aimed at supporting micro-enterprises, achieving food security through the import of commodities, and financing the import of petroleum products.
Brent crude rose by 5 cents, or 0.1%, to $70.16 a barrel, while US West Texas Intermediate (WTI) was up 50 cents, or 0.8%, at $59.12.
Brent crude oil prices stand at $66.37 per barrel in Monday trading driven by OPEC supply cuts
OPEC seeks extending production cuts until April’s meeting
Egypt has become important player in oil sector worldwide
Talks to extend OPEC deal to cut oil production in 2019
A number of oil and energy experts confirmed that the increase in oil production may range between 600,000 and 700,000 barrels per day over the coming six months by OPEC members and non-members
Oil prices plunged on Friday to their lowest levels in weeks, on the back of reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are considering increasing production. Both West Texas Intermediate (WTI) and Brent crude fell by more than 3% to $67.50 and $76.44 respectively. Both Saudi Arabia and Russia are …
Middle Eastern countries contributed to the majority, 65.5%, of the Organisation of the Petroleum Exporting Countries (OPEC)’s total production in 2016, according to the OPEC Annual Statistical Bulletin 2017. OPEC’s proven oil reserves currently stand at about 1.216tn barrels, with Venzuela, Saudi Arabia, and Iran the top three countries in term of reserves with 302bn …
The oil market has been in decline for a considerable period of time, having experienced three consecutive years during which supply has outstripped demand. This has continued to drive prices down and created a depreciating marketplace, while forcing the intergovernmental Organisation of the Petroleum Exporting Countries (OPEC) to take decisive action.
Saudi Arabia has announced the ouster of its longtime oil minister as part of a larger government shakeup. Outgoing minister Ali al-Naimi had been a pillar of Saudi oil policy since 1995.
Loan to be used in establishing, equipping modern integrated centres for tumours and neurosurgery at Ain Shams Specialized Hospital
Egyptian citizen’s economic situation does not allow change in prices, says Ismail
Its backing will remain unchanged, but the lifeblood of Gulf aid cannot continue indefinitely
Fuel oil, which is supplied into markets, is currently not subsidised, says expert
Crude oil prices have slumped to lowest level in five years due to potential increased market supply
OPEC’s latest loan brings the total amount of fund provided by the international organisation to Egypt to $450m