Latest in Tag: OPEC Highlight

Latest in Tag: OPEC

Kremlin considers OPEC+ agreement done deal

“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.


OPEC to raise production as Saudis break Iranian resistance

OPEC will increase oil production in a move its main proponent, Saudi Arabia, said will lower global prices. Opponents said it was an opportunistic attempt to capitalize on problems in Riyadh rival, Iran.OPEC representatives and a Russian-led group of oil producers overcame Iranian and Venezuelan resistance and agreed to raise global oil output by 1 …

Deutsche Welle

81.5% of world’s proven crude oil reserves located in OPEC member countries 

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 …

Daily News Egypt

Oil markets hope for OPEC production cut

OPEC ministers will assemble in Vienna this week to discuss an extension to oil production cuts to stabilize the price. Saudi Arabia and Russia have already signaled their commitment, but some doubt its effectiveness.With the price of oil recovering from $47 a barrel in early May to $54, the market appears to be benefiting from …

Deutsche Welle

OPEC likely to extend oil output cut

After logging their biggest one-day drop in more than a month on Wednesday, oil prices have stabilized on the news that Saudi Arabia and Kuwait signaled that a deal to extend oil production curbs was in the pipeline.Oil prices were fluctuating between modest gains and losses on Thursday, after falling 3.8 percent in the previous …

Deutsche Welle

How a fluctuating oil market is likely to impact Egypt

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.

Daily News Egypt

OPEC to decide on oil export policy

The world’s net oil exporters aren’t expected to announce a production cut at their meeting in Vienna, despite a report yesterday that Saudi Arabia would propose one. But surprises can’t be ruled out either. Oil ministers from Angola and Iran have said they don’t expect the Organization of the Petroleum Exporting Countries (OPEC) to adjust …

Deutsche Welle

Oil supply forecast to shrink next year

Cheap oil prices have been massively affecting global markets, from countries’ budgets to world food prices. Now the oversupplied oil market is in for a rebalancing as non-OPEC producers like the US and Russia cut back. Oil production from non-OPEC countries is expected to plunge next year – perhaps the steepest decline since the Soviet …

Deutsche Welle

OPEC, Russia: ‘Oil market to stabilize’

The Organization of Petroleum Exporting Countries and Russia have said sharp drops in oil prices are unlikely to continue. At a meeting in Moscow, the two sides noted they expected the market to stabilize in 2016. OPEC and Russia expressed confidence the global oil market would become more balanced and stable in 2016 after recent …

Deutsche Welle