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Worried About Declining Oil Demand, OPEC Pledges Action

EghtesadOnline: OPEC and allied producers have pledged action to support the oil market as concerns mounted that a second wave of the Covid-19 pandemic will hobble demand and an earlier plan to raise output from next year would further depress prices.
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Publish Date:21/October/2020 | 13:13

OPEC: Oil Demand to Plateau in Late 2030s

EghtesadOnline: World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits.
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Publish Date:10/October/2020 | 16:19

Crude Oil Prices Higher Following OPEC+ Meeting

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.
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Publish Date:19/September/2020 | 24:31

UAE Fails to Comply With Output Cuts

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.
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Publish Date:14/September/2020 | 13:56

Iraq Wants Exemption From OPEC+ Cuts in Q1 2021

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.
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Publish Date:03/September/2020 | 13:54

OPEC+ to Balance Market Share Gains

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.
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Publish Date:19/August/2020 | 10:23

OPEC+ to Pump More Crude

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.
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Publish Date:04/August/2020 | 24:28

Oil Prices Gain With OPEC+ Holding the Line on Supply Cuts

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.
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Publish Date:20/June/2020 | 24:24

Iraq Will Be Committed to OPEC+

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.
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Publish Date:09/June/2020 | 24:29

Iraq to Study Using Kurdish Gas for Power Generation

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.
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Publish Date:21/April/2020 | 11:57

Mexico Says Reached Deal With Trump to Cut Crude Output

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.
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Publish Date:12/April/2020 | 18:00

OPEC, Allies Agree to Historic 10 Million bpd Output Cut

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.
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Publish Date:11/April/2020 | 15:51

Zanganeh Says OPEC+ Needs Further Production Cuts

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.
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Publish Date:07/March/2020 | 06:19

OPEC, Non-OPEC Agree on Deeper Oil Output Cut

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.
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Publish Date:07/December/2019 | 11:37

Oil Product Exports From Iran Strong

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.
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Publish Date:03/September/2019 | 10:06

OPEC Posts First Oil Output Rise in 2019 Despite Saudi Cuts

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.
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Publish Date:01/September/2019 | 09:26

OPEC Output Hits Five-Year Low

EghtesadOnline: OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to US sanctions and other outages elsewhere in the group, a Reuters survey found.
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Publish Date:07/July/2019 | 11:22

Brent, WTI Prices Surge as OPEC Extends Cuts

EghtesadOnline: The letter of association drawn up to clarify the terms of cooperation between OPEC and non-OPEC members is not binding and will not impact the half-a-century old organization.
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Publish Date:03/July/2019 | 11:31

Zanganeh: OPEC Should Act Unitedly

EghtesadOnline: Members of the Organization of Petroleum Exporting Countries should hold consultations among themselves first on oil policy before striking deals with producers outside the bloc, Oil Minister Bijan Namdar Zanganeh said on Monday before leaving Tehran to attend the 176th meeting of OPEC in Vienna, Austria.
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Publish Date:02/July/2019 | 10:38