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Russia Cuts Oil Production Below OPEC+ Cap

EghtesadOnline: A month before OPEC and allies are set to discuss the future of their production cut deal, the leader of the non-OPEC group, Russia, appears to have finally fallen in line with its share of the cuts, producing below its OPEC+ quota for the month of May.
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Publish Date:20/May/2019 | 09:00

OPEC, Russia Alliance ‘Here to Stay’

EghtesadOnline: The pact between OPEC, Russia and its allies is "here to stay," a longtime adviser at Saudi Arabia's energy ministry said, playing down concerns that the alliance could end given Russia's lukewarm comments around the ongoing market management.
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Publish Date:22/April/2019 | 13:34

US Oil Prices Up 50%

EghtesadOnline: Venezuela is in chaos. Iran is grappling with US sanctions. And now there is a surge of violence in Libya. Trouble in these three OPEC nations has helped send US oil prices climbing back above $64 a barrel.
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Publish Date:13/April/2019 | 14:38

Oil Climbs to 5-Month High Amid OPEC Cuts

EghtesadPnline: Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data.
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Publish Date:09/April/2019 | 13:01

OPEC Urges Producers to Avoid Surplus

EghtesadOnline: OPEC’s secretariat urged oil producers to keep going with efforts to prevent a surplus this year as supplies from their rivals increase faster than world demand.
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Publish Date:16/March/2019 | 24:32

Goldman Sachs: OPEC, Allies Will Achieve Their Goal by April

EghtesadOnline: OPEC and its allies will probably achieve their goal of draining oversupply from the oil market and boosting prices by next month, says Jeff Currie, global head of commodities research at Goldman Sachs.
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Publish Date:06/March/2019 | 14:01

OPEC Output Drops Further in February

EghtesadOnline: OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Persian Gulf Arab allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary decline.
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Publish Date:03/March/2019 | 11:38

Barkindo: OPEC Rescued Oil From Collapse

EghtesadOnline: Oil producing group OPEC is responsible for salvaging the entire oil industry with its deal to curb output, OPEC's secretary general told CNBC, but the US shale revolution has helped to prevent "major, major energy chaos" in the world.
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Publish Date:02/March/2019 | 11:59

Oil Prices Reach 2019 Highs

EghtesadOnline: O il prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, US sanctions on Iran and Venezuela, and hopes that the Sino-US trade dispute may soon end.
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Publish Date:19/February/2019 | 11:31

Oil Market Forecasters Bearish on 2019

EghtesadOnline: The three most closely watched oil market forecasters are all bracing for a significant upsurge in non-OPEC supply growth in 2019 but differ on the extent that global oil supply will outweigh demand.
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Publish Date:17/February/2019 | 24:18

Iran Exempt from OPEC 1.2m bpd Output Cut

EghtesadOnline: OPEC concluded its 175th meeting with an accord to remove 1.2 million barrels a day of crude from the market, with non-OPEC allies including Russia taking a 400,000 barrel-a-day share.
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Publish Date:08/December/2018 | 13:20

Novak: Uncertainty Clouding OPEC Decisions

EghtesadOnline: OPEC coalition decisions on further global oil market cooperation will be taken next week amid uncertainty over many factors impacting the industry, including Iranian crude export volumes, but Russian oil producers are ready to adjust their production accordingly, energy minister Alexander Novak said.
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Publish Date:02/December/2018 | 10:17

Iran says no OPEC member can take over its share of oil exports

EghtesadOnline: Iran told OPEC on Sunday no member country should be allowed to take over another member’s share of oil exports, expressing Tehran’s concern about Saudi Arabia’s offer to pump more oil in the face of U.S. sanctions on Iranian oil sales.
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Publish Date:19/August/2018 | 09:31

Zanganeh Calls for Extraordinary OPEC Meeting Over Production Changes

EghtesadOnline: Iran's Oil Minister Bijan Namdar Zanganeh said OPEC may need to hold an extraordinary meeting, if the organization of oil producers fails to prevent member countries from adjusting their crude production without approval.
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Publish Date:11/August/2018 | 11:08

Iran Criticizes Moscow-Riyadh Efforts to Ramp Up Oil

EghtesadOnline: A senior Iranian energy official criticized Russia and Saudi Arabia for ramping up oil output, saying they were breaking a production agreement between OPEC and Moscow and would strengthen the US effort to impose sanctions on Tehran.
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Publish Date:07/August/2018 | 09:46

Saudis Misled Trump, Failed to Compensate Iranian Oil Loss

EghtesadOnline: Iran said on Tuesday US President Donald Trump was mistaken to expect Saudi Arabia and other oil producers to compensate for supply losses caused by US sanctions on Iran, after OPEC production rose only modestly in July.
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Publish Date:01/August/2018 | 09:50

OPEC Agrees to Hike Production

EghtesadOnline: O PEC agreed on Friday to raise oil production by around 1 million barrels per day from July for the group and its allies, an OPEC source said.
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Publish Date:23/June/2018 | 10:27