Opec
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OPEC, Russia see smooth road to global deal on output cut
EghtesadOnline: Russia and Saudi Arabia said they expect OPEC and non-OPEC producers to reach an agreement on Saturday to curtail oil output and prop up prices in the first such joint move since…
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OPEC’s Historic Deal Won’t Be Enough to Drain Oil Stockpiles
EghtesadOnline: OPEC is likely to bring the oil market into balance by the middle of next year, but its production cut looks set to fall short of its stated goal of draining the stockpiles that…
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OPEC Meets With Non-OPEC Counterparts for Oil Cuts Deal
EghtesadOnline: The Organization of Petroleum Exporting Countries is meeting with countries outside the group in Vienna on Saturday to agree on a pact to curb oil supply and drain record global…
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Rouhani stresses need for sustained OPEC consultation for market stability
EghtesadOnline: President Hassan Rouhani in a telephone conversation with his Venezuelan counterpart President Nicolas Maduro on Thursday said that continuation of consultation and cooperation…
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Former OPEC official El-Badri says non-OPEC cut a 'must': conference
EghtesadOnline: Abdalla Salem El-Badri, who stepped aside as OPEC Secretary General in August, said Thursday at a conference a crude oil production cut of about 600,000 barrels per day from non-OPEC…
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Joint Kuwait-Saudi Oil Fields to Stick to OPEC Caps If Restarted
EghtesadOnline: Kuwait and Saudi Arabia agreed that any resumption of crude production from shared oil fields along their border won’t raise their output beyond limits set at an OPEC meeting…
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OPEC Ministers See Oil Market Balanced If Non-OPEC Joins Cut
EghtesadOnline: Two of OPEC’s leading ministers said its plan to rebalance the oil market will only work if Russia and other countries outside the group follow through on their commitments to…
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207 MPs hail Iran’s successful oil diplomacy
EghtesadOnline: Some 207 members of the Iranian parliament in a statement appreciated Iranian oil diplomacy which resulted in Iran’s gaining its pre-sanction quota in the Organization of Petroleum…
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Russian oil firms not seeking compensation for planned output cuts: Kremlin
EghtesadOnline: Russian oil firms have not sought financial compensation for planned output cuts under a deal with OPEC, Kremlin spokesman Dmitry Peskov said on Wednesday.
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Oil steadies on doubts output cut will end global glut
EghtesadOnline: Oil prices steadied on Wednesday as investors waited to see if OPEC and Russia would deliver promised production cuts designed to end a supply overhang that has weighed on the…
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In mammoth task, BP sends almost three million barrels of U.S. oil to Asia
EghtesadOnline: Oil major BP is shipping almost three million barrels of U.S. crude to customers across Asia, pioneering a lengthy and complex operation likely to become more popular after OPEC…
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U.A.E. Oil Minister Says OPEC Will Act Again If Prices Decline
EghtesadOnline: A cut in global oil output by 1.8 million barrels a day would be enough to balance the crude market, and OPEC is ready to take further action if prices fail to stabilize, United…
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OPEC Cut May Call Time on In-Flight Free Drinks
EghtesadOnline: Some of Asia’s marquee airlines that spoil passengers with free alcohol and in-flight entertainment may soon have to kick the habit.
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OPEC Target Gets Harder as African Members Boost November Output
EghtesadOnline: OPEC’s mission to implement last week’s historic deal to curb production for the first time in eight years just got a little bit harder after three of its African members increased…
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OPEC Seeks Cuts From Nations Pumping a Fifth of Oil
EghtesadOnline: OPEC has invited 14 other crude producers, who together pump about a fifth of the world’s oil, to talks this week in Vienna aimed at securing wider cooperation with production…
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Saudi Arabia Switches OPEC Tack With Eye on World’s Top IPO
EghtesadOnline: To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug…
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Oil dips as OPEC, Russian output rises ahead of production cut
EghtesadOnline: Oil prices slipped on Tuesday as crude output rose in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut…
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200 MPs hail Iran’s successful oil diplomacy
EghtesadOnline: 200 members of the Iranian parliament have signed a letter in appreciation of the Iranian oil diplomacy which resulted in Iran’s gaining its pre-sanction quota in the Organization…
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Electric Cars May Take an OPEC-Sized Bite From Oil Use
EghtesadOnline: A boom in electric vehicles made by the likes of Tesla Motors Inc. could erode as much as 10 percent of global gasoline demand by 2035, according to the oil industry consultant…
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Oil Market Turns Upside Down as Shale Rushes to Hedge Post-OPEC
EghtesadOnline: U.S. shale oil companies are using the post-OPEC rally to hedge their oil price risk for next year and 2018 above $50 a barrel, bankers, merchants and brokers said, pushing the…
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Iran's oil minister to attend OPEC, non-OPEC meeting in Vienna: SHANA
EghtesadOnline: Iran's oil minister Bijan Namdar Zanganeh will attend the meeting between OPEC and non-OPEC members on Dec 10 in Vienna, the ministry's news agency SHANA said on Monday, as the…
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OPEC says members investing heavily to ensure oil supply
EghtesadOnline: OPEC members are investing heavily to ensure supplies can meet global oil demand, which is likely to continue to rise steadily, the group's secretary general told an energy conference…
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Oil tops $55 for first time in 16 months as OPEC deal fuels buying
EghtesadOnline: Brent crude oil prices rose above $55 a barrel on Monday, trading at a fresh 16-month high, as optimism spread about the prospect of a tightening market after OPEC members agreed…
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Oil prices fall as production creeps up ahead of announced 2017 output cut
EghtesadOnline: Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer…
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Iran emerges victorious from crippling sanctions, regains OPEC status
EghtesadOnline: Head of Caucasus Department of the CIS Institute and Director of the Center for Public Policy Research of the Russian Academy of Sciences, Vladimir Evseev, says Iran emerged victorious…
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OPEC pegs Iran's share at 3.9mbd
EghtesadOnline: OPEC in its 171st ordinary meeting on Wednesday, November 30, agreed to Iran's share of 3.9 million barrels per day in its total output.
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Presidential aide hails Iran-Russia agreement on oil market
EghtesadOnline: Telephone conversation between Iranian and Russian presidents a day before an OPEC meeting showed that agreement among big powers can cause major developments, senior official…
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OPEC History Shows Hard Work on Cuts Deal Is Only Just Beginning
EghtesadOnline: OPEC’s work isn’t done yet. Oil traders and investors cheered Wednesday’s landmark deal to curtail oil production. But history shows compliance with past accords to be patchy…
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Why OPEC’s Breakthrough Might Be Short-Lived: QuickTake Q&A
EghtesadOnline: The oil-producing nations of OPEC achieved an elusive consensus on reducing output. Can it last?
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OPEC Deal Upends Everything in Oil Market, Not Just Prices
EghtesadOnline: No matter where you look in the oil market, key markers watched by traders have been going haywire since Wednesday -- and they show little sign of letting up.