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Abdulaziz bin Salman

OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.

Oil producers agree record 9.7m barrels output cut

Top oil-producers agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.
The minister of Finance, Budget and National Planning Mrs Zainab Ahmed disclosed this on Tuesday during her maiden meeting with top officials of the two merged ministries at the headquarters of Budget and National Planning in Abuja.

Oil benchmark lowered over expected crude glut – minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the federal government adopted a lower oil benchmark price of $57 per barrel for the 2020 budget as against the $60 per barrel in the 2019 budget because of the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.
Smoke billowing after a fire at a Saudi Aramco factory in Abqaiq, Saudi Arabia, on Saturday. VIDEOS OBTAINED BY REUTERS-REUTERS

Drone attack: Saudi to resume full oil production by month’s end

Saudi Arabia’s energy minister Abdulaziz bin Salman said that half of the crude oil production that was disrupted due to the weekend attack on Aramco’s oil facilities had been restored.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Nigeria assures OPEC on crude oil production cut target

Minister of State for Petroleum Resources, Chief Timipre Sylva, says that Nigeria will cut down on its crude oil production to comply with the targets set by the Organisation of Petroleum Exporting Countries (OPEC).
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Saudi, Russia call for better compliance with OPEC oil cuts

Saudi Arabia and Russia on Thursday called on OPEC members and its allies to better comply with oil production cuts.
An OPEC branded flag sits on a table ahead of the 169th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria. | Akos Stiller | Bloomberg via Getty Images

OPEC urges further production restraint

The OPEC oil cartel urged continued production restraint Wednesday, saying output gains are still expected to outpace growth in demand for oil.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oil hits six-week high on hopes of extended OPEC cuts

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.
Saudi's Prince Abdulaziz bin Salman Al Saud

Oil rises as Saudi signals OPEC cuts to continue under new minister

Oil rose on Monday on expectations that Saudi Arabia, the world’s largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister, Abdulaziz bin Salman.

Trade wars: Oil majors to consider fresh cuts

Top oil producers will consider fresh output cuts at a meeting this week, but analysts are doubtful they will succeed in bolstering crude prices dented by the US-China trade war.

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