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Alexander Novak

Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC pact with Russia falls apart, sending oil into tailspin

A three-year pact between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC responded by removing all limits on its own production.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oil prices fall as Russia touts easing OPEC+ output

Oil fell on Monday after Russia said an OPEC-led pact may consider easing output cuts next year, but prices held near recent three-month highs on hopes for a trade deal between the United States and China.

Oil falls as US rights bill fuels tensions with China

Oil prices fell for a second day on Thursday after official data showed U.S. crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fueling tensions with China.
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.

Oil edges higher on supply worries; eyes on trade talks

Oil prices rose on Tuesday, buoyed by overnight gains in industrial commodities, while unrest in oil-producing countries Iraq and Ecuador raised concerns of supply disruption, adding to support.
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.

Oil prices fall as market eyes trade war

Oil prices fell on Tuesday as the ongoing U.S.-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in the Organisation of Petroleum Exporting Countries (OPEC) output.
US crude oil

Oil prices drop amid demand worries, but US-Iran tensions help

Oil fell on Tuesday amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East.

Oil prices drop amid demand worries

Oil fell on Tuesday amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East, Reuters reported.

Russia wants Opec to forge cooperation

Russian Energy Minister, Alexander Novak, said on Monday that international cooperation on crude production has helped stabilize oil markets and is more important now than ever, Reuters reported.

Oil prices climb to five-month high amid OPEC cuts, US sanctions, Libya fighting

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by the Organisation of Petroleum Exporting Countries’ (OPEC) ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.

OPEC, allies will stabilise oil market – Saudi minister

Saudi Arabia’s Energy Minister, Khalid Al-Falih, has said that member countries of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia still have a lot of work to do to balance global oil markets, and are prepared to do what is necessary in this regards in the second half of 2019.
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

Kremlin: No talks are underway to create new Russia-OPEC alliance

The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC.

Oil edges up as market eyes tighter supply

Oil prices edged up on Tuesday buoyed by expectations of tightening global supply due to U.S. sanctions on Venezuela and production cuts led by OPEC.

Oil: OPEC-led supply cuts, sanctions against Venezuela keep prices steady

Oil prices were stable on Monday, largely maintaining gains from the previous session as OPEC-led supply cuts and U.S. sanctions against Venezuela provided the market with support.

Oil prices slip toward 18-month lows

Oil prices fell on Friday ahead of the New Year holiday as global crude benchmarks moved back toward their lowest levels in more than a year.

OPEC, non-OPEC countries to cut crude output in 2019

Crude oil production will be cut by 1.2 million barrels per day from January 2019 for an initial period of six months.

Oil hits $62 as OPEC, allies agree to cut production

The Organisation of Petroleum Exporting Countries (OPEC) and its allies agreed yesterday to cut oil production by 1.2 million barrels per day, owing to a record global crude glut and the need to halt the price slump.

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