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Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC maintains oil demand growth forecast on coronavirus worries

The Organisation of Petroleum Exporting Countries (OPEC) and its allies on the Joint Technical Committee (JTC) are keeping the cartel’s forecast for growth in global oil demand this year, amid worries of surging COVID-19 cases in India, it was learnt yesterday.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC raises oil demand growth on stronger economic recovery

The Organisation of Petroleum Exporting Countries (OPEC) has raised its forecast for crude oil demand growth this year on the back of an expected stronger economic recovery.
FILE PHOTO - Pope Francis listens to Philippine Cardinal Luis Antonio Tagle (not pictured) during a mass to mark 500 years of Christianity in the Philippines, in St. Peter's Basilica at the Vatican, March 14, 2021. Tiziana Fabi-Pool via REUTERS

Pope urges IMF, World Bank to cut poor nations’ debts

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OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

OPEC internal report sees oil stocks falling more in 2021

OPEC expects oil inventories to drop by about 445 million barrels in 2021 in the latest supply and demand outlook being reviewed by a technical meeting on Tuesday, according to a copy of the report seen by Reuters.
FILE PHOTO: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks via video link during a virtual emergency meeting of OPEC and non-OPEC countries, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia April 9, 2020.Saudi Press Agency/Handout via REUTERS

Saudi Arabia doubts oil recovery, keeps taps tight

This week’s surprise decision by Saudi Arabia and other top oil producers to broadly stick with output cuts despite rising crude prices was influenced by events in an unexpected place - Italy.
FILE PHOTO - A view shows railroad freight cars, including oil tanks, in Omsk, Russia May 1, 2020. REUTERS-Alexey Malgavko

Oil prices slide as virus cases rise, demand worries persist

Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices continue climb on large crude draw

Both Brent and WTI were up on Tuesday morning before the data release on hopes of a larger round of stimulus checks signed off on by President Donald Trump and the House on Monday. Gains continue to be capped, however, by OPEC’s plans to gradually increase oil production after the start of the year despite lockdowns and depressed demand.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC: How april agreement saved oil market

The Organisation of Petroleum Exporting Countries (OPEC) has again revealed the huge role played by its members and OPEC+ in saving the international oil market from total collapse since March when prices began a downward spiral.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices fall, head for weekly decline

Global oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere would suppress fuel demand.

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