The Ministry of Energy and Infrastructure has affirmed that the UAE remains fully committed to the Declaration of Cooperation (OPEC+) and reiterates that any decisions will be taken collectively by the OPEC+ group in its next Ministerial meeting. This came in a statement issued by the Ministry of Energy and Infrastructure on Thursday, and the Emirates News Agency (WAM) received […]
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Brazil currently has no immediate plans to join OPEC
Brazil does not plan to join the Organisation of the Petroleum Exporting Countries (OPEC) at the moment, but is determined to interact with it in the format of cooperation, Brazilian Minister of Mines and Energy Bento Costa Lima Albuquerque said on Wednesday. “At the moment there are no plans to join OPEC. But we continue […]
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OPEC, Russia extend record oil cuts to end of July
OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries […]
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OPEC, Russia meet to extend record oil cuts, push for compliance
OPEC and its allies led by Russia meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs. The producers known as OPEC+ previously agreed to cut supply by a record 9.7 million barrels per day […]
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OPEC+ coalition shaken as Iraq pushed to atone for oil cheating
The grand alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises. Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from the meeting intended to green-light an extension of its deepest production cutbacks and prop up crude […]
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Oil surges again after Trump threatens Iraq sanctions, Iran retaliation
Oil prices shot more than 2% higher on Monday, with Brent rising above $70 a barrel, after US President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East. Brent crude futures soared to a high of $70.27 a barrel at […]
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OPEC’s share of Indian oil imports in October hits lowest since 2011
OPEC’s share of India’s oil imports fell to 73% in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers. India, which usually imports about 80% of its needs from members of the Organization […]