Tag: JOINT ACTION

Saudi retains top spot in oil supplies to China

Saudi Arabia, the world’s biggest oil exporter, kept its ranking as China’s top crude supplier for a ninth straight month in August as major producers relaxed production cuts

OPEC to stick to oil production deal in October

OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq’s oil minister said, adding the group is expected to stick to its current production accord when it meet in October “if prices remain stable”

The OPEC and allies led by Russia, a group known as OPEC+, agreed to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market

OPEC August oil output rises, but outages limit gain

The Organization of the Petroleum Exporting Countries has pumped 26.93 million barrels per day (bpd), the survey found, up 210,000 bpd from July’s estimate

Oil price rise outlook stalls over Delta speed bump

Oil prices will struggle to break out of current ranges this year as a spike in the Delta coronavirus cases threatens to slow a demand recovery, a Reuters poll showed

OPEC+ could reconsider output increase

The rise in oil output agreed final month by OPEC+ nations might be reconsidered at its subsequent assembly on Sept. 1, Kuwait’s oil minister stated

Russia’s oil production falls to 10.41 million bpd

Russia’s oil production fell to 10.41 million barrels per day (bpd) during the period from Aug. 1 to 23, from 10.46 million bpd in July

OPEC+ sees no need to meet U.S. call for more supply

OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise

US urges OPEC+ to pump more

The White House said in a statement that the Biden administration had urged OPEC and its partners to boost production, CNBC earlier reported the development

OPEC July oil output hits 15-month high as demand recovers

The OPEC has pumped 26.72 million barrels per day (bpd), the survey found, up 610,000 bpd from June’s revised estimate. Output has risen every month since June 2020 apart from in February