Tag: OPEC

Russia’s Novak sees global oil deficit despite rising COVID-19 cases

Russian Deputy Prime Minister Alexander Novak said there was an oil deficit on the global market even though some countries were recording a growing number of COVID-19 cases

Russia’s Novak says oil prices of $62-$66/bbl reflect present situation

Russian Deputy Prime Minister Alexander Novak said in an interview published on Monday that the oil prices of $62-$66 per barrel reflect the current market

OPEC pins oil demand hopes on second-half recovery as India dents Q2

In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.95 million barrels per day (bpd) this year, or 6.6%. The forecast was unchanged from last month

OPEC’s share of Indian oil imports plunges to 2 decade low

Total crude imports by the world’s third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier, the data showed

Iran again boosts OPEC oil output in April

Iran’s exports are rising as talks take place to revive a 2015 nuclear deal which could eventually allow more oil to the market. So far, OPEC and its allies, known as OPEC+, are not concerned by Iran and plan their own output boost from May

OPEC+ sticks to plan to ease oil output cuts from May 1

The panel decided to stick to policies broadly agreed at a previous April 1 meeting of OPEC+, Russian Deputy Prime Minister Alexander Novak said after the talks

OPEC+ to meet amid concern about rising virus cases

OPEC and its allies led by Russia will meet to discuss production policy amid upbeat forecasts for energy demand despite concerns about new coronavirus spikes in India, Brazil and Japan

OPEC says NOPEC bill could put US overseas assets

U.S. assets and personnel overseas could be at risk if the country decided to pass a bill against OPEC, known as NOPEC, the head of the Organization of the Petroleum Exporting Countries told member states

Saudi crude exports drop to eight-month low in February

Saudi Arabia’s crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said, as the world’s biggest oil exporter voluntarily capped output to support oil prices

Russia’s Novak says OPEC+ countries will gradually restore oil output in May-July

Russian Deputy Prime Minister Alexander Novak added that Russia’s energy ministry was ready to support export curbs on oil products in order to bolster the domestic market