Tag Archives: opec

The shift toward renewable energy has to be managed very carefully in order to prevent a surge in oil prices as energy demand continues to rise, according to Saudi Arabia’s finance minister.“We have very serious concerns that the world could run short of energy if we are not careful in …

President Joe Biden told Russian Counterpart Vladimir Putin that the United States is prepared to launch strong economic measures in case Russia decides to invade Ukraine. The Bank of Canada is expected to keep the major part of focused spotlight on inflation at its policy decision, as the country’s central …

According to sources cited by Reuters, OPEC+ may as an option discuss hiking output by just 200K barrels per day (BPD) in January versus the current agreement which stipulates 400K BPD monthly output hikes into mid-2022. Moreover, a senior OPEC+ source reportedly said that sentiment at the moment is to …

OPEC and its allies will start two days of meetings on Wednesday to decide whether to pump more oil into the market or curb supplies amid slumping oil prices and concerns that the mutated Omicron strain of the coronavirus could dampen global energy demand. According to a document cited by …

Oil prices rose more than 3 percent on Wednesday, offsetting some sharp losses incurred during the previous session, as major producers prepare to discuss how to deal with the threat to fuel demand from the mutated Omicron. Brent crude futures rose $2.46, or 3.6 percent, to $71.69 a barrel by …

OPEC+ has postponed two meetings scheduled for the current week in order to avail more time to evaluate the implications of the latest coronavirus update about the emergence of a highly mutated variant.The group had moved the meeting of its joint technical committee to Wednesday from Monday, and the meeting …

Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand. This marks the latest development in the market after weeks long tug-of-war game. Brent …

Two sources familiar with the matter said that the commitment of the OPEC+ group to oil production cuts amounted to 116 percent in October, up from 115 percent in September. This indicates that the group continues to produce within the framework of the agreed goals. The data showed that the …

Biden’s administration asked some of the world’s largest oil consuming countries to consider releasing a portion of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery.Reuters has quoted anonymous sources to convey the news late on Wednesday night. It is noteworthy that WTI crude …

One of US President Joe Biden’s toughest challenges is maneuvering America’s relationship with its biggest economic enemy; namely China. when Biden holds a virtual summit with Chinese counterpart Xi Jinping later on Monday, issues such as tariffs, supply chain bottlenecks, subsidies, Chinese property sector debt crisis and the global energy …