Tag Archives: opec

The OPEC and its allies (OPEC+) saw its compliance with oil output cuts policy reach 101% last month, Reuters reports, citing two sources with knowledge of the matter. The sources told Reuters that the compliance figure may be adjusted at the meeting of the committee. The OPEC+ is scheduled to …

OPEC Monthly Report: Reducing global economic growth forecasts to -4.1% in 2020 The economic growth forecast for 2021 was left unchanged at 4.7% Reducing Forecast for global oil demand growth by 0.4 million barrels per day in 2020 Raising Forecast of growth in non-OPEC supplies by 360 thousand barrels per …

Russian Energy Minister Alexander Novak said that global oil demand has recovered by a large rate, up to 90% from pre-pandemic levels, adding that Moscow will propose to the OPEC+ group to take a response to this trend within the framework of the global agreement to reduce oil production. Novak …

Oil prices rose, and is on the path of achieving gains for the third week in a row, as it was strengthened by the efforts of major crude producers to cut production in light of concerns about the economic recovery from the Coronavirus pandemic. US West Texas Intermediate crude futures …

An internal OPEC + report seen by Reuters showed that some members of the group of oil-producing countries will need to reduce production by an additional amount of 2.31 million barrels per day to compensate for the recent excess supplies. The report said that the surplus recorded in the period …

Today, Joint Ministerial Monitoring Committee (JMMC) meeting will likely be all about reviewing the bloc’s commitment to oil production curbs and assessing the compliance over the past two months. According to Reuters, July’s compliance of OPEC+ with oil output cuts was expected to reach 97%, down from 107% in June. …

Oil prices maintained most of last night’s gains, Tuesday, August 18, after the OPEC + group said that members had almost fully committed to the agreed production cuts to support prices amid a decline in fuel demand due to the Coronavirus pandemic. By 07:02 GMT, Brent crude was down 18 …

Crude oil prices fell Thursday, August 13, after OPEC said it expects demand for its oil to decline more than expected, although US government data showed a decline in inventories, indicating that demand is returning despite the Coronavirus pandemic. Brent crude fell eight cents to $ 45.35 a barrel by …

OPEC said that global oil demand will decline further in 2020 due to the Coronavirus pandemic, and added that the recovery next year will face great uncertainty, indicating growing adverse factors for the organization and its allies in supporting the market. The Organization of the Petroleum Exporting Countries (OPEC) said …

In an interview with Dubai TV, Director of Research and Development at Noor Capital, Mohamed Hashad takes a closer look at the markets. US stocks did not take advantage of the good job figures, as well as the decline in the unemployment rate from 10.5% to 10.2%, and Investors ignored …