OPEC

Virus Deaths Top 400,000 As Infections Rise

The global death toll from the coronavirus pandemic climbed past 400,000 on Sunday with fatalities accelerating in the epicentre of Latin America even as Europe emerges from its virus lockdown with infections there increasingly under control.Almost seven million infections have been registered since the COVID-19 virus emerged in China late last year, forcing much of the globe into lockdown and pushing the world economy towards its worst downturn since the Great Depression.However, fears of a

8 June 2020
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Oil crashes after Saudi Arabia launches price war

Oil plunged over 20 percent Monday after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.The two main contracts both lost about a fifth of their value in morning Asian trade, with West Texas Intermediate sliding to about US$32 a barrel and Brent crude to about US$36 a barrel.Saudi Arabia launched an all-out oil war Sunday with the biggest cut in its prices in the last 20 years after a failing to clinch a d

9 March 2020
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Saudis pledge decisive oil supply boost

Saudi Arabia promised to act decisively to keep oil prices under control, signalling a real supply boost approaching one million barrels a day is on the way to global markets.“We will do whatever is necessary to keep the market in balance,” Saudi Energy Minister Khalid Al-Falih told reporters on Saturday, while sitting alongside his Russian counterpart Alexander Novak at the Organization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna.

24 June 2018
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OPEC squabble impacts Southeast Asia

The chandeliered halls of Vienna’s Hofburg palace will be the venue for the meeting between leaders of the Organization of the Petroleum Exporting Countries (OPEC) as they decide on output policy amid calls by the major oil consuming economies of the United States (US), China and India to increase crude oil production and cool down oil prices.

21 June 2018
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Russia and Saudi Arabia pursue OPEC deal at World Cup meeting

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman will discuss how to boost oil production while maintaining their petro-alliance when they meet in Moscow to watch the soccer World Cup’s opening match between the two countries.The world’s largest oil exporters are negotiating how to rework their unprecedented, and successful, deal to control oil production as United States (US) sanctions on Iran and the collapse of the Venezuelan petroleum industry threaten to send c

14 June 2018
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Oil holds gains near two-week high after US stockpiles tumble

Oil held gains near the highest close in more than two weeks after government data showed crude stockpiles in the world’s largest economy slid more than forecast to a two-year low.Front-month futures were little changed in New York after prices climbed 1.6 percent over the previous two days. Government data Wednesday showed US inventories fell 6.5 million barrels last week – more than double the average estimate in a Bloomberg survey – to the lowest level since 2015.

21 December 2017
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Oil slips as OPEC deal seen leading to potential shale surge

Oil retreated the most in more than two weeks amid worries that OPEC’s deal to extend production cutbacks may take US shale activity to a whole new level.Futures closed 1.5 percent lower in New York. OPEC and partners including Russia last week agreed to keep cutting output through the end of next year.

5 December 2017
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Oil falls below $58 as rig count counters OPEC curbs extension

Oil dropped below 58 dollars a barrel as investors weighed an increase in US oil drilling rigs against OPEC’s promise to extend output cuts through the end of next year.Futures fell as much as 0.9 percent in New York after adding 1.7 percent Friday. OPEC and its allies including Russia last week agreed to keep their supply cuts in place and beefed up the extension with the inclusion of Nigeria and Libya. Executives from three of the biggest independent U.S.

4 December 2017
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OPEC and Russia extend output cuts, boosting oil alliance

OPEC and its allies outside the group agreed to maintain oil production cuts until the end of 2018, extending their campaign to wrest back control of the global market from America’s shale industry.After a day of talks in Vienna, the decision showed the strength of the unprecedented alliance between the world’s top two oil producers, Saudi Arabia and Russia, and confounded Wall Street analysts who’d predicted Moscow would be reluctant to keep going.

1 December 2017
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Million-barrel oil hedging surge signals shale boom here to stay

Oil explorers took advantage of a market rally to lock in prices for almost 1 million barrels a day’s worth of future output, signaling the shale boom’s staying power as OPEC ponders the extension of its supply curbs.New hedging contracts in the third quarter covered 897,000 barrels a day of annualized production, a 147 percent increase over the second quarter, according to an analysis of 33 companies released Tuesday by industry researcher Wood MacKenzie Ltd.

29 November 2017
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Brent jumps to two-year high

Brent crude surged to its highest in more than two years as Turkey threatened to shut down Kurdish oil shipments through its territory.Futures climbed 3.8 percent in London, and the US benchmark rose to the highest since April. Turkey can choose to “close the valves” on oil exports from Kurdistan, Turkish President Recep Tayyip Erdogan said as the Iraqi region holds an independence referendum.

26 September 2017
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Oil caps best week since July

Oil had its biggest weekly gain since late July as Texas refineries recovering from Hurricane Harvey processed more crude and global demand forecasts brightened.Futures rose 5.1 percent this week in New York, settling just below the 50-dollar-a-barrel threshold that’s kept the industry in thrall.

18 September 2017
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