Tag: OPEC

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices plummeted by nearly 5% on Thursday after Saudi Arabia said OPEC and its allies were working towards reduced cuts, causing concerns that the bloc is struggling to deal with the recent supply glut ahead of its meeting. Saudi energy minister Khalid al-Falih said OPEC and allies, including Russia, […]

Russian oil dips ahead of OPEC meeting

Russian oil dips ahead of OPEC meeting

Russia’s oil production dipped last month according to new federal data which comes just days ahead of an OPEC summit that is expected to result in another production cut. Data from November shows Russian output had dropped to 11.369 million barrels per day from 11.41 million bpd in October. Prior […]

Qatar exits OPEC

Qatar exits OPEC

In a shock move, Qatar has withdrawn from OPEC – raising questions over the loyalty of the bloc’s remaining members. The Middle Eastern nation’s decision comes as it looks to shake of constraints of the bloc and increase its sales as analysts say member states are becoming increasingly unhappy with […]

Miners and oil stocks help FTSE 100 surge

Miners and oil stocks help FTSE 100 surge

The FTSE 100 surged 2.045pc at 7,123.03 after Washington and Beijing agreed a ceasefire in the trade conflicts that have weighed heavily on the markets. Miners and oil giants helped drive the surge of the FTSE 100, led by Anglo American and Antofagasta up 6.49pc and 7.60pc respectively, while BP […]

Russia accept $60 oil price

Russia accept $60 oil price

Russia has stated it is comfortable with oil prices at around the $60 mark with President Vladimir Putin thanking Saudi Arabia for its cooperation in managing the global oil market. Ahead of next week’s OPEC+ meeting, Putin said Russia was comfortable with oil prices at $60 as it is budgeted […]

Saudi Arabia pump record levels of oil on pressure from Trump

Saudi Arabia pump record levels of oil on pressure from Trump

Saudi Arabia has increased its oil production to an all-time high in November as US President Donald Trump stepped up pressure on the country to prevent it from applying output cuts at next week’s OPEC meeting. The meeting will see OPEC members discuss ways to bring an end to the […]

Oil falls to one-year low on supply glut

Oil falls to one-year low on supply glut

Global oil prices have plummeted to their lowest since late 2017, weighed down by oversupply and fears over economic outlook. In response to the growing supply, OPEC is expected to withhold its output following a meeting planned for 6th December as international benchmark Bent crude dropped to its lowest since […]

Venezuela to share economic data with the IMF

Venezuela to share economic data with the IMF

Crisis stricken Venezuela is set to share its economic data with the International Monetary Fund (IMF) for the first time in two years, since its economic problems became severe, in order to avoid penalties that could include the exclusion of the IMF. According to two people with direct knowledge over […]