Organization of Petroleum Exporting Countries opec - updates

Rappler's latest stories on Organization of Petroleum Exporting Countries opec


Saudi, UAE see sufficient oil supplies, rising stocks

May 20, 2019 - 7:42 AM

Oil exporting countries are discussing how to stabilize a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt global supply

Khalid Al-Falih, Saudi Energy and Oil Minister and Chairman of OPEC's Joint Ministerial Monitoring Committee (JMMC), speaks to journalists during the 10th JMMC meeting in Algiers on September 23, 2018.  Ryad KRAMDI / AFP

Trump asks OPEC not to cut production

Dec 05, 2018 - 11:37 PM

Members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepare to meet in Vienna to discuss lowering their output

(FILES) In this file photo taken on November 9, 2018 US President Donald Trump speaks to the press before departing the White House for Paris in Washington, DC. President Donald Trump said November 13, 2018 that the United States was aware of undeclared North Korean missile bases revealed by US researchers but insisted all was fine."We fully know about the sites being discussed, nothing new -- and nothing happening out of the normal," Trump wrote on Twitter. "I will be the first to let you know if things go bad!" he said.  NICHOLAS KAMM / AFP

Saudi, Russia agree to freeze oil output, on one condition

Feb 16, 2016 - 8:24 PM

UPDATED Other major oil producers have to approve the oil output freeze before it can be implemented

epa05152578 (FILE) A file picture dated 03 July 2001 showing the OPEC logo and signage in Vienna, Austria. The Organization of the Petroleum Exporting Countries (OPEC) increased its total oil production by 131,000 barrels per day (bpd) in January even though oversupply has been a major reason for falling oil prices, according to data issued by the cartel on 10 February 2016. The Vienna-based group of mostly Arab, African and Latin American countries said that they pumped 32.3 million bpd last month. This was 1.8 million bpd above the projected average demand for OPEC oil in the first quarter, the group's monthly oil market report showed. Saudi Arabia and other Arab members of OPEC have so far stopped the group from propping up prices by lowering output, in an apparent effort to use the current slump to win market shares from the US, where oil production is costlier than in the Gulf. EPA/BARBARA GINDL AUSTRIA OUT

Oil firms to roll back petroleum prices anew

Dec 12, 2014 - 8:46 PM

An adjustment as high as P1 50 per liter for gasoline and diesel prices is expected this weekend or early next week

Oil firms hike prices as tension in Iraq worsens

Jun 24, 2014 - 1:50 PM

Local pump prices of petroleum products go up over P1—the highest increase so far this year

File image from Shutterstock

Oil prices in PH to rise as tension in Iraq escalates

Jun 21, 2014 - 12:05 PM

Prices of petroleum products to rise over P1 per liter next week

File image from Shutterstock

Global recovery, China to pull oil demand in 2014

Jul 11, 2013 - 9:30 PM

Global economic recovery and emerging markets led by China will boost growth of oil demand to a record high total next year the International Energy Agency said

OPEC meets to decide oil output targets, discuss new head

Dec 09, 2012 - 1:31 PM

OPEC gathers in Vienna this week for a ministerial meeting to decide on the cartel s oil production ceiling as a predicted drop in demand risks weighing on high crude prices despite Middle East unrest