Organization of the Petroleum Exporting Countries - updates

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

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OPEC throttles output in May 2020

Jun 17, 2020 - 10:00 PM

OPEC member states cut oil output by 6.2 million barrels per day in May 2020

OIL FEARS. In this file photo taken on December 11, 2019, an oil tanker is docked at the port of Ras al-Khair, about 185 kilometers north of Dammam in Saudi Arabia's eastern province overlooking the Gulf. File photo by Giuseppe Cacace/AFP

OPEC, allies agree to extend deep output cuts until July 2020

Jun 07, 2020 - 7:15 AM

(UPDATED) Algerian Oil Minister Mohamed Arkab, who currently holds OPEC's rotating presidency, says the agreed cut for July 2020 is 9.6 million barrels per day

OIL FACILITY. A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. File photo by Fayez Nureldine/AFP

Stock markets power ahead on surprise U.S. jobs rise

Jun 06, 2020 - 7:25 AM

The Dow piles on around 830 points, or 3.2%, to finish at 27,110.98 on Friday, June 5

STOCK EXCHANGE. The Fearless Girl statue stands in front of the New York Stock Exchange near Wall Street in New York City on March 23, 2020. Photo by Angela Weiss/AFP

OPEC sees oil market already rebalancing

May 13, 2020 - 9:20 PM

The Organization of the Petroleum Exporting Countries says 'speedy supply adjustments' are already 'showing positive response'

OIL. Pump jacks are seen at dawn in an oil field over the Monterey Shale formation near Lost Hills, California, on March 24, 2014. File photo by David McNew/Getty Images/AFP

Saudi Arabia wins oil price war – at a huge cost

Apr 21, 2020 - 11:05 PM

'Riyadh may have unleashed something it is unable to control,' says an analyst

DE FACTO LEADER. Saudi Arabia's Crown Prince Mohammed bin Salman attends a signing ceremony following a meeting of Russian President Vladimir Putin with Saudi Arabia's King Salman in Riyadh on October 14, 2019. File photo by Alexey Nikolsky/Sputnik/AFP

How can oil prices be negative?

Apr 21, 2020 - 10:15 PM

Here's how the value of a barrel of oil plunged into negative territory for the first time

OIL PRODUCTION. A view of a refinery at the Jubail Industrial City in Saudi Arabia on December 11, 2019. File photo by Giuseppe Cacace/AFP

TIMELINE: The oil market's 6-week plunge

Apr 21, 2020 - 11:15 AM

Here is a look back at a tumultuous 6-week period for oil, which saw United States prices plummeting to below zero

HUNTINGTON BEACH, CA - APRIL 20: A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields on April 20, 2020 in Huntington Beach, California. Oil prices traded in negative territory for the first time as the spread of coronavirus (COVID-19) impacts oil demand. Michael Heiman/Getty Images/AFP

Saudi Aramco to supply 8.5 million barrels per day starting May

Apr 18, 2020 - 12:15 AM

Oil giant Aramco does not clarify whether or how this would be split between exports and domestic supply

SAUDI ARAMCO. Investors stand in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum in Riyadh on January 25, 2016. File photo by Fayez Nureldine/AFP

OPEC says oil market undergoing 'historic shock'

Apr 16, 2020 - 11:10 PM

The Organization of the Petroleum Exporting Countries now forecasts a drop of around 6.8 million barrels per day in average daily demand for 2020

PRICE DROP. An oil refinery. Photo from Shutterstock

Saudi says total oil curbs could reach 19.5 million barrels

Apr 14, 2020 - 8:15 PM

The Organization of the Petroleum Exporting Countries and its allies are cutting output to arrest the slump in oil prices

SET FOR IPO. A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. File photo by Fayez Nureldine/AFP

Top oil producers agree on 'historic' cuts due to coronavirus crisis

Apr 13, 2020 - 8:10 AM

(UPDATED) In a compromise, major oil-producing countries agree to slash output by 9.7 million barrels per day starting May 1, down slightly from 10 million barrels per day envisioned earlier

A picture taken on September 15, 2019 shows an Aramco oil facility at the edge of the Saudi capital Riyadh. - Saudi Arabia raced today to restart operations at oil plants hit by drone attacks which slashed its production by half, as Iran dismissed US claims it was behind the assault. The Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, have claimed thi weekend's strikes on two plants owned by state giant Aramco in eastern Saudi Arabia. (Photo by FAYEZ NURELDINE / AFP)

Nigeria hopes for $15 price rebound from oil cut deal

Apr 10, 2020 - 8:30 PM

Nigeria, Africa's most populous nation and biggest oil producer, is hoping for additional revenues once oil prices bounce back

A photo taken on February 23, 2018 shows the Egina FPSO berthed in Lagos harbour, Nigeria. - The Egina FPSO (Floating Production Storage and Offloading) unit is the largest FPSO ever installed in Nigeria and has the capacity to produce up to 200 000 barrels of oil per day. (Photo by Stefan HEUNIS / AFP)

Top oil producers except Mexico agree to output cuts – OPEC

Apr 10, 2020 - 3:35 PM

Oil output will be cut by 10 million barrels per day in May and June, though Mexico rejects its share of cuts, which would have been 400,000 barrels per day

OIL STORAGE. This photograph, taken on April 20, 2016, shows oil storage tanks on Jurong island off Singapore. Photo by Roslan Rahman/AFP

Saudi oil supply hits record as price war rages

Apr 02, 2020 - 7:00 AM

On a single day, Saudi Aramco says it is 'breaking records to supply 15 tankers loading more than 18.8 million barrels of oil'

A handout picture provided by the Saudi Arabian Oil Company (Saudi Aramco) on April 1, 2020 shows Aramco tankers being loaded with oil at an undisclosed sea location. - Saudi Aramco supplies a record 18.8 million barrels of crude on a single day, escalating an price war with Russia while defying pressure from the United States. (Photo by - / Saudi Aramco / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / SAUDI OIL COMPANY ARAMCO" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS

Saudi to raise oil exports to record levels as price war rages

Mar 30, 2020 - 10:25 PM

(UPDATED) With oil prices already at 17-year lows, Saudi Arabia announces it is ramping up exports beginning May

OIL FACILITY. A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. File photo by Fayez Nureldine/AFP

Oil storage buckles as coronavirus saps demand

Mar 27, 2020 - 5:35 PM

Despite the coronavirus pandemic, crude oil production continues at full steam, pushing storage capacity to its limits

(FILES) In this file photo taken on April 20, 2016 This photograph taken on April 20, 2016 shows oil storage tanks on Jurong island off Singapore. - Despite the coronavirus pandemic that is devastating the world economy and oil demand, crude oil production continues at full steam, particularly in Saudi Arabia and the United States, pushing storage capacity to its limits. (Photo by ROSLAN RAHMAN / AFP)

Crude reality: Price crash means oil firms must slash spending

Mar 22, 2020 - 3:00 PM

Cost cutting is inevitable for oil firms as prices continue to drop

PRICE DROP. An oil refinery. Photo from Shutterstock

Oil giant Aramco to tap inventories to raise output

Mar 16, 2020 - 11:35 PM

As a price war with Russia escalates, Saudi Aramco says it can keep up its new level of output for a sustained period

SET FOR IPO. A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. File photo by Fayez Nureldine/AFP

Oil prices head for worst weekly loss in over a decade

Mar 13, 2020 - 3:52 PM

Crude prices fall more than 20% this week and are on course for their biggest weekly drop since the global financial crisis of 2008

PRICE DROP. File photo of an oil refinery. Shutterstock.com

Saudi, UAE open oil taps as they wage price war

Mar 11, 2020 - 11:15 PM

Saudi Arabia and the United Arab Emirates say they will together boost oil production by at least 3.5 million barrels per day, stepping up the price war against Russia

A picture taken on May 10, 2016 shows over Shaybah, the base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field in Saudi Arabia's remote Empty quarter desert close to the United Arab Emirates, on May 10, 2016. - Despite collapsed global oil prices, production is expanding at Shaybah, as it is in other units of the company at the centre of the kingdom's Vision 2030 drive for diversification away from oil. The Saudi government plans to sell less than five percent of the company in what officials say will be the world's largest-ever share offering, while transforming Saudi Aramco into "a global industrial conglomerate". By 2020 the company says it will have tripled its gas processing capacity from levels at the turn of the century. (Photo by IAN TIMBERLAKE / AFP)

OPEC chops oil demand forecast over coronavirus

Mar 11, 2020 - 10:30 PM

The Organization of the Petroleum Exporting Countries lowers its forecast for global average daily demand to 99.73 million barrels

Oil prices saw a record surge after attacks on two Saudi facilities in the world's top gas producer. Photo by DARREN LANGIT

Russia reaches out to OPEC as Saudi Arabia opens oil taps

Mar 11, 2020 - 2:30 AM

Russian Energy Minister Alexander Novak says Moscow remains open to cooperation with OPEC to stabilize the oil market

(FILES) In this file photo taken on December 07, 2018 (LtoR) Russian Minister of Energy of Russia Alexander Novak, Organization of the Petroleum Exporting Countries' (OPEC) President UAE Energy Minister Suhail al-Mazrouei and OPEC Secretary General Mohammed Sanusi Barkindo of Nigeria speak during a ministerial level meeting during with OPEC members and non members during the 175th OPEC Conference on December 7, 2018 in Vienna, Austria. - The OPEC club of oil-producing countries meets on March 2, 2020 in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus. (Photo by JOE KLAMAR / AFP)

Oil crash: Saudi Arabia's risky price war

Mar 10, 2020 - 9:45 AM

Here are some key questions surrounding the plunge in oil prices and the strategy driving Saudi Arabia, the world's top crude exporter

Saudi Arabia's Crown Prince Mohammed bin Salman attends a signing ceremony following a meeting of Russian President Vladimir Putin with Saudi Arabia's King Salman in Riyadh, Saudi Arabia, on October 14, 2019. (Photo by Alexey NIKOLSKY / SPUTNIK / AFP)

Oil price plunge: Winners and losers

Mar 10, 2020 - 9:05 AM

Who wins and who loses as oil prices plummet?

An employee wearing a facemask fills up a car at a gas station in Bangkok on March 9, 2020. - Equity markets collapsed March 9 as the rapidly spreading coronavirus fans fears over the global economy, while a crash in oil prices added to the panic with energy firms taking a hammering. (Photo by Mladen ANTONOV / AFP)

Oil falls most since Gulf War as Saudi starts price war

Mar 09, 2020 - 10:20 PM

Oil prices suffer their biggest drop in nearly 30 years on Monday, March 9, following Saudi Arabia's move to launch a price war against Russia

A foreign worker wearing a protective mask fills a car tank at a petrol station in Qatif city in the Eastern Province, some 400Km from the capital Riyadh, on March 9, 2020. - The Saudi Interior Ministry announced on March 8 the lockdown of Qatif, home to around 500,000 people, given the kingdom's 11 recorded cases of the new coronavirus are from the oil-rich Shiite stronghold. The decision is the first action of its kind across the Gulf region, which has confirmed more than 230 coronavirus cases, most of them people returning from religious pilgrimages to Shiite-majority Iran. (Photo by STR / AFP)

As demand crunch deepens, how far can oil plummet?

Mar 08, 2020 - 2:40 PM

With the slowdown in global growth caused by the coronavirus, market players expect the plunge in oil demand and prices to continue

A picture taken on September 15, 2019 shows an Aramco oil facility near al-Khurj area, just south of the Saudi capital Riyadh. - Saudi Arabia raced today to restart operations at oil plants hit by drone attacks which slashed its production by half, as Iran dismissed US claims it was behind the assault. The Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, have claimed thi weekend's strikes on two plants owned by state giant Aramco in eastern Saudi Arabia. (Photo by FAYEZ NURELDINE / AFP)

OPEC, allies fail to reach deal on oil production cuts

Mar 07, 2020 - 11:55 AM

Oil prices tumble further as OPEC and the so-called OPEC+ grouping end their meeting on Friday, March 6, without an agreement

A general view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. - Saudi Arabia said on September 17 its oil output will return to normal by the end of September, seeking to soothe rattled energy markets after attacks on two instillations that slashed its production by half. The strikes on Abqaiq –- the world's largest oil processing facility –- and the Khurais oil field in eastern Saudi Arabia roiled energy markets and revived fears of a conflict in the tinderbox Gulf region. (Photo by Fayez Nureldine / AFP)

OPEC recommends 1.5-million-barrel output cut to allies

Mar 06, 2020 - 8:25 AM

OPEC nations, led by Saudi Arabia, agree to recommend 'a further adjustment of 1.5 million barrels per day' until June 30, 2020. It remains to be seen if their allies will agree.

Prince Abdulaziz bin Salman Al Saud (L), Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia arrives for the 178th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on March 5, 2020. - Delegates from oil-producing countries started arrived in Vienna to discuss output cuts in a meeting overshadowed by worries over the new coronavirus -- both its affect on oil prices as well as a big gathering like OPEC. (Photo by ALEX HALADA / AFP)

Oil output cuts: OPEC's double-edged sword

Mar 05, 2020 - 12:25 PM

OPEC's credibility rests on the commitment of member states to follow through on cuts

OIL FEARS. In this file photo taken on December 11, 2019, an oil tanker is docked at the port of Ras al-Khair, about 185 kilometers north of Dammam in Saudi Arabia's eastern province overlooking the Gulf. File photo by Giuseppe Cacace/AFP

OPEC chops global oil demand growth forecast over China virus

Feb 12, 2020 - 10:15 PM

The growth in demand for oil is expected to be slower as the novel coronavirus outbreak in China affects fuel requirements, notably of airlines

Staff members (L) offer free protective masks to drivers and passengers at a gas station in China's southwestern Chongqing on January 23, 2020. - China banned trains and planes from leaving Wuhan at the centre of a virus outbreak on January 23, seeking to seal off its 11 million people to contain the contagious disease that has claimed 17 lives, infected hundreds and spread to other countries. (Photo by STR / AFP) / China OUT

Iraq looking at options in case Gulf oil route cut – spokesman

Jun 17, 2019 - 11:46 PM

Lawmakers have also called for an emergency session with Iraq's ministers of oil, trade, planning and transport to 'prepare to confront the possible dangers'

TO PORT. This picture taken on June 15, 2019 shows tanker ships in the waters of the Gulf of Oman off the coast of the eastern UAE emirate of Fujairah. Photo by Giuseppe Cacace/AFP

OPEC agrees ouput rise of 'about' 1 million barrels – Saudi

Jun 22, 2018 - 10:22 PM

Saudi Arabia, backed by non-member Russia, has argued that it is time to raise production in order to meet growing demand and appease major consumer countries like the US, India and China

OIL PRODUCERS. File photo shows Saudi Energy Minister Khaled al-Faleh (left) and Russian Energy Minister Alexander Novak at a meeting of OPEC and non-OPEC members in Jeddah on April 20, 2018. Photo by Amer Hilabi/AFP

OPEC sees 'considerable uncertainty' in oil market

Jun 12, 2018 - 9:55 PM

Question marks over global economic growth and resulting oil demand make forecasting difficult, says the Organization of the Petroleum Exporting Countries

Motorists gas up at a Tax Reform for Acceleration and Inclusion (TRAIN) Law implemented gasoline station in Paco, Manila, days ahead of the 15-day minimum inventory requirement of oil companies, on January 10, 2018. Photo by Ben Nabong/Rappler

Oil producers eye extension of output cuts

Mar 27, 2017 - 1:20 AM

OPEC and non OPEC producers are studying whether to extend the cuts for another 6 month period

OIL OUTPUT. An oil pumpjack works on January 19, 2016 in Sweetwater, Texas. File photo by Spencer Platt/Getty Images/AFP

Inflation hits 2.7% in January

Feb 07, 2017 - 3:05 PM

Prices rise at a faster rate than at any point last year due to increases in oil transport housing and utilities according to NEDA

Oil producers say output cut on track

Jan 23, 2017 - 12:45 AM

Compliance is great it s been really fantastic says Saudi Arabian Oil Minister Khaled al Falih

SWEETWATER, TX - JANUARY 19: An oil pumpjack works on January 19, 2016 in Sweetwater, Texas. Global oil prices continue their downward fall with U.S. oil dropping towards $27 a barrel, its lowest since 2003, on worries about global oversupply. Following a diplomatic agreement on nuclear fuel with America, Iran has forecast it will add 500,000 barrels per day to global production, following the lifting of sanctions. Spencer Platt/Getty Images/AFP

Qatar, Kuwait to cut oil production from January 1

Dec 14, 2016 - 1:10 PM

Oil companies in the two countries say they will comply with the recent OPEC agreement

A general view taken on April 16, 2016 shows the Shuaiba oil refinery south of Kuwait City. Kuwaiti oil workers plan to go on strike on April 17, 2016 in protest to what they call the government's plan to cut their annual benefits and bonuses. / AFP PHOTO / YASSER AL-ZAYYAT

Oil soars as non-OPEC producers agree on caps

Dec 12, 2016 - 3:22 PM

Oil soars following a landmark deal by Russia and other non OPEC producers to join the cartel in capping output

A worker pumps fuel at a petrol station outside Dakar on January 17, 2016. Seyllou/AFP

Oil resumes rise after OPEC cut

Dec 01, 2016 - 3:21 PM

Crude futures prices surged more than 10 immediately after the OPEC deal

A boat (foreground) is seen past an oil tanker (background) docked next to an oil refinery on Bukom island off Singapore on January 18, 2016. Roslan Rahman/AFP

OPEC boosts oil price with output cut

Nov 30, 2016 - 12:10 PM

UPDATED It represents a dramatic reversal from OPEC s Saudi led strategy introduced in 2014 of flooding the market to force out rivals in particular US shale oil producers

The logo of OPEC is pictured at the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on November 29, 2016.  Joe Klamar/AFP

OPEC scrambles to agree crucial oil output cut

Nov 28, 2016 - 3:27 PM

Failure to get an accord could send oil prices tumbling and reignite debate about the purpose of the 56 year old Organization of the Petroleum Exporting Countries

A worker pumps fuel at a petrol station outside Dakar on January 17, 2016. Seyllou/AFP

Saudi oil minister says OPEC production cut 'imperative'

Nov 14, 2016 - 12:10 AM

Khalid al Falih urges cartel members to stick to the agreement they reached in Algiers in September

Saudi Minister of Energy, Industrial and Mineral Resources Khalid al-Falih arrives for the opening ceremony of the Qatari and Saudi Economic Forum on November 6, 2016 in Riyadh. / AFP PHOTO / FAYEZ NURELDINE

OPEC pumping oil at record levels ahead of crunch meeting – IEA

Nov 11, 2016 - 1:15 AM

Production rises to a record 33 83 million barrels a day in October according to the International Energy Agency

A man fills his car with gas at a Wawa gas station in Woodbridge, Virginia, January 5, 2016. Oil prices fell further January 5 as the crude supply glut overshadowed a diplomatic row between key producers Saudi Arabia and Iran as fuel prices in the US have fallen below $2 per gallon. AFP PHOTO / SAUL LOEB / AFP PHOTO / SAUL LOEB

Saudi Aramco CEO predicts oil market balance by early 2017

Nov 02, 2016 - 3:30 PM

The gap between supply and demand is closing says Amin Nasser

Amin al-Nasser, president of state oil giant Saudi Aramco, delivers a speech on October 11, 2016 during the 23rd World Energy Congress in Istanbul.  World Energy Congress in Istanbul brings together players across the energy sector to discuss a transformation of the sector. Saudi Arabia said on October 10 it was "not unthinkable" that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. / AFP PHOTO / OZAN KOSE

Oil price down cycle 'nearing end' – Saudi minister

Oct 24, 2016 - 12:25 AM

We are optimistic that oil prices will continue to improve in the future says Saudi Oil Minister Khalid al Falih

Saudi Oil Minister Khalid al-Falih addresses a Gulf ministerial meeting in Riyadh on October 23, 2016. Falih said that the current cycle of falling crude prices is close to an end as market fundamentals improve. Oil prices are currently hovering at around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014.    / AFP PHOTO / FAYEZ NURELDINE

Oil market still weak despite recovery – Saudi Aramco

Sep 26, 2016 - 10:50 PM

There are fears that oil producing countries will not be able to reach a deal in Algiers this week

A picture taken on May 10, 2016 shows over Shaybah, the base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field in Saudi Arabia's remote Empty quarter desert close to the United Arab Emirates, on May 10, 2016. Despite collapsed global oil prices, production is expanding at Shaybah, as it is in other units of the company at the centre of the kingdom's Vision 2030 drive for diversification away from oil. The Saudi government plans to sell less than five percent of the company in what officials say will be the world's largest-ever share offering, while transforming Saudi Aramco into "a global industrial conglomerate". By 2020 the company says it will have tripled its gas processing capacity from levels at the turn of the century. / AFP PHOTO / IAN TIMBERLAKE

Global oil glut set to last at least until mid-2017 – IEA

Sep 13, 2016 - 9:15 PM

Demand growth is slowing and supply is rising explains the International Energy Agency in its monthly report

BIG SPRING, TX - JANUARY 19: An oil refinery is lit up in the night on January 19, 2016 in Big Spring, Texas. Global oil prices continue their downward fall with U.S. oil dropping towards $27 a barrel, its lowest since 2003, on worries about global oversupply. Following a diplomatic agreement on nuclear fuel with America, Iran has forecast it will add 500,000 barrels per day to global production, following the lifting of sanctions. Spencer Platt/Getty Images/AFP

'Enormous' inventories to keep lid on oil price – IEA

Jun 14, 2016 - 4:35 PM

4th UPDATE Even though supply and demand are expected to be more balanced by the end of the year large oil inventories remain

epa05234220 A picture made available on 29 March 2016 shows an oil well on the grounds of the Luetow petroleum production site on Usedom Island, Germany, 18 March 2016. The petroleum output has declined from 4,800 tons (2014) to 3,600 tons (2015) as the crude oil sources in Western Pomerania are beginning to dry up. The company Engie (formerly known as Gaz de France) is producing oil at the drilling locations in Luetow and Mesekenhagen. EPA/STEFAN SAUER

OPEC says oil glut to ease

Jun 13, 2016 - 8:25 PM

Oil exporting nations expect a more balanced market toward the end of the year

epa05328112 A tugboat sails past oil tankers berthed off the east coast of Singapore, 25 May 2016. Low crude oil prices, and traders expecting a rise, has given rise to many tankers being parked off the coast of Singapore, a major oil refining hub. As many as 40 tankers are estimated to surround the island state awaiting to offload their cargo. EPA/WALLACE WOON

Oil prices hit new 2016 highs

Jun 09, 2016 - 12:15 AM

UPDATED The increases are due to supply woes in Nigeria and lower petroleum inventories in the US

epa02833016 Fenog Nig ltd workers operate equipment at their drilling site in Chanomi creeks in the Niger delta southern Nigeria, 20 July 2011. Fenog Nig ltd, the 4th largest HDD drilling company in the world, is drlling for oil in Chanomi creek in the oil rich Niger delta with their Horizontal Directional Drilling rig. EPA/GEORGE ESIRI