OPEC suggests sustained alliance with Russia, non-producers for market stability
Mohammed Barkindo, OPEC Secretary-General suggested Monday that the oil group may continue its alliance with Russia and other non-OPEC producers, but stopped short of saying their production cuts should be extended beyond this year’s planned expiration. The comments come as the U.S. shale boom threatens to box OPEC and its allies into prolonging their cuts to […]
OPEC oil output jumps to 2017 high on further Libya recovery
OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC’s adherence […]
OPEC is falling short on its promise to do ‘whatever it takes’ to stabilize oil prices
Few days back, 25th March, OPEC met market expectations by extending the OPEC and non-OPEC crude oil production cuts enacted on November 30, 2016 by nine months and 24 petroleum producing nations agreed to keep the cuts at 1.8 million barrels a day, believing that the market is already re-balancing. At their joint statement, OPEC and […]