global oil market

OPEC Mulls Deeper Output Cuts in 2021

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are looking into the possibility of further cuts early next year in an effort to try and revitalize the oil market.

Russia to Curb Oil Production in Siberia by 15%

Russia’s top producing oil region in Western Siberia is expected to cut production by 15% in line with the OPEC+ cuts.

UAE to Voluntary Cut Production by 2.5% in June

UAE’s Minister of Energy,  Suhail bin Mohammed Faraj Faris Al-Mazrouei, announced that the UAE will voluntarily cut its oil output by 2.5% (100,000 barrels per day (bpd)) in June to rebalance the global oil market ...

Egypt Participates in OPEC+ Meeting

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to cut overall oil production by 10 million barrels per day (mmbbl/d) effectively from May 1 through June 30, 2020.

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