global oil market

  • OPEC Mulls Deeper Output Cuts in 2021

    OPEC Mulls Deeper Output Cuts in 2021

    Wednesday, 4th November 2020

    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 to Curb Oil Production in Siberia by 15%

    Wednesday, 13th May 2020

    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 to Voluntary Cut Production by 2.5% in June

    Tuesday, 12th May 2020

    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

    Egypt Participates in OPEC+ Meeting

    Sunday, 12th April 2020

    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.