global oil market
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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.
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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.
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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.
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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.
Latest News
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GPC Strikes Oil in Abu Sennan Concession
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Petromaint’s Profits Leap 24% in 2020
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EDC’s Onshore Market share Increases 80% in 2020
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UOG Achieves New Discovery in Abu Sennan Concession
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Commodity CMDTY | Units | Price | Change |
Crude Oil (WTI) WTI | USD/bbl | 60.34 | -1.81% |
Crude Oil (Brent) Brent | USD/bbl | 63.65 | -1.87% |
NYMEX Natural Gas | USD/MMBtu | 2.57 | -2.50% |
OPEC Basket Price | USD/bbl | 63.07 | -0.47% |
Last Modified April 5, 2021