Oil Reaches $80 for First Time since November 2014

• Sunday, 20th May 2018
• by Editorial Team

Oil prices reached $80 a barrel on May 17, driven by concerns over falling supplies due to renewed US sanctions on Iran, according to Reuters. Crude prices have not breached the $80 mark since November 2014. Brent cru...

UAE: More Pressing OPEC Issues than Iran

• Sunday, 20th May 2018
• by Editorial Team

The Organization of Petroleum Exporting Countries (OPEC) has more important issues to consider than the US decision to withdraw from the 2015 nuclear agreement with Iran, United Arab Emirates Energy Minister Suhail Mo...

No Extension Needed on OPEC Cuts if Prices Continue to Rise: Iran

• Thursday, 26th April 2018
• by Editorial Team

An extension to the oil production cuts will not be necessary if crude prices continue to rise, Iranian Oil Minister Bijan Zanganeh has said, Reuters reported. “There will be no decision on this in OPEC’s ...

Kuwait Affirms Continued Support for OPEC Production Cuts

• Tuesday, 24th April 2018
• by Editorial Team

Kuwait affirms its commitment to the OPEC-led oil production cuts put in place to increase prices, Minister of Oil Bakheet Al-Rashidi has announced, WAM (Emirates News Agency) reported. The minister made the statement...

Most Countries Back OPEC, non-OPEC Agreement Extension: Al-Mazrouei

• Tuesday, 17th April 2018
• by Editorial Team

The majority of OPEC and independent oil producing countries support turning the OPEC non-OPEC agreement into a long-term producers’ alliance, Energy Minister for the United Arab Emirates Suhail Al-Mazrouei stated, ac...

OPEC Cuts Necessary for High Oil Prices: Qatar

• Thursday, 5th April 2018
• by Editorial Team

Qatar has affirmed the need to maintain current oil supply curbs over the long-term to ensure that the market continues to stabilise and guarantee that prices fully recover from the 2014 crash, Reuters reported. Qatar...

Iraq May Have Double the Current Oil Reserve Estimates

• Thursday, 29th March 2018
• by Editorial Team

Iraq may have double the current estimated amount of oil reserves, according to the country’s oil minister Jabar Al-Luaibi said, Arab News has reported. If estimates prove to be true, OPEC’s second largest producer wo...

OPEC Members Suggest Supply Cuts Extension

• Thursday, 29th March 2018
• by Editorial Team

Iraqi oil minister Jabar Al-Luaibi said on March 28 that a number of oil exporting countries have suggested a six-month extension to the supply cut deal agreed by OPEC and non-OPEC nations, Reuters reported. The OPEC ...

OPEC, Russia Consider 10-20 Year Oil Alliance

• Wednesday, 28th March 2018
• by Editorial Team

Riyadh and Moscow are considering extending Russia’s current short-term alliance with OPEC to curb oil production that began in January 2017 after a crash in crude prices, Reuters reported. “We are working to shift fr...

Iraq Agrees with OPEC Output Cuts

• Tuesday, 27th March 2018
• by Editorial Team

Iraqi President Fuad Masum stated on March 26 that Iraq supports OPEC’s agreement to cut oil output, Reuters reported. Iraq is the second largest member of OPEC following Saudi Arabia. The country has limited its crud...