OPEC | Egypt Oil & Gas - Part 26
OPEC: OECD Oil Inventories Continue to Drop
OECD commercial oil inventories fell to 140 million barrels over their five-year average in October, according to Mohammad Barkindo, Secretary General of OPEC, in a speech given on Monday, Egypt Oil & Gas reports....
Saudi Arabia, Russia Reach Framework for Extending Cuts
Russia and Saudi Arabia have agreed to a basic framework for extending the production-cut agreement, Bloomberg reports. Both countries now see the need to announce an extension of the agreement following the meeting o...
Saudi Arabia Pushes to Extend Cuts 9 Months but Doubts Linger
Saudi Arabia is pushing for an extension of the OPEC-led production-cut agreement by an additional nine months until the end of 2018, Reuters reports. “The Saudis are lobbying to have a decision in November for nine m...
Iranian Minister: OPEC Leaning toward Extension
Most OPEC members favor an extension of the production-cut agreement, the Iranian Minster of Petroleum, Bijan Zangeneh, stated, according to Shana. “The majority of members support the extension of the plan, but the f...
UAE, Oman Indicate Decision on Production Cuts This Month
A decision on extending OPEC’s production-cut agreement with ten other oil producers could be made this month, energy ministers from the UAE and Oman indicated on the sidelines of the Abu Dhabi International Petroleum...
OPEC Production Slips 80K b/d in October
Production disruptions in Iraq contributed to an overall decline in OPEC oil output during the month of October, Reuters reports. OPEC crude production dropped by 80,000 barrels per day (b/d) last month, according to ...
Brent Price Tops $60 per Barrel
The price of Brent crude oil climbed to over $60 per barrel during Friday’s trading, Bloomberg reports. The last time Brent crude surpassed $60 per barrel was in 2015. At the close of trading on Friday, the price benc...
Russian Minister: To Soon to Decide on Production-Cut Extension
The Russian Energy Minister, Alexander Novak, said it was too early to make a decision on extending production cuts past next March, Reuters reports. OPEC is expected to discuss an extension of its production-cut agre...
