OPEC

Iraq Increases Basrah Crude Prices to Asia, Reduces Them for U.S. and Europe

Iraq, OPEC’s second-largest producer, raised the selling price for February shipments to Asia of its main Basrah Light crude by 30 cents a barrel, after Saudi Arabia boosted its pricing to the region.

Saudi and Venezuela Work Together to Recover Falling Oil Prices

Venezuela and Saudi Arabia are coordinating joint action to recover oil prices, which fell 50% last year, and stabilise global oil markets, Venezuelan Minister of Economy and Finance and Public Banks Rodolfo Marco To ...

Iran and Venezuela Join Forces to Stabilize Falling Oil Prices

Iran and Venezuela vowed Saturday to work together to stabilize falling global oil prices as Iran’s supreme leader accused “enemies” of using crude prices as a political weapon.

Venezuelan leader Maduro seeks economic help on tour

Venezuelan President Nicolas Maduro is beginning an international tour to try to stem the impact of falling oil prices and a deepening recession.

Saudis Seen Giving Asia Smaller Oil Discounts on Signs of Demand

Saudi Arabia will probably offer smaller discounts to ship crude to Asia amid speculation demand will increase after benchmark prices dropped almost 50 percent last year.

Iran says Saudi Arabia should move to curb oil price fall

Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world's biggest crude exporter, takes action to reverse the slump, Iran's deputy foreign minister told Reuters.

OPEC Draws Fine Line Between Oil Balance, Chaos

Members of the Organization of Petroleum Exporting Countries will hold their first meeting of the year next week and, following steep declines in oil prices and ahead of European Union sanctions on Iran, they should ...

OPEC Wants To Push Oil Price Down To $100/Bbl – Chief

OPEC wants to push oil prices back down to $100 a barrel by boosting production as it fears demand destruction, the group's chief said Thursday.

Oil Better-Supplied for First Time Since 2009, IEA Says

Oil markets are better-supplied for the first time since 2009 as ''sluggish'' demand and OPEC output at more than a three-year peak eased inventory depletion, according to the International Energy Agency.

No Need for OPEC to Increase Production

The president of the Organization of Petroleum Exporting Countries, OPEC, said Monday the organization is producing enough crude oil, and political situations are to blame for the current high oil prices.

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