OPEC+ Members Adjust Output, Reaffirm Market Stability Commitment

• Monday, 4th May 2026
• by Fatma Ahmed

Seven OPEC+ countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually on May 3 to assess global oil market conditions and outlook. The meeting resulted in a collective decision t...

Global Oil Supply Rises to 90 mmbbl/d After Termination of Voluntary Cuts 

• Wednesday, 16th September 2020
• by Editorial Team

The International Energy Agency’s (IEA) monthly report has found that global oil supply has increased by 2.5 million barrels of oil per day (mmbbl/d) to 90 mmbbl/d after the cessation of voluntary cuts by Saudi ...

Saudi Arabia Announces Discontinuation of Voluntary Cuts

• Tuesday, 9th June 2020
• by Editorial Team

Saudi Arabia’s additional voluntary cuts of 1.18 million barrels of oil (mmbbl/d) carried out in June will not be continued into July as global oil demand begins to recover, according to Reuters. Saudi’s Energy ...

Saudi, Russia Agree to Extend Oil Cuts

• Thursday, 4th June 2020
• by Editorial Team

Saudi Arabia and Russia have agreed to extend the existing oil cuts by another month and intend to ramp up pressure on non-compliant oil producing nations, according to Reuters. Instead of easing off the record oil cu...