Latest in Tag: OPEC Highlight
Latest in Tag: OPEC
OPEC+ to slightly raise oil output in September
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a slight production boost in September despite calls for speedier increases to rein in high crude prices. The oil alliance decided to increase production by 100,000 barrels per day (bpd) for September, according to an OPEC …
OPEC lends Egypt $95m to finance small projects
Principal of loan to be paid in US dollars or other freely convertible currency approved by fund management, with repayment to begin immediately after grace period
Oil prices fall amid OPEC+ deadlock over output cuts
The COVID-19 pandemic took its toll on oil prices in 2020. For the past year, the US benchmark slumped 20.5%, while Brent crude lost 21.5%.
Oil prices slip on the back of COVID-19 worries
Oil prices drop came amid a spike of new coronavirus infections in some major economies forced renewed restrictions or a delay of unwinding lockdowns.
Global oil demand to record historic growth in 2021: OPEC
While oil demand is still ravaged by COVID-19 crisis, gradual stabilization is expected to begin in Q2 of 2020, prompting cautious growth forecast in 2021
Kremlin considers OPEC+ agreement done deal
“Definitely. Last night 22 countries reached a compromise, and the question was only in Mexico’s position,” Kremlin spokesman Dmitry Peskov told reporters, answering the question whether the Kremlin believes the deal would come through. In the early hours on Friday, Russian President Vladimir Putin, U.S.
Egypt’s participation in OPEC+ aimed at market stability: minister
Egypt’s participation in the OPEC+ meeting aimed at a direct follow-up and coordination with the oil bloc and boosting the cooperation efforts and initiatives among the producers to achieve stability and sustainability of the world’s oil market,” al-Molla said in a statement.
Global meltdown: stocks, crude oil futures in free fall on rising COVID-19 cases, OPEC price war
The stock markets bloodbath triggered the first-ever forced trading halt in the US and similar measures in Egypt, Europe, Asia, and Gulf Cooperation Council (GCC).
Oil falls to $54.45 as Russia requests time to assess additional OPEC production cuts
Coronavirus outbreak threatens the oil market by falling global demand: Source
OPEC’s 1Q20 production cut will lower Saudi GDP, slightly impact Egypt
Egyptian petrol prices will remain unchanged upon the second quarterly review
Oil prices hike ahead of OPEC meeting after large production cuts expectations
Brent increased by $0.75 to $61.57, WTI up by $0.65 to $56.75
Egyptian government’s development plans always ambitious, require international financing partnerships: Al-Rajhi
Al-Rajhi said, in an interview with the Daily News Egypt, that the fund approved $270m for Egypt during the last fiscal year (FY), aimed at supporting micro-enterprises, achieving food security through the import of commodities, and financing the import of petroleum products.
Crude oil price rise to $70.16 on back of OPEC cuts
Brent crude rose by 5 cents, or 0.1%, to $70.16 a barrel, while US West Texas Intermediate (WTI) was up 50 cents, or 0.8%, at $59.12.
Libya’s oil production rises to 6-year high putting pressure on OPEC deal
Brent crude oil prices stand at $66.37 per barrel in Monday trading driven by OPEC supply cuts
Oil prices hit $67 per barrel, driven by production cuts
OPEC seeks extending production cuts until April’s meeting
Members, co-operators committed to continuing measures to stabilise oil prices: OPEC
Egypt has become important player in oil sector worldwide
Oil prices fell to $53 due to increased supply
Talks to extend OPEC deal to cut oil production in 2019
Increased crude oil production after OPEC’s decision supports energy market stability: experts
A number of oil and energy experts confirmed that the increase in oil production may range between 600,000 and 700,000 barrels per day over the coming six months by OPEC members and non-members
OPEC to raise production as Saudis break Iranian resistance
OPEC will increase oil production in a move its main proponent, Saudi Arabia, said will lower global prices. Opponents said it was an opportunistic attempt to capitalize on problems in Riyadh rival, Iran.OPEC representatives and a Russian-led group of oil producers overcame Iranian and Venezuelan resistance and agreed to raise global oil output by 1 …
Oil prices plunge as reports of increased production by OPEC, Russia emerge
Oil prices plunged on Friday to their lowest levels in weeks, on the back of reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are considering increasing production. Both West Texas Intermediate (WTI) and Brent crude fell by more than 3% to $67.50 and $76.44 respectively. Both Saudi Arabia and Russia are …
81.5% of world’s proven crude oil reserves located in OPEC member countriesÂ
Middle Eastern countries contributed to the majority, 65.5%, of the Organisation of the Petroleum Exporting Countries (OPEC)’s total production in 2016, according to the OPEC Annual Statistical Bulletin 2017. OPEC’s proven oil reserves currently stand at about 1.216tn barrels, with Venzuela, Saudi Arabia, and Iran the top three countries in term of reserves with 302bn …
Oil markets hope for OPEC production cut
OPEC ministers will assemble in Vienna this week to discuss an extension to oil production cuts to stabilize the price. Saudi Arabia and Russia have already signaled their commitment, but some doubt its effectiveness.With the price of oil recovering from $47 a barrel in early May to $54, the market appears to be benefiting from …
OPEC likely to extend oil output cut
After logging their biggest one-day drop in more than a month on Wednesday, oil prices have stabilized on the news that Saudi Arabia and Kuwait signaled that a deal to extend oil production curbs was in the pipeline.Oil prices were fluctuating between modest gains and losses on Thursday, after falling 3.8 percent in the previous …
How a fluctuating oil market is likely to impact Egypt
The oil market has been in decline for a considerable period of time, having experienced three consecutive years during which supply has outstripped demand. This has continued to drive prices down and created a depreciating marketplace, while forcing the intergovernmental Organisation of the Petroleum Exporting Countries (OPEC) to take decisive action.
Saudi Arabia names new oil minister
Saudi Arabia has announced the ouster of its longtime oil minister as part of a larger government shakeup. Outgoing minister Ali al-Naimi had been a pillar of Saudi oil policy since 1995.
OPEC to decide on oil export policy
The world’s net oil exporters aren’t expected to announce a production cut at their meeting in Vienna, despite a report yesterday that Saudi Arabia would propose one. But surprises can’t be ruled out either. Oil ministers from Angola and Iran have said they don’t expect the Organization of the Petroleum Exporting Countries (OPEC) to adjust …
Oil supply forecast to shrink next year
Cheap oil prices have been massively affecting global markets, from countries’ budgets to world food prices. Now the oversupplied oil market is in for a rebalancing as non-OPEC producers like the US and Russia cut back. Oil production from non-OPEC countries is expected to plunge next year – perhaps the steepest decline since the Soviet …
OPEC, Russia: ‘Oil market to stabilize’
The Organization of Petroleum Exporting Countries and Russia have said sharp drops in oil prices are unlikely to continue. At a meeting in Moscow, the two sides noted they expected the market to stabilize in 2016. OPEC and Russia expressed confidence the global oil market would become more balanced and stable in 2016 after recent …
Egypt receives $27m OPEC loan
Loan to be used in establishing, equipping modern integrated centres for tumours and neurosurgery at Ain Shams Specialized Hospital
No petrol price increase in FY 2015/2016: Petroleum minister
Egyptian citizen’s economic situation does not allow change in prices, says Ismail