Top oil producers agree on modest output boost from August
3 years, 5 months ago

Top oil producers agree on modest output boost from August

The Hindu  

July 18, 2021 05:35 pm | Updated 05:35 pm IST - Vienna The world’s leading oil producers agreed on Sunday to continue to modestly boost output from August, after the United Arab Emirates blocked a deal earlier this month. An OPEC+ meeting agreed to raise output by 400,000 barrels per day each month from August to help fuel a global economic recovery as the pandemic eases, the Vienna-based group said in a press statement. Days of negotiations of OPEC+ members to continue to further ease production cuts became deadlocked early this month, exposing a row between the world’s largest oil exporter Saudi Arabia and brash neighbour the United Arab Emirates. Since May, the 23-member grouping, which also includes Russia, has raised oil output bit by bit, after slashing it more than a year ago when the coronavirus pandemic crushed demand.

Oil Saudi Arabia Output Opec  producers  opec  saudi  deal  uae  oil  global  month  boost  arabia  agree  end  output  modest

History of this topic

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
1 month ago

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting

Firstpost  

OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market OPEC+ will delay its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to provide additional support …

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
1 month, 1 week ago

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts

Live Mint  

International crude oil prices edged lower in the previous session to log a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as the Organisation of Petroleum Exporting Countries and its allies is expected to extend output cuts. According to news …

The UAE opens its annual oil-and-gas summit at it pledges to increase output even as prices fall
2 months, 1 week ago

The UAE opens its annual oil-and-gas summit at it pledges to increase output even as prices fall

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

UAE Eyes Energy Future Amid Global Uncertainty
2 months, 1 week ago

UAE Eyes Energy Future Amid Global Uncertainty

Associated Press  

The UAE's annual oil-and-gas summit takes place as global energy prices remain volatile and the world political landscape remains uncertain. The country plans to increase its energy output by 5 million barrels per day in the coming years, but it avoids discussing the US election and maintains close ties to Russia despite the ongoing Mideast wars.

Opec cartel to extend cuts to oil output in bid to prop up prices
7 months, 1 week ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high …

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023
1 year, 1 month ago

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023

Live Mint  

World's top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC, to …

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut
1 year, 4 months ago

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut

News 18  

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi Arabia and Russia had “demonstrated …

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December
1 year, 4 months ago

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi …

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?
1 year, 4 months ago

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?

Live Mint  

Saudi Arabia will likely roll over the voluntary oil cut of 1 million barrels per day for a third consecutive month into October amid uncertainty about supplies and as the kingdom targets pulling down global inventories further, according to analysts quoted in a report by news agency Reuters. Brent oil prices in July were up 14 per cent on the …

Oil Prices Rise 1 Percent on Saudi Plan to Deepen Output Cuts from July
1 year, 7 months ago

Oil Prices Rise 1 Percent on Saudi Plan to Deepen Output Cuts from July

News 18  

Oil prices rose by more than 1% on Monday after the world’s top exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day from July to counter macroeconomic headwinds that have depressed markets. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom’s output would drop to …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 7 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
1 year, 7 months ago

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

The Hindu  

Saudi Arabia said on June 4 that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. “This is a grand day for us, because the quality …

Saudi Arabia announces fresh output cut to boost oil price
1 year, 7 months ago

Saudi Arabia announces fresh output cut to boost oil price

New Indian Express  

The announcement came following a meeting of the 13-member Organization of the Petroleum Exporting Countries headed by Saudi Arabia and its 10 partners, led by Russia. In April, several OPEC+ members agreed to cut production voluntarily by more than one million bpd -- a surprise move that briefly buttressed prices but failed to bring about lasting recovery. 'No disagreement' Russia's …

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
1 year, 7 months ago

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

LA Times  

Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. “This is a grand day for us, because the quality of the …

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries – Firstpost
1 year, 9 months ago

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries – Firstpost

Firstpost  

OPEC+, the group of oil producers led by Saudi Arabia, announced a cut of more than one million barrels per day from May until the end of the year. While it said the move was aimed at maintaining stability, many experts believe it is a sign of Riyadh’s independence from Washington Its Manic Monday in the oil markets a day …

Oil powers, including Saudi Arabia, announce cuts that amount to more than 1 million barrels per day
1 year, 9 months ago

Oil powers, including Saudi Arabia, announce cuts that amount to more than 1 million barrels per day

ABC  

Major oil powers led by Saudi Arabia have announced a surprise production cut of more than 1 million barrels per day, calling it a "precautionary" move aimed at stabilising the market. Key points: Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will top one million barrels per day Russia is extending its existing cut of 500,000 barrels per …

OPEC+ producers announce voluntary oil output cuts from May to end of 2023
1 year, 9 months ago

OPEC+ producers announce voluntary oil output cuts from May to end of 2023

The Hindu  

Saudi Arabia and other OPEC+ oil producers on Sunday announced further cuts in their production amounting to around 1.16 million barrels per day in a surprise move they said was aimed at supporting market stability. Last October, OPEC+ had agreed to an output cut of 2 million bpd from November until the end of the year, a move that angered …

From Saudi Arabia to Iran - Nearly a dozen countries announce oil output cuts from May
1 year, 9 months ago

From Saudi Arabia to Iran - Nearly a dozen countries announce oil output cuts from May

Live Mint  

About a dozen nations, ranging from Saudi Arabia to Iran, announce reductions in oil production beginning in May as a result of rising crude prices and India's trade deficit, which was $17.43 billion in February. United Arab Emirates — Saudi Arabia said Sunday that it will reduce oil output by 500,000 barrels per day between May and the end of …

OPEC+ oil alliance announces surprise production cuts from May
1 year, 9 months ago

OPEC+ oil alliance announces surprise production cuts from May

Al Jazeera  

Saudi Arabia and other OPEC+ oil producers have announced voluntary cuts to their production amounting to about 1.15 million barrels per day, calling it a “precautionary measure” aimed at market stability. The 23-nation group had been largely expected to stick to its already agreed 2 million bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually …

U.S. terms OPEC+ decision on oil production a ‘mistake’, says it has favoured Russia
2 years, 2 months ago

U.S. terms OPEC+ decision on oil production a ‘mistake’, says it has favoured Russia

The Hindu  

The move of the OPEC and its allies to cut oil production is a “mistake” and a “short-sighted” decision that has favoured the Russians and the U.S. is going to re-evaluate its ties with Saudi Arabia, the White House has said. Members of the Organisation of the Petroleum Exporting Countries and their Russia-led allies earlier this month agreed on a …

Joe Biden has ‘no plans’ to meet Saudi Arabia’s MBS at G20 summit
2 years, 2 months ago

Joe Biden has ‘no plans’ to meet Saudi Arabia’s MBS at G20 summit

Al Jazeera  

Saudi Arabia’s defence minister, meanwhile, said he is ‘astonished’ by accusations the kingdom is ‘standing with Russia in its war with Ukraine’. United States President Joe Biden has “no plans” to meet with Saudi Crown Prince Mohammed bin Salman at next month’s G20 summit in Indonesia, a senior US official says, as tensions over the OPEC+ decision to cut oil …

Saudis say US sought 1 month delay of OPEC+ production cuts
2 years, 2 months ago

Saudis say US sought 1 month delay of OPEC+ production cuts

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia said Thursday that the U.S. had urged it to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Rising oil prices — and by extension higher gasoline prices — have been a key driver of inflation in the U.S. and around the world, …

Energy is set to shape the geopolitical order
2 years, 2 months ago

Energy is set to shape the geopolitical order

Hindustan Times  

A confrontation is brewing between erstwhile allies Saudi Arabia and the United States over a decision by OPEC+ to cut oil production by two million barrels a day from November. It is also a moment of personal embarrassment for Mr Biden, who publicly reversed his position by visiting Saudi Arabia and pushing crown prince Mohammed bin Salman to boost oil …

Saudi Arabia says U.S. sought one month delay of OPEC+ production cuts
2 years, 2 months ago

Saudi Arabia says U.S. sought one month delay of OPEC+ production cuts

The Hindu  

Saudi Arabia said on October 13 that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. OPEC output cut: Petrol, diesel price freeze in India just gets longer “The government of the kingdom clarified through its continuous consultation with the U.S. administration that …

Saudis say US sought 1 month delay of OPEC+ production cuts
2 years, 2 months ago

Saudis say US sought 1 month delay of OPEC+ production cuts

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia said Thursday that the U.S. had urged the …

‘Balanced, thoughtful’: Russia praises OPEC for production cut
2 years, 3 months ago

‘Balanced, thoughtful’: Russia praises OPEC for production cut

Al Jazeera  

US fears a spike in gasoline prices ahead of the midterm elections after OPEC+ decision to cut oil production by two million barrels per day starting in November. Russia praised OPEC+ on Sunday for agreeing to sharply cut oil production and fight what it called the “mayhem” sown by the United States in global energy markets. The 13-nation OPEC+ group’s …

OPEC+ Approves Large Oil Cutback That Could Scramble Midterms, Boost Russia
2 years, 3 months ago

OPEC+ Approves Large Oil Cutback That Could Scramble Midterms, Boost Russia

Huff Post  

FILE - The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. via Associated Press FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise …

OPEC+ boosts oil output by slower pace than previous months
2 years, 5 months ago

OPEC+ boosts oil output by slower pace than previous months

Associated Press  

The OPEC oil cartel and its allies decided Wednesday to boost production in September by a much slower pace than in previous months at a time of high gasoline prices and unstable energy supplies exacerbated by Russia’s war in Ukraine. It comes after U.S. President Joe Biden visited Saudi Arabia last month, aiming to improve relations and encourage more oil …

‘Slap in the face’: Biden’s fist bump with MBS fails to move the OPEC needle significantly
2 years, 5 months ago

‘Slap in the face’: Biden’s fist bump with MBS fails to move the OPEC needle significantly

CNN  

CNN — Candidate Joe Biden promised in 2019 to make Saudi Arabia a “pariah” over the kingdom’s human rights record. “It’s a purely symbolic gesture.” Others go even further, describing the OPEC+ move as an insult given Biden’s journey to Saudi Arabia, the de facto leader of the producer group. “Well, no it doesn’t,” White House senior energy adviser for …

Opec Plus | The cartel and its allies that keep oil on the boil
2 years, 7 months ago

Opec Plus | The cartel and its allies that keep oil on the boil

The Hindu  

OPEC Plus countries, an alliance between the Organization of the Petroleum Exporting Countries and other major oil producers, are in the limelight as global oil prices soared above $120 a barrel last week as supplies failed to keep up with rising demand. OPEC Plus countries, which control more than 50% of the world’s crude supplies, had joined hands to cut …

OPEC backs bigger output boost amid Russian isolation
2 years, 7 months ago

OPEC backs bigger output boost amid Russian isolation

The Hindu  

Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports. However, pressure has been rising for the 23-strong cartel to boost output and seek to stabilise prices, which have hit record highs since Russia invaded Ukraine, …

OPEC fails to boost output as members face capacity woes
2 years, 8 months ago

OPEC fails to boost output as members face capacity woes

Al Jazeera  

Even group leader Saudi Arabia didn’t increase output by as much as permitted by the agreed quota. The OPEC cartel — which has struggled for many months to revive oil supplies halted during the pandemic — effectively failed to increase output at all last month, as members remained plagued by capacity constraints. While Iraq bolstered output by 170,000 barrels a …

IMF sees bumper year for Arab oil producers, risk for others
2 years, 8 months ago

IMF sees bumper year for Arab oil producers, risk for others

Associated Press  

DUBAI, United Arab Emirates — The world’s economy is forecast to grow around 3.6% this year, but Arab oil exporters are seeing a windfall from high energy prices that will buoy their economies and replenish their financial reserves this year and next, according to a report released Wednesday by the International Monetary Fund. Higher energy prices, though, spell fortune for …

Getting more oil from Saudi Arabia or the UAE could require U.S. concessions
2 years, 9 months ago

Getting more oil from Saudi Arabia or the UAE could require U.S. concessions

NPR  

Getting more oil from Saudi Arabia or the UAE could require U.S. concessions Enlarge this image toggle caption Karim Sahib/AFP via Getty Images Karim Sahib/AFP via Getty Images Oil prices are high, driving up the cost of gas and other inflation in the U.S. and elsewhere. Sponsor Message The administration has been seeking for Saudi Arabia and the United Arab …

Saudi Arabia says it’s not responsible for high oil prices
2 years, 9 months ago

Saudi Arabia says it’s not responsible for high oil prices

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia said Monday that it “won’t bear any responsibility” for a shortage in global oil supplies after a fierce barrage of attacks by Yemen’s Houthi rebels affected production in the kingdom, the world’s largest oil exporter. The salvo of rebel attacks on Saudi Arabia’s oil facilities marked a serious escalation in the war, which …

OPEC was waning. Soon it may be more powerful than ever
3 years, 1 month ago

OPEC was waning. Soon it may be more powerful than ever

CNN  

London CNN Business — The year before Covid-19 hit, the United States became a net exporter of energy for the first time since 1952, sending a strong message to the rest of the world: The country would not be beholden to foreign oil producers. The group’s refusal to accede to US President Joe Biden’s calls to boost output — a …

Oil prices: OPEC and Russia stick with plans to increase oil output in January
3 years, 1 month ago

Oil prices: OPEC and Russia stick with plans to increase oil output in January

CNN  

London CNN Business — Saudi Arabia, Russia and other leading oil producers have decided to stick with plans to increase supply in January despite a recent plunge in prices driven by fears of a new glut. Brent crude futures, the global benchmark, had soared about 70% since the beginning of the year, but began falling in November when the United …

OPEC+ poised to disappoint Biden by sticking with output plan
3 years, 2 months ago

OPEC+ poised to disappoint Biden by sticking with output plan

Al Jazeera  

The US, Japan and others are urging the cartel and its allies to boost output and ease soaring energy prices. Saudi Arabia, Russia, Kuwait and Iraq have all rejected Biden’s calls and said they want to maintain the current previously agreed plan of incremental increases of 400,000 barrels per day on a monthly basis. “I’m not surprised that OPEC is …

OPEC+ members shun Biden’s calls to boost oil output
3 years, 2 months ago

OPEC+ members shun Biden’s calls to boost oil output

Al Jazeera  

Kuwait is the latest OPEC+ member to reject US President Joe Biden’s call to boost oil output faster and help ease prices. OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices. OPEC+’s plan of boosting daily production by 400,000 barrels …

Oil Falls $1 After OPEC+ Agreement on Boosting Supply
3 years, 5 months ago

Oil Falls $1 After OPEC+ Agreement on Boosting Supply

News 18  

TOKYO: Oil prices fell more than $1 a barrel on Monday, after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as COVID-19 infections continue to rise in many countries. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that earlier this month climbed …

Will Petrol, Diesel Prices Finally Come Down? OPEC+ Agrees to Iron Out Supply Constraints
3 years, 5 months ago

Will Petrol, Diesel Prices Finally Come Down? OPEC+ Agrees to Iron Out Supply Constraints

News 18  

Fuel prices are expected to come down shortly as the OPEC+ grouping on Sunday agreed to add more barrels to the market. It also agreed on a higher production quota for United Arab Emirates, Iraq and Kuwait – all India’s major suppliers. The energy minister of the United Arab Emirates said Sunday that OPEC and allied countries have reached a …

OPEC, allies raise limits for 5 countries to end oil dispute
3 years, 5 months ago

OPEC, allies raise limits for 5 countries to end oil dispute

Associated Press  

DUBAI, United Arab Emirates — OPEC and allied nations agreed Sunday to raise the production limits imposed on five countries next year and boost their production by 2 million barrels per day by the end of this year, ending a dispute that roiled oil markets. “We differ here and there but we bond.” Prince Abdulaziz declined to elaborate on how …

Saudi and UAE reach compromise in OPEC+ standoff
3 years, 5 months ago

Saudi and UAE reach compromise in OPEC+ standoff

Al Jazeera  

Talks between OPEC and its allies to boost oil production and cool prices were abandoned earlier this month over a dispute that pivoted over how much crude the UAE would be able to pump under a new deal. Saudi Arabia and the United Arab Emirates have reached a compromise deal in a standoff over OPEC+ crude output quotas, according to …

Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73.45
3 years, 6 months ago

Oil Prices Stabilise Amid Collapse of OPEC+ Talks; Brent Crude Oil Up by $73.45

News 18  

SINGAPORE: Oil prices steadied after two days of losses amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned. Brent prices have fallen nearly 5% since Monday’s close after talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as …

OPEC+ abandons oil policy meeting after Saudi-UAE clash
3 years, 6 months ago

OPEC+ abandons oil policy meeting after Saudi-UAE clash

The Hindu  

OPEC+ ministers called off oil output talks on Monday after clashing last week when the United Arab Emirates balked at a proposed eight-month extension to output curbs. The UAE, according to sources, on Friday went along with Saudi Arabia and other OPEC+ members on a proposal to raise output in stages by about 2 million bpd from August to December …

Explainer: UAE and Saudi Arabia’s spat over OPEC oil production
3 years, 6 months ago

Explainer: UAE and Saudi Arabia’s spat over OPEC oil production

Al Jazeera  

In a rare public spat between the Gulf state allies, the United Arab Emirates and Saudi Arabia have found themselves at loggerheads over an OPEC plan that seeks to extend a cap on oil production. Under a proposed OPEC Plus deal, the UAE would proportionally cut its oil production by 18 percent, while Saudi Arabia would cut its output by …

Oil prices surge after OPEC+ calls off talks
3 years, 6 months ago

Oil prices surge after OPEC+ calls off talks

CNN  

New York / London CNN Business — Oil prices soared on Tuesday after major producers, including Saudi Arabia and the United Arab Emirates, fell out over plans to increase production in the face of rising global demand. The surge comes after the Organization of Petroleum Exporting Countries and its allies, including Russia and Mexico, canceled a Monday meeting to discuss …

UAE backs OPEC+ oil output increase without extending group pact
3 years, 6 months ago

UAE backs OPEC+ oil output increase without extending group pact

Live Mint  

The United Arab Emirates said it won’t accept a plan by other members of OPEC+ to extend the group’s agreement to curb oil production beyond April 2022, unless it’s allowed to have a higher baseline for its own cuts. The UAE said it agreed that the 23-nation group should raise output by 400,000 barrels a day each month from August, …

UAE rebuffs plan by OPEC, Saudi Arabia to extend production pact
3 years, 6 months ago

UAE rebuffs plan by OPEC, Saudi Arabia to extend production pact

Al Jazeera  

UAE energy ministry says OPEC Plus proposal to extend pact to cut oil production until end of 2022 is ‘unfair’. The United Arab Emirates has pushed back against a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022, a rare statement revealing the country’s frustration with the …

Discover Related