April 03, 2020 1:53 pm
The guest list is crucial as Saudi Arabia has made clear it will only cut production if others, including the US, shoulder some of the burden. Saudi Arabia called for the meeting, saying it should aim for a “fair agreement.”
March 09, 2020 1:43 pm
Saudi Arabia is the world’s largest oil exporter and has been producing about 9.7 million barrels a day, well under its roughly 12 million-barrel-a-day capacity. Falling prices are a huge problem for Saudi Arabia and other oil-dependent nations.
February 07, 2020 10:03 am
Brent crude futures rose 34 cents, or 0.6 per cent, to $55.27 a barrel by 0250, but were heading for a fifth weekly loss amid lingering fears over the impact of the virus.
February 07, 2020 9:36 am
The OPEC+ group pumps more than 40 per cent of the world's oil.
December 06, 2019 6:25 pm
According to reports, OPEC and Russia along with other producers were attempting Friday to finalize a deal to cut production in an attempt to support the price of fuel and energy around the world.
November 21, 2019 10:35 am
Unrest erupted in Iraq and Iran this month -- two of the Middle East’s biggest producers -- as people took to the streets protesting financial hardship and bad governance.
November 05, 2019 3:26 pm
OPEC's production of crude oil and other liquids is expected to decline to 32.8 million barrels per day (bpd) by 2024, the group said in its 2019 World Oil Outlook published on Tuesday.
October 11, 2019 10:43 am
OPEC lowered its 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to OPEC's monthly report.
September 13, 2019 10:27 am
While Iraq and Nigeria have promised in the past to mend their ways, this time seemed different -- and the explanation for that may lie with Prince Abdulaziz bin Salman, appointed less than a week ago as energy minister of Saudi Arabia, OPEC’s biggest member.
July 02, 2019 9:56 am
The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday to extend oil supply cuts until March 2020 as the group's members overcame their differences in order to try to prop up the price of crude.
September 03, 2018 10:21 am
How the government is explaining the rise in petrol and diesel prices. Take a look in today’s News in Numbers.