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OPEC News

Oil extends gains on prospect of deeper OPEC output cuts, trade talks hopes

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.

Saudi prince’s oil diplomacy makes mark at OPEC+ meeting debut

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.

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Oil prices slip as demand worries outweigh OPEC supply cuts

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.

US military intervention in Venezuela would be a disaster: Vladimir Putin

The Russian President, who was speaking at an economic forum in the country capital, St Petersburg added that Russian specialists were still in Venezuela to service military equipment which he was contractually obliged to.

US oil output helps fill gap left by Iran, Venezuela: IEA

The IEA said there was a "modest offset to supply worries from the demand side".

Oil falls on trade dispute despite surprise drop in US crude inventories

China is the world's biggest oil importer. An unexpected drop in US crude inventories kept oil price declines in check.

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Oil dips but set for longest run of weekly gains in years in tense market

Still, prices are on course for the longest run of weekly gains in years, as oil markets have tightened amid supply disruptions and rising geopolitical concerns, especially over the tensions between the United States and Iran.

Crude oil set for biggest quarterly price rise since 2009 amid OPEC cuts, sanctions

"While OPEC, and above all Saudi Arabia, appeared in November to be obeying US President Trump's repeated demands to increase oil production, his tweets now are more likely to fall on deaf ears," Commerzbank said in a note.

Oil set for strongest quarter in a decade on OPEC cuts, sanctions

Despite the surging prices, analysts are expressing concerns about future oil demand amid worrying signs the global economy may move into a recession.

Oil prices rise amid OPEC's ongoing supply cuts, US sanctions

"Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!" Trump wrote in a post on Twitter.

OPEC Videos

Fuel prices at an all-time high: News in Numbers

How the government is explaining the rise in petrol and diesel prices. Take a look in today’s News in Numbers.

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