The latest news and views about Organisation of the Petroleum Exporting Countries (OPEC)
Latest figures by the Organization of Petroleum Exporting Countries (OPEC) show Iranian oil prices rose by an average of $6.1 per barrel in August.
Saudi Arabia announced the decision to expand voluntary cuts to its crude oil output from July in a bid to help efforts to reinforce global oil prices. The rest of the OPEC+ oil producers have already agreed to extend earlier cuts in supply through the end of 2024.
Iranian President Ebrahim Raisi said that several Western governments are seeking to sow discord between OPEC member states, calling on the organization's members to preserve cohesion and unity in order to foil the divisive schemes.
Oil prices dropped on Monday as jitters over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data were enough to outweigh support from new OPEC+ supply cuts taking effect this month
The International Energy Agency (IEA) has warned that output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery.
Saudi oil giant Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday.
The Biden administration told Saudi officials that it disagreed with OPEC’s surprise decision to cut oil production when it was given a ‘heads up’ on the move, John Kirby, coordinator for strategic communications at the US National Security Council, told reporters.
Oil prices have surged after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts. The oil producers, who control roughly 50% of global oil supplies, reached a decision to reduce their output starting from May until the end of 2023, in a move designed to stabilize the markets.
Iranian Oil Minister Javad Owji says US sanctions have prevented Iran form paying its dues to the Organization of Petroleum Exporting Countries (OPEC).
The recent OPEC+ decision to cut oil production contradicts the negotiations between the Biden administration and Saudi Arabia on boosting oil output, White House Strategic Communications Coordinator John Kirby has stated.
Iranian Minister of Petroleum Javad Owji has stated Tehran, as a founding member of OPEC, will provide support and continue with its constructive cooperation with the organization, its secretariat and the cartel’s new secretary general as it did before.
OPEC+ will work to integrate Tehran into its oil supply-limiting accord if an agreement is made in the Vienna talks over reviving the Iran nuclear deal, sources close to the group says.
Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohammad Sanusi Barkindo has hailed Iran’s role in the organization.
Iran has called on the decision-makers in the US and the European countries to end anti-Iran sanctions to help ease the global energy crisis.
Iran’s oil minister says the US withdrawal from the 2015 nuclear deal in May 2018 deprived his country from exports of around two billion barrel of oil, worth some 120 billion dollars.
Iranian Petroleum Minister Bijan Namdar Zangeneh, who is visiting Moscow to discuss the latest developments in the global oil market, says it is still too early to talk about Tehran’s return to the market.
The Iranian petroleum minister says Iran, along with Libya and Venezuela, has been exempted from cutting oil output as they are under sanctions.
The OPEC Fund for International Development has approved $500,000 in funding for Iran to help the country in its fight against the coronavirus.
Iranian Petroleum Minister Bijan Zangeneh says an OPEC meeting on Friday was one of the group’s “worst ever” after it failed to reach an agreement on more oil cuts.