Monday, February 26, 2024

OPEC

Iran oil prices rose by an average of $6.1 per barrel in August: 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, Russia extend oil supply cuts

Oil prices hit a new high for the year so far after Saudi Arabia and Russia — the world’s biggest crude exporters — announced they would extend output cuts by at least another three months.

Saudi Arabia says to slash oil output by 1 million barrels a day from July

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.

Iran president warns of western plots against OPEC

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 fall on fears of US rate hike

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

IEA warns OPEC+ output cuts risk oil supply deficit, threaten economic recovery

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.

Sources say Saudi Arabia to maintain crude supply in several Asian refiners despite OPEC+ cuts

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.

US official says Biden admin. disagreed with OPEC cut plans

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 jump after OPEC surprise production cuts

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.

US bans preventing Iran from paying dues to OPEC: Oil minister

Iranian Oil Minister Javad Owji says US sanctions have prevented Iran form paying its dues to the Organization of Petroleum Exporting Countries (OPEC).

US says OPEC+ decision contradicts earlier talks with Saudis on boosting oil output

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.

US accuses Opec+ of aligning with Russia

The White House has accused Opec+ of aligning with Russia after Saudi Arabi led the organization to deep oil production cuts, prompting a backlash from countries battling surging energy inflation triggered by Moscow’s invasion of Ukraine.

Oil minister says Iran to continue constructive interactions with OPEC

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 secretary general dies at 63

Mohammed Barkindo, the secretary general of OPEC, the powerful cartel of oil-producing countries, has passed away at the age of 63.

OPEC+ wants Iran to join supply deal if sanctions lifted

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.

OPEC chief hails Iran’s role in world’s oil cartel

Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohammad Sanusi Barkindo has hailed Iran’s role in the organization.

Iran to US, EU: End Sanctions to Help Address Global Energy Crisis

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.

‘US JCPOA Pullout Costs Iran 2bn Barrels in Oil Exports Worth $120bn’

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.

Too Soon to Talk about Iran’s Return to Oil Market: Minister

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.

Iran Exempted from OPEC+ Output Cut Deal: Minister

The Iranian petroleum minister says Iran, along with Libya and Venezuela, has been exempted from cutting oil output as they are under sanctions.

OPEC Fund Earmarks $500,000 to Help Iran Fight COVID-19

The OPEC Fund for International Development has approved $500,000 in funding for Iran to help the country in its fight against the coronavirus.

Iran Says OPEC’s Friday Meeting among Its ‘Worst Ever’

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.

Iran Says Exempted from OPEC Output Cut Deal

Iranian Oil Minister Bijan Namdar Zanganeh hailed a Tuesday meeting of the Organization of the Petroleum Exporting Countries (OPEC) as “good” and said the Islamic Republic was again exempted from the oil output restrictions.

Iran Proposes New Date for OPEC Meeting

Iran’s oil minister has disagreed with a plan to postpone an upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC), saying Iran would prefer July 10-12 if a new date is to be set for the gathering.

Impossible to Exclude Iran from Oil Market: OPEC

Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Sanusi Barkindo says it is not possible to exclude Iran from the oil market.

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