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OPEC

Saudi oil exports in Aug to stay at July level –sources
Markets

Saudi oil exports in Aug to stay at July level –sources

  • Saudi Arabia often burns more oil - estimated at about 550,000 barrels per day (bpd) - during the hot summer months for power generation.
  • This summer the demand for oil burning is set to rise more than last year due to COVID-19 movement restrictions which have forced millions of people to stay home.
Published 13 Jul, 2020 06:26pm
Angola resists OPEC pressure to comply fully with oil cuts
Markets

Angola resists OPEC pressure to comply fully with oil cuts

  • Saudi Arabia has been pressing laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the cuts and compensate.
  • It trimmed production to 1.24 million bpd in June, based on a Reuters survey, 60,000 bpd above its target.
Published 02 Jul, 2020 04:43pm
OPEC has cut oil output by 1.25 mbpd in June, says Petro-Logistics
Markets

OPEC has cut oil output by 1.25 mbpd in June, says Petro-Logistics

  • OPEC and its allies, a group known as OPEC+, agreed to cut supply by a record 9.7 million bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis.
  • Excluding Iran, Libya and Venezuela, which are not part of the curtailment agreemen.
Published 29 Jun, 2020 07:45pm
OPEC throttles output in May
Markets

OPEC throttles output in May

  • In the latest monthly report by the Organization of Petroleum Exporting Countries, data showed that the cartel's 13 member states throttled output by 6.2 million barrels per day (bpd) last month.
Published 17 Jun, 2020 08:01pm
Iraq is fully committed to the OPEC+ cut deal
Markets

Iraq is fully committed to the OPEC+ cut deal

  • OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day into July.
  • Abdul Jabbar said his country is fully committed to cut its production in June and July in compliance with the OPEC+ deal.
Published 09 Jun, 2020 02:40am
Oil tops $40 on OPEC cuts and demand recovery
Business & Finance

Oil tops $40 on OPEC cuts and demand recovery

  • Suggesting a supply glut is easing, the American Petroleum Institute on Tuesday said that U.S. crude inventories fell by 483,000 barrels.
  • Both benchmarks have surged in recent weeks, with Brent more than doubling after hitting a 21-year low below $
Published 03 Jun, 2020 03:16pm