Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from January 1 due to fiscal problems.
Oil prices rebounded on Tuesday on reports that output from the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns kept a lid on gains.
When Vladimir Putin announced at the weekend that OPEC would extend oil production cuts, broadcasting a deal before the group had even met to approve it, the move angered some member nations.
Oil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and US sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market.
A group of producers led by the OPEC, known as OPEC+, has been withholding oil supply since the start of the year to tighten the market and prop up prices.
Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s on-going supply cuts, U.S. sanctions against Iran and Venezuela, and strong U.S. jobs data.
The Organization of Petroleum Exporting Countries (OPEC) is not the enemy of the United States (US), United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday in Abu Dhabi.
OPEC ministers presented a “final draft” of an agreement for oil production cuts to a meeting Friday with partner countries including Russia, as oil prices rebounded at news that a deal may be close.
Oil prices firmed on Friday on expectations that OPEC and Russia will agree some form of production cuts next week, although swelling U.S. supplies kept markets in check. International Brent crude oil futures were at $59.81 per barrel at 0347 GMT, up 30 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate […]
Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday.