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Nigeria to reach OPEC+ compliance by mid-July

10 June 2020, 9:25 PM

Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse by mid-July, the head of the Nigerian National Petroleum Corporation Mele Kyari said on Wednesday.

The logo of the Organization of the Petroleum Exporting Countries (OPEC)

OPEC, Russia approve biggest ever oil cut amid coronavirus pandemic

12 April 2020, 9:34 PM

OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic.

OPEC and allies likely to cut production if US joins cuts: sources

6 April 2020, 10:04 PM

The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters.

Algeria to cut oil output by 12 000 bpd under new OPEC deal

9 December 2019, 8:01 PM

OPEC member Algeria will reduce its crude oil output by 12,000 barrels a day to comply with a deal agreed by other producers with the aim of balancing the global oil market, Energy Minister Mohamed Arkab said on Monday.

The logo of the Organization of the Petroleum Exporting Countries (OPEC)

Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

3 December 2019, 7:17 AM

OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.

Ecuador to quit OPEC in 2020 in search of bigger export revenue

2 October 2019, 7:15 AM

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 recover on lower output from US, Russia, OPEC

1 October 2019, 12:04 PM

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.

Under pressure from Trump, OPEC embraces Putin

4 July 2019, 5:13 PM

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.

Pump jacks operate at sunset in an oilfield in Midland

Oil mixed as OPEC cuts, US sanctions prop up prices

28 May 2019, 10:43 AM

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.

An oil well pump jack is seen at an oil field supply yard near Denver, Colorado.

Oil prices stable amid OPEC supply cuts, but US-China trade war drags

27 May 2019, 6:15 AM

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.

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