The Organisation of Petroleum Exporting Countries and its allies (OPEC+) will conduct its joint ministerial monitoring committee meeting (JMMC) on Wednesday, April 3, led by oil producing majors Saudi Arabia and Russia, shortly after crude oil prices hit their highest this year. OPEC+ members will review the market and members’Read More →
Antony Blinken on Wednesday met with Saudi Foreign Minister Prince Faisal bin Farhan. Jedah: Visiting US top diplomat Antony Blinken discussed Wednesday with his Saudi counterpart “the urgent need” to protect civilians in war-battered Gaza and efforts toward a truce, the State Department said. Secretary of State Blinken, who landedRead More →
International crude oil prices again hit a four month-high mark on Tuesday, March 19, after breaking above range-bound trading last week, but gains were limited by the prospect of rising exports from Russia as Ukrainian attacks on oil infrastructure curb domestic refining activity. The Brent crude oil futures contract wasRead More →
The Organization of the Petroleum Exporting Countries (OPEC) bloc, led by Saudi Arabia has retained its forecast for demand growth for 2024 and 2025, amid constant tensions in the Middle East. The oil producer group however, raised its global economic growth forecast for this year saying that there was moreRead More →
Saudi Arabia, the de facto leader of the OPEC cartel, said it would extend its voluntary cut of one million barrels per day (bpd) through the end of June, leaving its output at around nine million bpd –well below its capacity of 12 million bpd. Russia, which leads OPEC alliesRead More →
File picture of Saudi Arabia fans supporting their team during the Asian Cup Round of 16 match. The nation launched its formal bid campaign, March 1, to host the 2034 World Cup | Photo Credit: AP Saudi Arabia launched its campaign to host the 2034 football World Cup on Friday,Read More →
Oil prices fell by 2.5 per cent on Wednesday, December 6, as a bigger-than-expected rise in US gasoline inventories worried markets about demand and outweighed a draw in crude stocks. US gasoline stocks rose by 5.4 million barrels last week, said the Energy Information Administration. Brent crude futures fell $1.96,Read More →
Oil prices ticked higher after falling to five-month lows on Tuesday, December 5, after Russia said that the Organisation of Petroleum Exporting Countries and its allies (OPEC+) was ready to deepen output cuts in the first quarter of next year. Russian Deputy Prime Minister Alexander Novak said that OPEC+ couldRead More →
Oil prices declined more than 2 per cent in the previous session as investors remained cautious over the depth of supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies (OPEC+). Concerns over sluggish global manufacturing activity also weighed on market sentiments. Brent crude futures for FebruaryRead More →
Oil prices rose by more than 1 per cent on Thursday, November 30 as the The Organisation of Petroleum Exporting Countries and its allies (OPEC+) agreed to output cuts approaching 2 million barrels per day (bpd) for early next year, which includes Saudi Arabia’s voluntary supply reduction. Brent crude futuresRead More →
