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Nov 22 2023
News
Oil down 1% on bearish view of delayed OPEC+ meeting
Nov 23 (Reuters) - Oil prices fell 1% in early trading on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting stoking views the producers might cut output less than earlier anticipated. Brent futures fell 81 cents, or 1%, to $81.15 a barrel, after falling as much as 4% on Wednesday. U.S. West Texas Intermediate crude dipped 72 cents, or 0.9%, to $
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Nov 22 2023
News
OPEC Delays Summit Over Production Spat -- WSJ
By Benoit Faucon and Summer Said
The Organization of the Petroleum Exporting Countries delayed its summit as it tries to resolve a disagreement over the production of African nations, according to delegates.
OPEC and a group of Russia-led allies was set to meet on Sunday to debate production levels next year but the meeting has now been pushed...
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Oct 10 2022
Perspectives Blog
When Biden Gets Screwed by OPEC
From the CenterWhen Joe Biden traveled to Saudi Arabia this past summer, he didn’t exactly grovel. But he swallowed a lot of pride.
During the 2020 presidential campaign, Biden had promised to make the Saudi government into an international “pariah” and promised to cut off arms shipments to the country if they did not improve their approach to human rights. Biden’s administration
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Aug 24 2023
News
Saudi Arabia, OPEC Powers Invited To Join BRICS
OPEC heavy-hitters Saudi Arabia, UAE and Iran as well as Argentina, Egypt and Ethiopia have received an invitation by the 5-nation BRICS organization to join the bloc at its ongoing summit in Johannesburg, South Africa. BRICS is an acronym denoting the emerging national economies of Brazil, Russia, India, China and South Africa. “We value the interest of other countries in building a
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Apr 03 2023
News
Opec: What is it and what is happening to oil prices?
Several of the world's largest oil exporters have said they are cutting their production levels, which has caused a leap in crude prices.
Saudi Arabia, Iraq and several Gulf states are together cutting supplies by one million barrels of oil a day and Russia, their fellow member in the Opec+ group, is extending its cut of half a million barrels per day until the end of the year.
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Nov 23 2023
News
OPEC Moves Delayed Joint Ministerial Meeting Online -- Update
The Organization of the Petroleum Exporting Countries said it will move its next ministerial meeting online, following its decision to delay the gathering by four days, a further sign of conflict within the oil-producing cartel.
OPEC and a group of Russia-led allies had been set to meet on Sunday to discuss production levels...
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Nov 22 2023
News
OPEC+ meeting postponement raises talk of a ‘rift’ among oil producers
The Organization of the Petroleum Exporting Countries and the allies announced Wednesday they would delay their much-anticipated meeting by four days, raising speculation that the oil producers will face a more challenging path to an agreement on output levels.
The group of major oil producers, known as OPEC+, will hold its ministerial conference on Nov. 30, instead of gathering this
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