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LONDON, Dec 21, 2023 (AFP) – Crude prices slumped on Thursday after Angola quit the OPEC oil cartel, while Wall Street stocks rebounded after a streak of records was snapped. The price of the main international and US crude contracts dropped more than 1.5 percent after Angola said it was leaving as it did not want to go along with further production cuts that OPEC and 10 Russian-led allies agreed last month. They later pared […]
VIENNA, Nov 22, 2023 (AFP) – The ministerial meeting of the OPEC+ alliance originally scheduled for Sunday in Vienna has been rescheduled to Thursday, the Vienna-based Organization of the Petroleum Exporting Countries (OPEC) announced in a statement on Wednesday. The 13 OPEC members led by Saudi Arabia and their ten partners led by Russia were due to decide on their output policy amid slumping crude prices. The OPEC+ announcement caused global crude prices to shed […]
VIENNA, Oct 4, 2023 (AFP) – An OPEC+ panel recommended Wednesday that the oil cartel keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices. Oil prices recovered in recent months and approached $100 per barrel last week as top producers Saudi Arabia and Russia have taken millions of barrels off the market. Crude prices have eased in more recent days, however, as […]
VIENNA, June 4, 2023 (AFP) – Riyadh on Sunday announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession. The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations. Saudi Arabia’s fresh cut of one million barrels per day (bpd) is for July but “extendable”, its […]
HONG KONG, China (AFP) — Oil prices soared almost six percent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. The West Texas Intermediate contract jumped 5.74 percent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42. The move by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will be in effect from next month until the end […]
BRUSSELS, Belgium (AFP) – The price cap on Russian oil agreed by the EU, G7 and Australia is set to come into force on Monday. It aims to restrict Russia’s revenue while making sure Moscow keeps supplying the global market. – Embargo and cap – The cap is due to take effect alongside an EU embargo on maritime deliveries of Russian crude oil, which comes several months after an embargo imposed by the United States and […]
Vienna, Austria (AFP) by Kiyoko Metzler, with Emeline Burckel in London Major oil-producing countries led by Saudi Arabia and Russia agreed Sunday to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week. The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh, and their 10 allies headed by Moscow, decided to stick to their […]
London, United Kingdom (AFP) Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session in October the 13-nation Organization of the Petroleum Exporting Countries headed by Riyadh and its 10 allies led by Moscow, collectively known as OPEC+, agreed to reduce […]
by Aurélia End Agence France-Presse WASHINGTON, United States (AFP) — The United States and Saudi Arabia traded bitter barbs Thursday over last week’s OPEC+ oil output cut, with Washington accusing Riyadh of knowingly boosting Russian interests. The Saudi-led OPEC+ cartel — which includes Russia — angered Washington by cutting production by two million barrels a day from November, adding further pressure on soaring crude prices. Saudi Arabia issued a rare press release on Thursday expressing […]
by Emeline Burckel Agence France-Presse LONDON, United Kingdom (AFP) — The OPEC+ group of oil exporters are set to hammer out a new strategy at their meeting Wednesday, with all eyes on how they will react to soaring crude prices. The 13 core members of OPEC, led by Saudi Arabia, and the 10 further states in OPEC+ — chief among them Russia — find themselves at a crossroads. After the drastic output cuts they agreed […]
P3/liter rollback for diesel, P3.40 per liter rollback for kerosene (Eagle News) – Oil companies are set to implement a price rollback of around P3 per liter for diesel and for kerosene effective Tuesday, July 5, but not for gasoline the prices of which will remain the same. In separate advisories, various oil firms announced the price rollback of P3 per liter for diesel, and P3.40 per liter for kerosene. There will be no […]
Assurance made during discussion with President-elect Marcos Jr. (Eagle News) – The Russian government will help the Philippines in its oil and energy needs, the Russian ambassador to the Philippines assured on Monday, June 13. In his remarks after his courtesy call on President-elect Ferdinand Marcos Jr., Russian ambassador Marat Pavlov said that his government would help the Philippines during this time of energy crisis. Russia is one of the top oil producers in […]
