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by Luis Bravo with Margioni Bermudez in Caracas Agence France-Presse MARACAIBO, Venezuela (AFP) — Cheap gasoline smuggled over the border from Venezuela once flooded eastern Colombia. These days, as desperate Venezuelans run out of fuel, the contraband is moving in the other direction. For the first time Colombian gasoline is cheaper and is being smuggled across the border to fuel vehicles in western Venezuela. “It’s a lifeline,” says Roger, a fruit-and-vegetable vendor in Santa Cruz […]
by Haydar Indhar Agence France-Presse DIWANIYAH, Iraq (AFP) — With its neighbours activating new dams, Iraq’s historic twin rivers could run dry — unless new infrastructure projects and tense talks with Turkey and Iran bear fruit. Nowhere is the effect on the country more palpable than in Basra, Iraq’s only coastal province. Here, the Tigris and Euphrates — on which millions of Iraqis rely to farm — meet at the Shatt al-Arab waterway before spilling […]
by Benoît PELEGRIN Agence France Presse LONDON, United Kingdom (AFP) — Top oil producers were trying to finalize a crucial agreement on output cuts in the small hours of Friday in an attempt to counter a collapse in prices due to the coronavirus and a Saudi-Russian price war. The video conference meeting of OPEC countries and their OPEC+ allies including Russia, as well as other key non-members, began just after 1440 GMT on Thursday and […]
by Benoît PELEGRIN Agence France-Presse LONDON, United Kingdom (AFP) — OPEC and its allies will meet to discuss oil production cuts next week following US President Donald Trump’s claim that leading producers Russia and Saudi Arabia will slash output to boost tumbling prices. The meeting was originally expected to be held via video conference on Monday, but will now take place on Thursday, the government of energy-rich Azerbaijan said Saturday. “OPEC has informed us about […]
LONDON, United Kingdom (AFP) — World oil prices, already slumping on coronavirus fears, extended losses to more than 5.0 percent Friday on reports Russia wants to delay deeper output cuts recommended by its OPEC allies. In London morning deals, Brent North Sea crude dived to $47.02 per barrel, the lowest levels since July 2017. WTI tumbled to $43.28 — the lowest since late 2018. Prices recovered some of the losses, although Brent was still down […]
by Benoît PELEGRIN LONDON, United Kingdom (AFP) — The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its allies in the so-called OPEC+ group — foremost among them Russia — discuss how to halt the sharp fall in oil prices […]
by Richard LEIN Agence France Presse Global oil demand will suffer its first quarterly drop in a decade as the COVID-19 virus lashes the economy in China and its impact ripples throughout the world, the IEA said Thursday. “Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China’s economy,” the International Energy Agency said in its latest monthly report. “Demand is now expected to fall by […]
by Benoît PELEGRIN LONDON, United Kingdom (AFP) — Fears of an economic slowdown, fuelled by the coronavirus slashing output in China, has shone the spotlight on OPEC, whose oil is heavily bought by the world’s second-biggest economy. “China has become increasingly important for OPEC countries in recent years,” research group JBC Energy told AFP. In total, more than two-thirds of China’s crude imports come from the Organization of Petroleum Exporting Countries and Russia. Following a […]
by Roland JACKSON / Jastinder KHERA VIENNA, Austria (AFP) — OPEC agreed Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend’s G20 pact between cartel kingpin Saudi Arabia and non-member Russia. “We are very happy to announce that we have reached an agreement to extend for nine months the current production level,” said OPEC president and Venezuelan Oil Minister Manuel Quevedo at […]
by Roland JACKSON LONDON, United States (AFP ) — OPEC is on red alert over escalating US-Iran tensions that fuelled strong oil-price gains — but the cartel and other crude-producing nations are unlikely to end output cuts at a meeting Tuesday. The Organization of the Petroleum Exporting Countries, a cartel of 14 countries pumping one third of the world’s oil, is acutely aware that a faltering global economy is sapping growth in crude demand, helping […]
JEDDAH, Saudi Arabia (AFP) — OPEC kingpin Saudi Arabia and key producer United Arab Emirates said Sunday oil supplies were sufficient and stockpiles were still rising despite massive output drops by Iran and Venezuela. “We see that (oil) inventories are rising and supplies are plenty,” Saudi Energy Minister Khalid al-Falih told reporters at the start of a key meeting for oil producers in Jeddah. “None of us wants to see the (oil) stocks swell again. […]
Major crude producers are set to meet Sunday to discuss how to stabilise a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt supply. Key OPEC members and other major suppliers including Russia will assess the oil market and examine compliance to production cuts agreed late last year. But the subject of Iran, which is not present, will dominate the one-day meeting of the OPEC+ group. It comes days after […]
