Iraq’s Oil Marketing Company (SOMO) has significantly reduced oil output from the Basra crude supplies destined for Asia in July, in implementation of the OPEC+ agreement to reduce production, Reuters quoted...

Gulf countries will not continue a reduction of oil output by an extra 1.18 million barrels per day (bpd) in July as part of an agreement made by the...

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the...

On Friday, the Iraqi Ministry of Oil reconfirmed its full commitment to the OPEC+ crude oil production cuts. Oil Ministry Spokesman Assem Jihad announced in a press statement: “Iraq reconfirms its...

OPEC+ members are considering extending the current oil output cut to stabilise global oil prices, Bloomberg reported yesterday. Members of the Organisation of the Petroleum Exporting Countries (OPEC) and Russia were...

OPEC President Algeria has proposed bringing forward the next meeting of the oil producing group and its allies, known as OPEC+, to June 4 from an earlier plan to...

Russian President Vladimir Putin and Saudi Crown Prince Muhammad Bin Salman agreed on Wednesday to strengthen coordination to cut oil production and stabilise the global oil market. The Kremlin...

A flotilla of five tankers carrying Iranian fuel for gasoline-starved Venezuela is approaching the Caribbean, with the first vessel expected to reach the South American country’s waters on Sunday,...

Saudi Arabia has called on OPEC+ countries to respect their commitment to the agreed oil production cuts and to reduce production even further to help restore balance to global...

Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom’s budget and global demand remains weak due to...

On Friday Iraq announced the start of implementing the decision of OPEC+ to reduce crude oil production by 23 per cent, aiming to stabilise prices in the international markets,...

On Thursday, Algerian Energy Minister Mohamed Arkab called on members of the OPEC+ coalition to abide by the agreement to cut oil production from Friday. Arkab, whose country holds the Organisation...

Saudi Arabia’s oil output rose to a record high of 11.3 million barrels per day (bpd) in April, as the kingdom put pedal to the metal following the collapse...

On 6 March, the OPEC+ cartel failed to agree on a cut in oil production in the light of reduced demand due to the coronavirus pandemic affecting almost every...

Oil prices will reach $40 a barrel by the second half of this year, Anadolu Agency reported OPEC’s president saying yesterday. The official who also acts as Algeria’s Energy Minister, Mohamed...

Iranian President Hassan Rouhani said the falling oil prices will have the least impact on the Islamic Republic compared to other countries, because Tehran is less dependent than others...

Saudi Aramco, the world’s largest oil-production company, has entered a decisive stage in its endeavour to obtain a $10 billion loan from a number of banks. Aramco chose HSBC and...

Oil prices have hit zero. Yes, oil was “sold” this week with producers only asking buyers to pay for transporting it to its final destination. This is the worst...

Some OPEC ministers had a conference call on Tuesday to discuss the oil price rout and possible extra measures to support the market but it took place without the...

An official Kurdish delegation arrived yesterday in the Iraqi capital Baghdad to discuss “oil output”. “The delegation, led by the Kurdistan government’s Finance Minister, Awat Sheikh Janab, will discuss...

When Saudi Arabia approached members of the Organisation of Petroleum Exporting Countries (OPEC) and its affiliates recently to cut oil production in an attempt to cushion the impact of...

Saudi Oil Minister AbdulAziz Bin Salman Al-Saudi has played down his country’s dispute with Russia over oil production, saying such a dispute could break out in any family but...

The coronavirus outbreak has put the Arab Gulf States under the spotlight and exposed their structural weaknesses. It has also suggested that security, which is often the focus because...

Venezuela President Nicolas Maduro and his Iranian counterpart Hassan Rouhani spoke over the phone yesterday in order to strengthen cooperation and brotherhood in the face of the illegal unilateral...

Crude oil prices rose today after US President Donald Trump called on OPEC+ to double its oil production cut. International benchmark Brent crude was trading at $32.20 per barrel,...

Saudi Aramco’s shares continued to decline during trading yesterday, despite Sunday’s historic agreement to reduce oil production that was reached by OPEC and the major oil producers in the world. Aramco...

OPEC, Russia and other oil-producing states agreed on Sunday to cut barrel production by ten per cent to support oil prices after demand dropped due to the coronavirus pandemic....

Republican US senators from oil states who recently introduced legislation to remove American troops from Saudi Arabia said on Saturday they had spoken with three officials from the kingdom...

Top oil nations struggled to finalise record output cuts at G20 talks on Friday to boost prices slammed by the coronavirus crisis, as Saudi Arabia clashed with Mexico despite...

A Republican member of the US Senate has submitted a bill to withdraw US forces from Saudi Arabia if it does not adhere to the plan to reduce oil...

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on Friday discussed OPEC+ decision to cut oil production, in a phone talk on Friday. “The issues related...

Russian President Vladimir Putin, US President Donald Trump and Saudi Arabia’s King Salman, discussed the OPEC+ oil group meeting in a phone call on Friday and confirmed their aim...