Opec and its oil-producing allies shifted on Monday towards extending their daily output caps, sending oil prices racing higher before the outcome of the group’s official gathering.
Opec has cut its forecast for growth in global oil demand due to trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019.
Opec said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including US shale producers slows, pointing to a tighter market if the exporter group refrains from raising output. But the Organization of the Petroleum Exporting Countries,
Russia and Saudi Arabia have agreed to extend a deal to keep oil production low owing to abundant world supplies, President Vladimir Putin said on Saturday. “We will extend this deal, Russia and Saudi Arabia. For how long?
Opec and its allies agreed on Thursday to keep current production cuts until further review in December, with the Kingdom of Saudi Arabia pledging to further strengthen its voluntary production adjustment to 9.890 million bpd in October.
The United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei congratulated the new Saudi Arabian Rnergy Minister, Prince Abdulaziz Bin Salman, in a tweet.
The Opec Fund for International Development (OFID) has contributed more than $13 million to a $453 million financing package that will support the construction of a landmark hydroelectric plant in central Nepal.
Opec agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in.
Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting