Contents tagged with OPEC

  • Russia and US start talks on future of Venezuela

    Russia and the US will soon start talks on the future of Venezuela, which for years has been suffering from a sever economic crisis, hyperinflation, and a shortage of basic necessities, and is now also facing a bitter political crisis.

    Russian Deputy Foreign Minister Sergey Ryabkov arrived in Rome early this week to meet with the US Special Representative for Venezuela, Elliott Abrams.

    Russian Foreign Minister Sergey Lavrov told US Secretary of State Mike Pompeo on 4 March that he is willing …

  • Saudi Minister of Energy: Sanctions against Russia will affect the global energy market

    During a press conference, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih said that the new sanctions against Russia can have an impact on the global energy market, RIA Novosti reported.

    “Russia is a big supplier of gas to Europe and oil to China. If this happens, it will affect Europe, China and the world,” the minister said, during a press conference in Baku, where the meeting of OPEC+ Monitoring Committee․

      The committee will evaluate the measures to …

  • Russia overtakes Saudi Arabia as the world’s second largest oil producer but still lags behind the US

    Russia outpaced Saudi Arabia in crude oil production, moving into second place after the USA, the world's largest oil producer, RIA Novosti reports.

    According to a review by the Joint Organizations Data Initiative or JODI, in December 2018, the United States produced an average of 11.66 million barrels of oil per day. Russia now produces 10.74 million barrels per day while Saudi Arabia dropped into third place at 10.64 million barrels per day. 

    Meanwhile, experts of ITI Capital Ltd. said that …

  • Saudi Arabia accuses Russia of sabotaging OPEC+ deal

    The world’s largest oil producing countries, having signed another deal in December to maintain world oil prices, are now facing internal strife, reports.

    Saudi Arabia, the largest member of OPEC in terms of extraction, and the only country in the world capable of rapidly upscaling or downscaling its oil extraction, believes that Russia’s efforts as part of the market stabilization agreement are inadequate. 

    By undertaking to reduce extraction by 228,000 barrels per day, Russia is …

  • Putin wishes Maduro success as inflation in Venezuela reaches 1,000,000%

    Russian President Vladimir Putin wished success to Nicolas Maduro, President of Venezuela, whose second term began in the midst of a severe economic crisis, as well as shortage of currency and hyperinflation.

    As reported by TASS, at the ceremony of receiving credentials from new ambassadors, Putin wished success to Venezuela in stabilizing the situation in the country.

     “We sincerely wish success to the leadership of the country, our friends in Venezuela and all the people in this country in …

  • Iran refuses to increase OPEC crude oil output

    Iran’s oil minister Bijan Namdar Zangeneh, who was invited to the meeting of the OPEC monitoring committee in Vienna, left the meeting about an hour after it started and said he did not consider it possible to reach an agreement with OPEC on quota adjustments.

    “I do not think it is possible to reach an agreement,” said the Iranian minister to reporters in a hotel. “It was a protocol meeting. It wasn’t good,” he told reporters. He did not state exactly why he left the meeting.

    However, …

  • Russia reduced oil production by 185,000 barrels per day

    TASS news agency reports that Russia, in accordance with an agreement with OPEC, has cut oil production by 185,000 barrels per day, according to Russian Energy Minister Alexander Novak.

    Earlier it was reported that by mid-March, Russia had reduced production by 160,000 barrels per day and by the end of the month, according to the schedule, it should increase this figure to reach a total reduction of 200,000 barrels per day from the prior volume.

    On Sunday, after the effective date of the …

  • Saudi Arabia will not attend meeting with Russia and other non-OPEC countries on Monday

    Saudi Arabia will not take part in a meeting with non-OPEC countries which will be held on Monday, The Financial Times (FT) reported, citing a source familiar with the matter.

    Saudi Arabia, according to the newspaper’s source, believes that there is "no point in being present there [at the meeting] when members of the organization had not reached an agreement with each other yet" and generally even questions the need for such a meeting.

    "As OPEC has not reached an agreement yet, there is no …