Washington/Riyadh: Following the agreement between OPEC and Russia regarding a historic cut in the crude oil production, there are indications of a fuel price rise in the international market. The rates of US crude rose by 2.6% on Monday, and it is claimed that there will be a further improvement in rates shortly. Meanwhile, US […]
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Riyadh/Moscow: – There has been a strong reaction from OPEC after Russia refused to cut oil production and instead announced to increase it. Main members of OPEC, Saudi Arabia and the United Arab Emirates (UAE) announced an increase in oil production. Saudi will be producing 13 million barrels of oil and UAE has announced a […]
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Vienna: The agreement between OPEC, the main organisation of the oil-producing countries, and Russia, regarding oil production cut, has fallen through. This caused the international oil rates to tumble and they slid to below $47 per barrel level. A leading analyst and advisory company, from the oil sector, warned that if OPEC members do not […]
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Riyadh: A study group from Saudi had warned ‘Our analysis shows that back in 2011-2012 when Libya experienced supply disruptions, prices for crude could go to sky-rocket. The same can be repeated in the future. If it were not for the decisions made by Russia and Saudi Arabia as part of OPEC+ cooperation, in 2018, […]
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Vienna: A decisionfor major reduction in the oil production was taken during a meeting held between OPEC, the association of the oil Producing and exporting countries, along with Russia and the other countries. In spite of the appeal made by US President Donald Trump on Wednesday, the decision was taken by OPEC and Russia in […]
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Doha/Vienna: Qatar, known to be a leading economy in the Gulf, has decided to exit from OPEC the association of the Oil Producing and Exporting Countries, controlling nearly 44% of the world’s oil trade. Saad Al Kaabi, the Energy Minister of Qatar, made this announcement on Monday. This decision is believed to be a result […]
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Washington: The United States seems to have reaped the benefits of the agreement signed between the main organisation of oil-producing countries, OPEC and Russia for raising oil prices. Russia and OPEC had signed an agreement to reduce oil production with the objective of creating a hike in oil prices. The United States has taken advantage […]
Read More »Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 nations as of May 2017, founded in 1960 in Baghdad by the first five members, and headquartered since 1965 in Vienna. Wikipedia
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Washington/Moscow: Russia has retained its fuel business despite sanctions imposed by the West in the backdrop of the Russia-Ukraine conflict that started last year. In the last week of August, the US website ‘Bloomberg’ provided information that Russia’s crude oil exports have reached up to 3.4 million barrels daily. It is said to be the […]
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Moscow/Riyadh/London – The crude oil price has seen a jump after the leading countries of the oil sector, Russia and Saudi Arabia, announced to cut fuel production. On Tuesday, crude oil price crossed the $90 mark per barrel, the highest since November 2022. Analysts have estimated, on the backdrop of this increase, that crude oil […]
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