OPEC - updates

Rappler's latest stories on OPEC

ARTICLE FINDER

Saudi, UAE see sufficient oil supplies, rising stocks

May 20, 2019 - 7:42 AM

Oil exporting countries are discussing how to stabilize a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt global supply

Khalid Al-Falih, Saudi Energy and Oil Minister and Chairman of OPEC's Joint Ministerial Monitoring Committee (JMMC), speaks to journalists during the 10th JMMC meeting in Algiers on September 23, 2018.  Ryad KRAMDI / AFP

Trump asks OPEC not to cut production

Dec 05, 2018 - 11:37 PM

Members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepare to meet in Vienna to discuss lowering their output

(FILES) In this file photo taken on November 9, 2018 US President Donald Trump speaks to the press before departing the White House for Paris in Washington, DC. President Donald Trump said November 13, 2018 that the United States was aware of undeclared North Korean missile bases revealed by US researchers but insisted all was fine."We fully know about the sites being discussed, nothing new -- and nothing happening out of the normal," Trump wrote on Twitter. "I will be the first to let you know if things go bad!" he said.  NICHOLAS KAMM / AFP

Qatar to quit Saudi-dominated OPEC in 2019

Dec 03, 2018 - 11:12 PM

Gas production remains the top the priority for Qatar, which is the world's the biggest exporter of liquefied natural gas

LEAVING OPEC. Saad Sherida Al-Kaabi, Qatari Minister of State for Energy Affairs, speaks during a press conference in the capital Doha on December 3, 2018. Photo by Anne Levasseur/AFP

Trump thanks Saudi Arabia for lower oil prices

Nov 21, 2018 - 11:20 PM

The US President tweets: 'Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let's go lower!'

(FILES) In this file photo taken on March 20, 2018 US President Donald Trump (R) shakes hands with Saudi Arabia's Crown Prince Mohammed bin Salman in the Oval Office of the White House in Washington, DC. - US President Donald Trump has accused Saudi Arabia of lying about the killing of Jamal Khashoggi, his strongest comments to date on the affair as pressure builds on the administration to strike a tougher line. In an interview with the Washington Post published late October 20, 2018, Trump stepped back from his stance that Saudi Arabia's latest explanation for the death of the journalist inside their consulate in Istanbul was credible, but said he remained confident in the leadership of Crown Prince Mohammed bin Salman. (Photo by MANDEL NGAN / AFP)

Saudi Arabia ready to boost oil output, spare capacity

Oct 24, 2018 - 4:00 AM

Saudi Energy Minister Khalid al-Falih says his country is ready to boost its crude oil production

Khalid Al-Falih, Saudi Energy and Oil Minister and Chairman of OPEC's Joint Ministerial Monitoring Committee (JMMC), speaks to journalists during the 10th JMMC meeting in Algiers on September 23, 2018.  Ryad KRAMDI / AFP

OPEC agrees ouput rise of 'about' 1 million barrels – Saudi

Jun 22, 2018 - 10:22 PM

Saudi Arabia, backed by non-member Russia, has argued that it is time to raise production in order to meet growing demand and appease major consumer countries like the US, India and China

OIL PRODUCERS. File photo shows Saudi Energy Minister Khaled al-Faleh (left) and Russian Energy Minister Alexander Novak at a meeting of OPEC and non-OPEC members in Jeddah on April 20, 2018. Photo by Amer Hilabi/AFP

OPEC sees 'considerable uncertainty' in oil market

Jun 12, 2018 - 9:55 PM

Question marks over global economic growth and resulting oil demand make forecasting difficult, says the Organization of the Petroleum Exporting Countries

Motorists gas up at a Tax Reform for Acceleration and Inclusion (TRAIN) Law implemented gasoline station in Paco, Manila, days ahead of the 15-day minimum inventory requirement of oil companies, on January 10, 2018. Photo by Ben Nabong/Rappler

OPEC to discuss extending cuts, quotas – UAE minister

Sep 25, 2017 - 6:48 PM

United Arab Emirates Energy Minister Suheil al-Mazrouei says the oil market has rebalanced after OPEC and non-OPEC producers agreed to cut output in a historic deal last year

OIL ORGANIZATION. The logo of OPEC is pictured at the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on November 29, 2016. Joe Klamar/AFP

Nigeria's ex-oil minister battles slew of graft cases

Jul 23, 2017 - 12:38 PM

Diezani Alison Madueke is the first female minister of petroleum resources whose term was marred by corruption allegations

NIGERIA CASE. Diezani Alison-Madueke is Nigeria's first female minister of petroleum resources whose service was marred with corruption claims. Photo from Wikipedia

Oil producers 'might have to' extend output cuts – Saudi minister

Apr 20, 2017 - 3:23 PM

Saudi Arabia s energy minister says oil producing countries might have to extend output cuts agreed for the first 6 months of the year in order to achieve the desired rebalancing of the market

FUEL. A worker pumps fuel at a petrol station outside Dakar, Senegal on January 17, 2016.  Seyllou/AFP

Oil producers eye extension of output cuts

Mar 27, 2017 - 1:20 AM

OPEC and non OPEC producers are studying whether to extend the cuts for another 6 month period

OIL OUTPUT. An oil pumpjack works on January 19, 2016 in Sweetwater, Texas. File photo by Spencer Platt/Getty Images/AFP

Inflation hits 2.7% in January

Feb 07, 2017 - 3:05 PM

Prices rise at a faster rate than at any point last year due to increases in oil transport housing and utilities according to NEDA

Oil producers say output cut on track

Jan 23, 2017 - 12:45 AM

Compliance is great it s been really fantastic says Saudi Arabian Oil Minister Khaled al Falih

SWEETWATER, TX - JANUARY 19: An oil pumpjack works on January 19, 2016 in Sweetwater, Texas. Global oil prices continue their downward fall with U.S. oil dropping towards $27 a barrel, its lowest since 2003, on worries about global oversupply. Following a diplomatic agreement on nuclear fuel with America, Iran has forecast it will add 500,000 barrels per day to global production, following the lifting of sanctions. Spencer Platt/Getty Images/AFP

Qatar, Kuwait to cut oil production from January 1

Dec 14, 2016 - 1:10 PM

Oil companies in the two countries say they will comply with the recent OPEC agreement

A general view taken on April 16, 2016 shows the Shuaiba oil refinery south of Kuwait City. Kuwaiti oil workers plan to go on strike on April 17, 2016 in protest to what they call the government's plan to cut their annual benefits and bonuses. / AFP PHOTO / YASSER AL-ZAYYAT

Oil soars as non-OPEC producers agree on caps

Dec 12, 2016 - 3:22 PM

Oil soars following a landmark deal by Russia and other non OPEC producers to join the cartel in capping output

A worker pumps fuel at a petrol station outside Dakar on January 17, 2016. Seyllou/AFP

Oil resumes rise after OPEC cut

Dec 01, 2016 - 3:21 PM

Crude futures prices surged more than 10 immediately after the OPEC deal

A boat (foreground) is seen past an oil tanker (background) docked next to an oil refinery on Bukom island off Singapore on January 18, 2016. Roslan Rahman/AFP

OPEC boosts oil price with output cut

Nov 30, 2016 - 12:10 PM

UPDATED It represents a dramatic reversal from OPEC s Saudi led strategy introduced in 2014 of flooding the market to force out rivals in particular US shale oil producers

The logo of OPEC is pictured at the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on November 29, 2016.  Joe Klamar/AFP

OPEC scrambles to agree crucial oil output cut

Nov 28, 2016 - 3:27 PM

Failure to get an accord could send oil prices tumbling and reignite debate about the purpose of the 56 year old Organization of the Petroleum Exporting Countries

A worker pumps fuel at a petrol station outside Dakar on January 17, 2016. Seyllou/AFP

Saudi oil minister says OPEC production cut 'imperative'

Nov 14, 2016 - 12:10 AM

Khalid al Falih urges cartel members to stick to the agreement they reached in Algiers in September

Saudi Minister of Energy, Industrial and Mineral Resources Khalid al-Falih arrives for the opening ceremony of the Qatari and Saudi Economic Forum on November 6, 2016 in Riyadh. / AFP PHOTO / FAYEZ NURELDINE

OPEC pumping oil at record levels ahead of crunch meeting – IEA

Nov 11, 2016 - 1:15 AM

Production rises to a record 33 83 million barrels a day in October according to the International Energy Agency

A man fills his car with gas at a Wawa gas station in Woodbridge, Virginia, January 5, 2016. Oil prices fell further January 5 as the crude supply glut overshadowed a diplomatic row between key producers Saudi Arabia and Iran as fuel prices in the US have fallen below $2 per gallon. AFP PHOTO / SAUL LOEB / AFP PHOTO / SAUL LOEB

Saudi Aramco CEO predicts oil market balance by early 2017

Nov 02, 2016 - 3:30 PM

The gap between supply and demand is closing says Amin Nasser

Amin al-Nasser, president of state oil giant Saudi Aramco, delivers a speech on October 11, 2016 during the 23rd World Energy Congress in Istanbul.  World Energy Congress in Istanbul brings together players across the energy sector to discuss a transformation of the sector. Saudi Arabia said on October 10 it was "not unthinkable" that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. / AFP PHOTO / OZAN KOSE

Oil price down cycle 'nearing end' – Saudi minister

Oct 24, 2016 - 12:25 AM

We are optimistic that oil prices will continue to improve in the future says Saudi Oil Minister Khalid al Falih

Saudi Oil Minister Khalid al-Falih addresses a Gulf ministerial meeting in Riyadh on October 23, 2016. Falih said that the current cycle of falling crude prices is close to an end as market fundamentals improve. Oil prices are currently hovering at around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014.    / AFP PHOTO / FAYEZ NURELDINE

OPEC agrees surprise oil output cut

Sep 29, 2016 - 8:06 AM

UPDATED The news triggered an immediate spike of more than 5 in crude prices as markets had expected the Algiers meeting to end without agreement

A worker pumps fuel at a petrol station outside Dakar on January 17, 2016. Seyllou/AFP

Oil market still weak despite recovery – Saudi Aramco

Sep 26, 2016 - 10:50 PM

There are fears that oil producing countries will not be able to reach a deal in Algiers this week

A picture taken on May 10, 2016 shows over Shaybah, the base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field in Saudi Arabia's remote Empty quarter desert close to the United Arab Emirates, on May 10, 2016. Despite collapsed global oil prices, production is expanding at Shaybah, as it is in other units of the company at the centre of the kingdom's Vision 2030 drive for diversification away from oil. The Saudi government plans to sell less than five percent of the company in what officials say will be the world's largest-ever share offering, while transforming Saudi Aramco into "a global industrial conglomerate". By 2020 the company says it will have tripled its gas processing capacity from levels at the turn of the century. / AFP PHOTO / IAN TIMBERLAKE

Oil prices up on Libya unrest, hopes for output deal

Sep 19, 2016 - 3:28 PM

Major crude producer states are due to meet in Algeria next week to discuss the global supply crisis and overproduction that has hammered prices for two years

A man poses holding a petrol pump nozzle at a filling station in Birkenhead, north-west England, on May 19, 2015. Paul Ellis/AFP

Global oil glut set to last at least until mid-2017 – IEA

Sep 13, 2016 - 9:15 PM

Demand growth is slowing and supply is rising explains the International Energy Agency in its monthly report

BIG SPRING, TX - JANUARY 19: An oil refinery is lit up in the night on January 19, 2016 in Big Spring, Texas. Global oil prices continue their downward fall with U.S. oil dropping towards $27 a barrel, its lowest since 2003, on worries about global oversupply. Following a diplomatic agreement on nuclear fuel with America, Iran has forecast it will add 500,000 barrels per day to global production, following the lifting of sanctions. Spencer Platt/Getty Images/AFP

'Enormous' inventories to keep lid on oil price – IEA

Jun 14, 2016 - 4:35 PM

4th UPDATE Even though supply and demand are expected to be more balanced by the end of the year large oil inventories remain

epa05234220 A picture made available on 29 March 2016 shows an oil well on the grounds of the Luetow petroleum production site on Usedom Island, Germany, 18 March 2016. The petroleum output has declined from 4,800 tons (2014) to 3,600 tons (2015) as the crude oil sources in Western Pomerania are beginning to dry up. The company Engie (formerly known as Gaz de France) is producing oil at the drilling locations in Luetow and Mesekenhagen. EPA/STEFAN SAUER

OPEC says oil glut to ease

Jun 13, 2016 - 8:25 PM

Oil exporting nations expect a more balanced market toward the end of the year

epa05328112 A tugboat sails past oil tankers berthed off the east coast of Singapore, 25 May 2016. Low crude oil prices, and traders expecting a rise, has given rise to many tankers being parked off the coast of Singapore, a major oil refining hub. As many as 40 tankers are estimated to surround the island state awaiting to offload their cargo. EPA/WALLACE WOON

Oil prices hit new 2016 highs

Jun 09, 2016 - 12:15 AM

UPDATED The increases are due to supply woes in Nigeria and lower petroleum inventories in the US

epa02833016 Fenog Nig ltd workers operate equipment at their drilling site in Chanomi creeks in the Niger delta southern Nigeria, 20 July 2011. Fenog Nig ltd, the 4th largest HDD drilling company in the world, is drlling for oil in Chanomi creek in the oil rich Niger delta with their Horizontal Directional Drilling rig. EPA/GEORGE ESIRI

Oil price plasters over OPEC rifts – for now

Jun 05, 2016 - 6:30 PM

Analysts express concern that there could be more woes ahead for oil exporting nations

epa05342205 (L-R) OPEC Director of Research Division, Omar Abdul-Hamid, Qatari Minister of Energy and Industry Mohammed Bin Saleh Al-Sada, and President of the OPEC Conference, and OPEC Secretary General Libyan Abdalla Salem El- Badri, attend a news conference after the 169th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, 02 June 2016. Reports state OPEC members did not change their supply policy. The basket of crude oil used as a benchmark indicator by the OPEC fell by 1.04 percent to 44.68 US dollars on 02 June. EPA/HANS PUNZ

OPEC to keep oil gushing, fails to agree ceiling

Jun 02, 2016 - 8:35 PM

UPDATED The 13 nation group does not set a new output target in their latest meeting in Vienna

epa05341610 A general view prior to the start of the 169th meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria, 02 June 2016. EPA/HANS PUNZ

OPEC ministers upbeat on oil recovery

Jun 01, 2016 - 11:15 PM

Several officials of oil producing countries expect the market to improve in the second half of the year but others are more cautious

epa05152578 (FILE) A file picture dated 03 July 2001 showing the OPEC logo and signage in Vienna, Austria. The Organization of the Petroleum Exporting Countries (OPEC) increased its total oil production by 131,000 barrels per day (bpd) in January even though oversupply has been a major reason for falling oil prices, according to data issued by the cartel on 10 February 2016. The Vienna-based group of mostly Arab, African and Latin American countries said that they pumped 32.3 million bpd last month. This was 1.8 million bpd above the projected average demand for OPEC oil in the first quarter, the group's monthly oil market report showed. Saudi Arabia and other Arab members of OPEC have so far stopped the group from propping up prices by lowering output, in an apparent effort to use the current slump to win market shares from the US, where oil production is costlier than in the Gulf. EPA/BARBARA GINDL AUSTRIA OUT

OPEC: Oil glut 'may ease' by 2017 as non-cartel supply drops

May 14, 2016 - 1:15 PM

Oil producers warn however that global oil inventories currently remain at record highs

epa05244380 (FILE) A file picture dated 08 December 2012 fuel dripping from a fuel nozzle at a gasoline station in Sana'a, Yemen. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/YAHYA ARHAB

Global oil supply glut to 'shrink dramatically' this year – IEA

May 13, 2016 - 9:00 AM

This forecast is partly due to rising demand for oil in India

epa03005463 An Indian petrol pump attendant fills cars with petrol at local petrol filling station in the eastern Indian city of Kolkata on 16 November 2011. Reports state that the Government of India, for the first time in 3 years has decreased the price of petrol in the country, with effect from 16 November 2011. An Indian government official said, 'The new decline in global crude oil prices have resulted in an decline of petrol prices in India. EPA/PIYAL ADHIKARY

Iran: Oil production freeze would prolong sanctions

Apr 19, 2016 - 9:20 PM

Accepting a production freeze in practice amounts to a voluntary acceptance of sanctions by our country says Iran s oil minister

epa05244381 (FILE) A file picture dated 09 November 2007 showing an oil worker under an oil well as he checks the oil pumping equipment at Gudong oil field which is a part of China's Shengli oil field, Dongying, China. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/WU HONG

Oil prices plunge after Doha output talks fail

Apr 18, 2016 - 9:32 AM

3rd UPDATE An analyst warns oil price losses could reach 15

In this file photo, an attendant fills up a motorcycle with gasoline at a gasoline station in Kamuning, Quezon City. Joel Liporada/Rappler/File

Oil producers fail to agree output freeze

Apr 18, 2016 - 9:31 AM

Qatar s energy minister says oil producers concluded after 6 hours of talks that they needed more time

The logo of the Organization of Petroleum Exporting Countries (OPEC) at the organization's headquarters in Vienna, Austria, February 11, 2016. Christian Bruna/EPA

No guarantee of oil deal at Doha talks

Apr 15, 2016 - 10:45 PM

Iran s oil minister will skip the talks on Sunday April 17 triggering more doubts that an agreement could be reached

epa05192674 A general view of installations of the Zubair oil field, some 20 kilometers south west of Basra, southern Iraq, 03 March 2016. The redevelopment of the onshore oil field, that is said to contain some 4.5 billion barrels of oil reserves, was granted to a consortium of international oil companies in 2009. The oil field in a distance of about 500 kilometers of the Iraqi capital originally was discovered by the Basrah Petroleum Company in 1949. EPA/HAIDER AL-ASSADEE

OFW remittances grow, hit $2.3B in February

Apr 15, 2016 - 7:00 PM

Remittance flow is higher by 6 1 so far in 2016 says the Bangko Sentral ng Pilipinas

OPEC warns on oil 'oversupply' ahead of crunch Doha meeting

Apr 13, 2016 - 10:20 PM

UPDATED Positive market sentiments continue to arise but hurdles prevail as oversupply persists

epa05244378 (FILE) A file picture dated 11 November 2008 shows barrels of oil stacked up at a fuel depot in Jakarta, Indonesia. The basket of crude oil used as a benchmark indicator by OPEC has dropped to 33.33 US dollars, the OPEC said on 05 April 2016. The basket includes 13 varieties of crude oil. EPA/BAGUS INDAHONO

Iran oil exports surpass 2 million barrels per day – minister

Apr 03, 2016 - 8:10 PM

The country doubles its oil exports after sanctions against it were lifted last January

epa03178535 (FILE) A file photograph showing an Iranian security guard walking in front of the Mahshahr petrochemical complex in Khuzestan province south western Iran, 28 September 2011. Media reports state on 11 April 2012 that Iran has extended a ban on oil exports to Germany and Italy and plans to ban imports from European Union countries. A ban has already been imposed on Britain, France, Greece, and Spain. The Oil Ministry has so far only confirmed the ban on Greece. EPA/ABEDIN TAHERKENAREH

Qatar says Iran invited to talks on oil output freeze

Mar 22, 2016 - 9:50 PM

All 13 OPEC members plus key non cartel producers are set to meet in Doha next month

epa05142254 The Starla, an Iranian large crude oild tanker with a cargo-carrying capacity of 317,000 dead weight tons, is moored at a buoy of South Korea' largest oil refiner SK Energy off Ulasan, South Korea's southeast coast, 04 February 2016. It marks the second time an Iranian crude oil carrier has made a call at a South Korean port since 17 January, when the international community lifted most economic sanctions against the Middle East country. EPA/YONHAP SOUTH KOREA OUT

OPEC, non-OPEC producers to meet on April 17 in Doha

Mar 16, 2016 - 8:25 PM

UPDATED Qatar s Mohammed al Sada the current OPEC president says the meeting is a follow up after the proposal to freeze oil output

epa05054144 Participants attend the start of the 168th OPEC Conference in Vienna, Austria, 04 December 2015. Oil ministers of the Organization of the Petroleum Exporting Countries (OPEC) showed no inclination to pump less to ramp up prices as they met in Vienna, arguing that non-OPEC countries would first have to agree to follow along with such a move. EPA/HERBERT PFARRHOFER

Putin: Russian oil firms agree to freeze output

Mar 02, 2016 - 4:00 PM

Russian President Vladimir Putin meets with oil companies to address falling oil prices

Russian President Vladimir Putin chairs a meeting with heads of Russia's oil companies at the Kremlin in Moscow, on March 1, 2016. AFP PHOTO / SPUTNIK / ALEXEI NIKOLSKY / AFP / Sputnik / ALEXEI NIKOLSKY

UAE says freezing oil output levels a 'must'

Mar 02, 2016 - 3:30 PM

Holding production is no longer an option but a necessity that everyone should consider says the UAE s Energy Minister

epa04783861 United Arab Emirates' Energy and Industry Minister Suhail Mohamed Al-Mazrouei attends the start of the 167th meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria, 5 June 2015. EPA/HERBERT NEUBAUER no restriction apply

Saudi, Russia agree to freeze oil output, on one condition

Feb 16, 2016 - 8:24 PM

UPDATED Other major oil producers have to approve the oil output freeze before it can be implemented

epa05152578 (FILE) A file picture dated 03 July 2001 showing the OPEC logo and signage in Vienna, Austria. The Organization of the Petroleum Exporting Countries (OPEC) increased its total oil production by 131,000 barrels per day (bpd) in January even though oversupply has been a major reason for falling oil prices, according to data issued by the cartel on 10 February 2016. The Vienna-based group of mostly Arab, African and Latin American countries said that they pumped 32.3 million bpd last month. This was 1.8 million bpd above the projected average demand for OPEC oil in the first quarter, the group's monthly oil market report showed. Saudi Arabia and other Arab members of OPEC have so far stopped the group from propping up prices by lowering output, in an apparent effort to use the current slump to win market shares from the US, where oil production is costlier than in the Gulf. EPA/BARBARA GINDL AUSTRIA OUT

PH will have enough oil supply despite Saudi conflict – gov't

Jan 08, 2016 - 9:29 PM

President Aquino says the Philippines can buy oil from many other sources while Energy Secretary Zenaida Monsada cites the ASEAN supply security agreement

NO EFFECT YET. The security issues caused by the conflict between Saudi and Iran have not caused increases in oil prices, and a rollback is expected next week, Energy Secretary Zenaida Monsada says.

Untung-rugi harga minyak rendah bagi Indonesia

Jan 08, 2016 - 4:30 PM

Defisit neraca perdagangan bisa menurun bahkan surplus tapi pemerintah tak bisa mengandalkan sektor migas sebagai sumber penerimaan negara

Blok Mahakam. Foto dari skkmigas.go.id

Saudi Arabia posts record $98 billion deficit in 2015 – ministry

Dec 28, 2015 - 9:19 PM

The budget deficit is the highest in the history of Saudi Arabia the world s largest oil exporter

OIL-RICH. Saudi Arabia is the world's biggest exporter of oil

OPEC ramalkan harga minyak pada 2020

Dec 24, 2015 - 4:52 PM

Negara dengan harga produksi minyak yang lebih mahal siap tersingkir dari pasar

Permintaan terhadap minyak OPEC diperkirakan turun pada 2020. Foto oleh EPA