Organization of the Petroleum Exporting Countries - updates

Rappler's latest stories on Organization of the Petroleum Exporting Countries

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Iraq looking at options in case Gulf oil route cut – spokesman

Jun 17, 2019 - 11:46 PM

Lawmakers have also called for an emergency session with Iraq's ministers of oil, trade, planning and transport to 'prepare to confront the possible dangers'

TO PORT. This picture taken on June 15, 2019 shows tanker ships in the waters of the Gulf of Oman off the coast of the eastern UAE emirate of Fujairah. Photo by Giuseppe Cacace/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

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

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

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

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

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

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.

Gas, diesel prices set to rise anew?

Feb 22, 2015 - 3:52 PM

Once this happens this is the 3rd time in February that prices of petroleum products will increase in the Philippines

OPEC cannot protect oil price – UAE

Jan 13, 2015 - 4:53 PM

UAE energy chief: We have seen the oversupply coming primarily from shale oil and that needed to be corrected

A customer fills his tank at a gasoline station in London, United Kingdom, February 24, 2011. Andy Rain/EPA

Oil firms hike kerosene, gasoline prices

Dec 30, 2014 - 8:22 PM

Following a series of rollbacks oil companies jack up prices reflecting the latest shifts in the global petroleum market

Pope Christmas message, PH communists, Jordan pilot | The wRap

Dec 26, 2014 - 6:51 PM

Pope Francis says: “so many tears this Christmas Communists resume talks with the Philippine government Jordan vows to save its pilot held captive by ISIS

'Irresponsible' non-OPEC output behind oil price plunge – UAE

Dec 21, 2014 - 4:36 PM

UAE energy minister Suhail al Mazrouei says irresponsible levels of output of non OPEC producers are to be blamed for the sharp drop of oil prices

File image from Shutterstock

Oil market slides on profit taking, Iraq

Jul 02, 2014 - 9:21 AM

The violence in Iraq has a direct bearing on global crude prices because the country is the second biggest oil exporter after Saudi Arabia

File image from Shutterstock

Nigeria 'loses $1.2-B to oil thieves in a month'

Aug 14, 2013 - 10:26 AM

Nigeria: Trade in stolen oil led to a 17 fall in official oil sales in the first quarter of 2013 estimated at 400 000 barrels per day