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News // Middle East and OPEC

Summer best time to back out of OPEC deal, Russia says

It's best to draw out of the OPEC-led effort to balance the market with production cuts during the summer when demand is high.

29 September 2017 , 13:30Neftegaz.RU9420

Nigeria ready to play OPEC ball, Russia says

Nigeria may be ready to give up its status as an OPEC member exempt from the effort to balance the market with production cuts.

25 September 2017 , 10:21Neftegaz.RU8090

Russia says it's doing more than it needs to for oil market balance

Russia is doing more than it needs to in order to move the level of oil on the market closer to the 5-year average.

14 September 2017 , 10:14Neftegaz.RU6660

U.S. dollar, not OPEC, driving markets, Russian oil boss says

The value of the U.S. dollar is having more of an impact on oil markets than the OPEC effort to trim production.

08 September 2017 , 18:00Daniel J. GraeberNeftegaz.RU8760

Iraq has fallen below agreed oil production cuts

Iraq said it has gone deeper than its pledged oil-output cut.

04 September 2017 , 13:00Neftegaz.RU6980

Russia sees oil supplies dwindling from global market

Hundreds of millions of barrels of crude oil are lacking from the global energy market because of joint efforts with OPEC.

24 July 2017 , 15:31Daniel J. Graeber6360

Libya called to share production plans with OPEC in St.Petersburg next week

Libya has been called on by the OPEC to share production plans at a summit next week, an oil company director said.

19 July 2017 , 10:12Neftegaz.RU6600

Minister Kachikwu: Nigeria’ll support OPEC resolve to stabilise market

As members of the OPEC, Nigeria expressed commitment to support all resolutions to stabilize the international oil market.

14 July 2017 , 14:12Neftegaz.RU7330

Kazakhstan not backing out of OPEC production cut deal

Kazakhstan is standing by its commitment to stick to the OPEC/non-OPEC agreement for production cuts.

13 July 2017 , 16:11Tsvetana ParaskovaNeftegaz.RU8460

Oil slides as Russia speaks out against deeper output cuts

Russia will oppose any attempts to deepen the oil production cuts currently in effect in OPEC and 11 other oil producers.

06 July 2017 , 10:11Neftegaz.RU6070

OPEC downgrades outlook for Russia’s 2017 oil output

OPEC has revised its outlook for oil production in Russia in 2017 downwards by 117,000 barrels per day.

15 June 2017 , 12:11Neftegaz.RU8310

Russia has become a de facto member of OPEC in all but name

It is something of an unholy alliance, but Russia and Saudi Arabia are becoming ever closer allies in a graphic example of realpolitik.

07 June 2017 , 16:11Stuart BurnsNeftegaz.RU7040

Kazakhstan boosts production despite OPEC pledge

Kazakhstan’s energy officials are continuing to officially confirm to the public what is already widely known by now - that they have no intention to stick by pledges on oil output curbs.

05 June 2017 , 00:34EurasianetNeftegaz.RU6760

OPEC decided to extend cuts in oil output by 9 months to March 2018

One OPEC delegate at the meeting in Vienna said the group of 14 oil producers had agreed to extend cuts in production by 9 months to March 2018.

25 May 2017 , 16:17Neftegaz.RU13210

Rosneft begins planning for post-OPEC-cut oil markets

Rosneft has begun strategic planning for post-OPEC cut oil markets, according to the state-owned oil giant’s CEO Igor Sechin.

19 May 2017 , 16:15Zainab CalcuttawalaNeftegaz.RU7390

Putin and Maduro discuss oil markets as support for output cut extension grows

Putin and Maduro discussed the global oil markets situation in a telephone call at Venezuela’s initiative.

19 May 2017 , 14:12Tsvetana ParaskovaNeftegaz.RU8680

Saudi Arabia and Russia agree to extend deal to cut oil output

Saudi Arabia and Russia have agreed to extend the Opec and non-Opec oil output reduction deal for another 9 months.

15 May 2017 , 17:27Neftegaz.RU8400

Novak: Extension of oil output reduction pact likely for 6 months or more

An agreement on oil output cuts reached by major oil-producing countries is likely to be extended for another 6 months or even longer,  Novak said.

15 May 2017 , 13:00Neftegaz.RU7450

Saudis to boost oil export capacity to 15 mln bpd in 2018

Saudi Aramco will be launching in 2018 the revamped Muajjiz oil terminal on the Red Sea that would raise the Kingdom’s oil loading and export capacity to 15 mln bpd.

02 May 2017 , 14:16Tsvetana ParaskovaNeftegaz.RU20460

Russia hits 100% compliance with OPEC cut

Russia has effectively reached its 300,000-bpd production cut target under its agreement with OPEC.

02 May 2017 , 12:11Neftegaz.RU8250