DEMOCRATIC REPUBLIC OF CONGO At least 60 people killed in militia attack in eastern DR Congo. Erikas Mwisi Kambale, Reuters: At least 60 people were killed in a militia attack early on Wednesday at a displaced persons’ camp in eastern Democratic Republic of Congo, according to the head of a local humanitarian group and a […]
Tag: OPEC
OPEC+ announced on Tuesday that it is sticking with its plan to gradually boost oil output next month, as the group brushed off concerns about Omicron’s impact on global crude demand. The 23-nation member group encompassing Saudi Arabia-led OPEC and the cartel’s allies led by Russia agreed at the end of its meeting on Tuesday […]
OPEC chose veteran Kuwaiti oil executive Haitham al-Ghais to become the organization’s top diplomat, as the group and its allies navigate a delicate recovery from the pandemic. Al-Ghais – a multilingual technocrat whose three-decade oil industry career includes stints in Beijing and London – will become Secretary-General in August, taking over from Mohammad Barkindo, according […]
By Grant Smith and Sharon Cho and Jessica Summers – Bloomberg OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted […]
Neil Quilliam It was little surprise that Saudi Arabia and the UAE eventually reached a compromise on OPEC production and baselines, despite the high drama at the latest OPEC ministerial. What was surprising, though, was the public nature of the disagreement and the willingness of UAE officials to joust so vigorously with their Saudi counterparts in […]
Al Jazeera writes: Saudi Arabia and the United Arab Emirates have reached a compromise deal in a standoff over OPEC+ crude output quotas, according to media reports citing sources within OPEC+. read article: Saudi and UAE reach compromise in OPEC+ standoff | Business and Economy News | Al Jazeera
The 1 July OPEC meeting ended in deadlock. Although all the major oil producers agreed in principle to collectively boost production by 400,000 barrels per month from August through the end of 2021, they failed to agree on how long the production agreement should last, putting the whole deal on hold. This deadlock represents the […]
The United Arab Emirates’ refusal to agree to a Saudi-backed plan to boost oil output is the latest in an emerging rivalry playing out between the two traditional Gulf allies as both countries seek to diversify their economies and manage a long-term transition away from the petroleum industry. The unusually public spat between the UAE […]
The ongoing spat between the United Arab Emirates and Saudi Arabia is just the latest dispute in the decades-long history of the Organization of the Petroleum Exporting Countries (OPEC). Founded in 1960, the OPEC oil cartel has seen its share of disagreements between members, ranging from arguments over output quotas to all-out conflicts such as […]
As soon as OPEC+ negotiations fell apart on Monday, stoking fears of a supply squeeze and sending oil prices soaring, U.S. shale executives began hitting the phones. They weren’t ordering their crews to drill for more oil. They weren’t game-planning a miraculous comeback in American crude production. They were securing hedges — locking in prices […]
Biden administration officials are “encouraged” by ongoing OPEC talks and have spoken with officials in Saudi Arabia and the United Arab Emirates in hopes of reaching an agreement to stem the rise in crude prices, White House Press Secretary Jen Psaki said. Biden administration ‘encouraged’ by ongoing OPEC talks | Joe Biden News | Al […]
OPEC+ ministers called off oil output talks on Monday after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been reached. Saudi Energy Minister Prince Abdulaziz bin Salman on Sunday called for “compromise and rationality” to secure a deal after two […]