Tag: OPEC
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Declining oil inventories and reducing OPEC + production push oil prices towards $100 (report)
A recent report highlighted the decline in oil inventories after a strong build at the start of 2023, which was likely driven by lower demand in January, given the mild weather and production recovering from December’s weather disruptions. The report – issued by the Swiss investment bank “UBS” – stated that February data indicated a…
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Stocks of international oil companies rise, supported by OPEC + cuts
Shares of major oil companies jumped during trading today, Monday, April 3, with the support of the voluntary production cuts announced by 9 OPEC+ countries, led by Saudi Arabia. The 9 countries announced voluntary cuts of more than 1.66 million barrels per day, starting next May, as a precautionary measure aimed at supporting the stability…
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Saudi Arabia and 7 OPEC + countries surprise the markets with an additional reduction in oil production
The Kingdom of Saudi Arabia and several countries in the OPEC + coalition announced an additional voluntary reduction in oil production – amounting to 1.649 million barrels per day – starting from next May until the end of 2023. Today, Sunday, April 2, 2023, an official source in the Saudi Ministry of Energy stated that…
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Iran is flirting with Saudi Arabia and OPEC + countries with an oil investment deal
Iran has become open to foreign investment, following the recent agreement between Riyadh and Tehran to resume their diplomatic relations, after a 7-year break. And the Iranian Ministry of Oil issued a statement – on March 19, 2023 – in which it said that it welcomed any offer of foreign investment in its projects in…
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Anas Al-Hajji: Oil prices are collapsing because of “Silicon Valley”…and this is expected from OPEC +
Energy platform editorial advisor, energy economics expert Dr. Anas Al-Hajji, said that oil prices collapsed with the collapse of Silicon Valley and Signature banks in the United States. This came during a new episode of the program “Energy humanitiesPresented by Dr. Anas Al-Hajji on Twitter, entitled “The Effects of the Saudi-Iranian Agreement on Energy Markets…and…
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Oil analysis after the collapse of the Silicon Valley bank.. Will OPEC + interfere?
Oil analysis shows that the collapse of the Silicon Valley bank left fears in global markets that prices would be affected by the crisis, which could prompt the OPEC + coalition to intervene. These fears, supported by the decline in crude oil prices for two consecutive days, pushed Brent crude to less than $79 a…
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Saudi Arabia threatens not to export oil…and decisive statements regarding “No to OPEC”
Saudi Arabia threatened to stop oil exports if a price cap was imposed on its supplies to global markets, but it limited that to countries that adopt such a decision. The Saudi threat came from the words of the Minister of Energy, Prince Abdulaziz bin Salman, in response to a question by “Energy Intelligence” about…
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A new US escalation against OPEC… The controversial law rears its head again
The US attempts to escalate its position rejecting the policies of the Organization of the Petroleum Exporting Countries (OPEC), by presenting the bill known as “NOPEC” in the Senate Judiciary Committee. In this context, a group of members of the Senate Judiciary Committee from both parties decided to reintroduce the legislation, today, Wednesday, March 8…