Tag Archives: OPEC

OPEC, Russia agree to slash oil output despite Trump pressure

VIENNA (Reuters) – OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price of crude. The producer club will curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million ...

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Oil slides as OPEC ties supply cut to Russia; Moscow said to only back limited move

SINGAPORE (Reuters) – Oil prices fell on Friday, pulled down by OPEC’s move to delay a final decision on output cuts as its awaits support from heavyweight supplier Russia, which is reported to not want to reduce its output by more than 150,000 barrels per day (bpd). A pumpjack is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, ...

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OPEC tentatively agrees to oil cut, waits for Russia to commit

VIENNA (Reuters) – OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said. Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin ...

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Global stocks slump on China executive arrest, oil spills into OPEC

LONDON (Reuters) – Global stock markets slumped for a third day running on Thursday as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States fed fears of fresh tensions between the two economic superpowers. The arrest of Huawei’s chief financial officer, Meng Wanzhouof, who is also the daughter of the ...

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OPEC oil cuts at risk as Russia yet to commit

VIENNA (Reuters) – OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday. As the Organization of the Petroleum Exporting Countries gathered in Vienna, it awaited news from Russian Energy ...

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OPEC waiting for Russia before deciding how much oil to cut

VIENNA (Reuters) – OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices. The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC’s headquarters in Vienna, Austria December ...

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OPEC waiting for Russia before deciding level of oil cut

The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC’s headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger VIENNA (Reuters) – OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, OPEC delegates said on Thursday as the group gathered for a meeting in Vienna. Five ...

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