OPEC

  • Iran’s refining capacity up by 24%, second largest in OPEC: Report

    Iran’s refining capacity up by 24%, second largest in OPEC: Report

    Oct 11, 2020 15:42

    Iran’s capacity for refining crude and other products has increased by nearly a fourth in four years to 2020 to become the second largest in the Organization of Petroleum Exporting Countries (OPEC).

  • OPEC’s sixtieth anniversary: The pivot of the global oil market

    OPEC’s sixtieth anniversary: The pivot of the global oil market

    Sep 18, 2020 14:01

    September 14, 2020 marks the sixtieth anniversary of the Organization of the Petroleum, Exporting Countries or OPEC – almost two thirds of a century of existence characterized by embargo, conflict, and even war. It is an intergovernmental organization of 13 nations founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia and Venezuela) and headquartered since 1965 in Vienna, Austria.

  • OPEC+ may hold extraordinary October meeting if oil market worsens: Source

    OPEC+ may hold extraordinary October meeting if oil market worsens: Source

    Sep 18, 2020 05:52

    OPEC+ could hold an extraordinary meeting in October if oil markets weaken further, Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday, according to an OPEC+ source.

  • Saudi threatens new oil-price war with OPEC members

    Saudi threatens new oil-price war with OPEC members

    Jul 02, 2020 14:26

    Saudi Arabia has issued a dire warning with OPEC members, Nigeria and Angola, warning that it would ignite an oil-price war with them unless they toe the line.

  • Venezuela gets OPEC aid to restore gasoline output

    Venezuela gets OPEC aid to restore gasoline output

    Jun 10, 2020 15:28

    President Nicolas Maduro has announced that OPEC will be providing aid to Venezuela for the restoration of gasoline production in the Latin American country.

  • OPEC agrees to extend output cuts by one month: Iran minister

    OPEC agrees to extend output cuts by one month: Iran minister

    Jun 07, 2020 06:26

    Members of The Organization of Petroleum Exporting Countries (OPEC) have agreed to extend a deal on reduction of output provided that non-OPEC producers would comply with their share of the cuts, according to Iran’s Oil Minister Bijan Namdar Zanganeh.

  • Shale oil producers being punished for inaction: Zanganeh

    Shale oil producers being punished for inaction: Zanganeh

    Apr 22, 2020 13:22

    Minister of Petroleum Bijan Zangeneh says shale oil producers in the US and Canada are being punished by a historic rout in oil markets for refusing to join production cuts by OPEC and its allies.

  • Saudi Arabia submits to oil output cut after US threat

    Saudi Arabia submits to oil output cut after US threat

    Apr 13, 2020 08:43

    OPEC and other large oil producers led by Russia have approved a deal to cut output, after the US threatened to take measures against Saudi Arabia over its crude price war with Moscow.

  • Iran says OPEC+ meeting to review Mexico’s share of oil supply cuts

    Iran says OPEC+ meeting to review Mexico’s share of oil supply cuts

    Apr 13, 2020 05:13

    An Iranian Oil Ministry official says members of the Organization of Petroleum Exporting Countries and allies, a grouping known as OPEC+, are holding a fresh meeting via video-conference to decide the share of Mexico in a series of cuts to the global oil supplies agreed earlier this week.

  • Draft deal on oil output cuts due in days: Zanganeh

    Draft deal on oil output cuts due in days: Zanganeh

    Apr 10, 2020 15:18

    Iran’s Oil Minister Bijan Namdar Zanganeh says a draft agreement on massive cuts to the global oil supply would be finalized in a matter of days after major producers around the world agreed to reduce output to control the prices in the markets.