OPEC to try to stem oil price plunge amid coronavirus slowdown
March 03, 2020 | 14:18
The OPEC club of oil-producing countries meets Thursday (Mar 5) in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus.
OPEC chops global oil demand growth forecast over China virus
February 13, 2020 | 09:40
The OPEC oil cartel on Wednesday (Feb 12) lowered its forecast for growth in global oil demand this year by nearly a fifth due to the impact of the coronavirus outbreak in China.
Novel coronavirus highlights OPEC reliance on Chinese oil demand
February 06, 2020 | 11:43
Fears of an economic slowdown, fuelled by the novel coronavirus slashing output in China, has shone the spotlight on OPEC, whose oil is heavily bought by the world's second-biggest economy.
Oil market chilled by virus impact on China growth
February 01, 2020 | 09:18
Oil prices have fallen victim to economic worries sparked by a deadly virus spreading from China, the world's second-biggest economy and a huge consumer of crude.
OPEC agrees oil output cuts after much 'brain squeezing'
December 07, 2019 | 09:42
The powerful OPEC group of oil producers and its allies reached a deal on Friday (Dec 6) to cut production by 500,000 barrels per day in a bid to stem prices which have been under pressure from abundant reserves and weak global economic growth.
Ecuador says will withdraw from OPEC in January
October 02, 2019 | 09:01
Ecuador announced on Tuesday (Oct 1) it will withdraw from OPEC in January due to financial problems facing the South American country.
Oil majors to mull fresh cuts as trade war hits prices
September 09, 2019 | 09:02
Top oil producers will consider fresh output cuts at a meeting this week, but analysts are doubtful they will succeed in bolstering crude prices dented by the US-China trade war.
OPEC extends oil output cuts after Moscow-Riyadh pact
July 02, 2019 | 15:24
OPEC agreed on Monday (Jul 1) to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin Saudi Arabia and non-member Russia.
Oil producers meet to discuss output amid Iran tension
May 20, 2019 | 13:51
Major crude producers are set to meet Sunday (May 19) to discuss how to stabilise a volatile oil market amid rising US-Iran tensions in the Gulf, which threaten to disrupt supply.
Oil market likely to rebalance early 2019: OPEC ministers
December 24, 2018 | 10:10
Oil ministers from leading OPEC nations said Sunday (Dec 23) they expect prices will arrest their recent slide and rebalance early next year, when a deal on new production cuts takes effect.
Oil price skids on oversupply fears and weak world economy
December 19, 2018 | 11:07
World oil prices tumbled on Tuesday (Dec 18) to strike their lowest levels in more than a year, hit by fears over the outlook for the global economy and doubts over producers' resolve to cut output.
Oil producers to review cuts impact in April: UAE
December 13, 2018 | 13:07
DUBAI: Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.
European stocks rise on rate hopes as oil rebounds
November 30, 2018 | 09:43
LONDON: European stocks mostly rose on Thursday (Nov 29), lifted by hopes that the US Federal Reserve may be moderating its stance on interest rate rises, dealers said.
Oil price of US$65-US$75 per barrel would 'suit' Russia: Putin
October 04, 2018 | 13:02
Russian President Vladimir Putin on Wednesday said an oil price of US$65 to US$75 per barrel would "suit" Moscow, as crude soared this week to reach the highest level since November 2014.
Iran says OPEC has 'not much credit' left
September 16, 2018 | 15:19
Oil cartel OPEC has "not much credit" left as some members are turning it into "a tool for the US", a senior Iranian official said in comments published Saturday (Sep 15).
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