Oil rises sharply ahead of OPEC+ meeting
World oil prices rose by 2.5% on Monday morning, as investors focus on reports of the prospects for a significant reduction in OPEC + production…
Azerbaijan’s energy minister condoles death of OPEC chief
“My dear friend Mohammed Sanusi Barkindo’s death, who had invaluable services in the regulation of the oil market during the most difficult period made me…
WSJ: OPEC is studying the suspension of Russia’s participation in the OPEC + deal
The Wall Street Journal, citing OPEC delegates, reports that some OPEC members are considering suspending Russia’s participation in the OPEC+ deal amid Western sanctions. The…
OPEC+ Deal Rationale Expected to Vanish
Russian oil output will fall sharply, removing the rationale for the OPEC+ agreement That’s what analysts at Standard Chartered expect, according to a new report…
Oil rises as market weighs OPEC filling Russia supply gap
Oil prices rose on Thursday following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help…
Azerbaijan supports OPEC+’s decision to increase daily output by 400,000 barrels
At the 26th OPEC and non-OPEC Ministerial Meeting (ONOMM), Azerbaijan also agreed to increase daily oil production by 400,000 barrels in April to support the…
Oil prices rise slightly ahead of OPEC+ meeting
Global oil prices on January 28 morning rose slightly after falling on January 27. Investors continue to expect an OPEC+ meeting, Report informs. The price of April…
Azerbaijani FM meets with OPEC Secretary General
During a working visit to Austria, Azerbaijani Foreign Minister Jeyhun Bayramov met with OPEC Secretary-General Mohammad Barkindo, Report informs referring to the press service of the Azerbaijani Foreign Ministry. During…
OPEC+ Set to Boost Supply Again
OPEC and its allies are poised to revive more halted oil production when they meet on Tuesday after predicting a tighter outlook for global markets….
OPEC describes omicron strain’s impact on oil market as moderate and short-lived
The spread of the new omicron coronavirus will not have a significant impact on the rate of oil consumption, OPEC said in its December report….
Azerbaijan supports OPEC+ decision to increase oil output
Azerbaijan has agreed with the decision of OPEC+ to increase oil production in January by the planned 400,000 barrels per day, Report informs with reference to the…
Oil Rises as OPEC+ May Offset Strategic Releases
Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases…
OPEC+ countries increase oil output in October
OPEC+ countries participating in the oil production cut agreement in October 2021 increased their output by 490,000 barrels per day, to 36.82 million barrels, mainly at the expense of…
Azerbaijan produces 586,200 barrels of crude oil in September
Daily crude oil production in Azerbaijan in September amounted to 586,200 barrels, Report informs, citing the Energy Ministry. “Daily oil production (including condensate) in September 2021 made…
US looking at every means to lower energy prices – Psaki
The Biden administration continues to engage with OPEC producers and look “at every means we have to lower gas prices,” White House Press Secretary Jen…
OPEC announces its forecast for oil production in Azerbaijan
The Organization of the Petroleum Exporting Countries (OPEC) has increased its 2021 forecast for the average daily production of oil and other liquid hydrocarbons in…
OPEC keeps forecast for growth in global oil demand in 2021
Global oil demand in 2021 will grow by 6 million barrels per day (bpd), Report informs, referring to the OPEC September report. The estimate hasn’t changed compared to the…
Azerbaijan supports OPEC+ decision
Baku has welcomed OPEC+ Declaration of Cooperation, which provides for the 7,000 barrels increase in daily oil production by Azerbaijan starting October this year, Report informs, citing the Ministry…
OPEC announces forecast on Azerbaijan’s oil production in 2022
Azerbaijan’s daily production of oil and another liquid hydrocarbon will make up 750,000 barrels this year, down 20,000 barrels from the previous forecast, Report informs, citing OPEC….
OPEC, Energy Industry Should Thank Saudi Arabia For Oil Price Recovery
OPEC—as well as the entire energy industry—should be thanking Saudi Arabia for its “magnificent” job in managing their production during the Covid-19 pandemic, according to…
OPEC raises forecast on Azerbaijan’s oil production
The Organization of the Petroleum Exporting Countries (OPEC) has increased its forecast for the average daily production of oil and other liquid hydrocarbons in Azerbaijan…
OPEC: Global oil demand to increase significantly in late 2021
The global oil demand will exceed 99 million barrels per day in the fourth quarter of 2021, bouncing back to the pre-pandemic level, Report informs, citing OPEC…
Oil prices rising in anticipation of OPEC meeting
Global oil prices are rising on May 31 morning in anticipation of the OPEC meeting, according to trading data, Report informs referring to Prime agency. As of…
OPEC raises forecast on Azerbaijan’s liquid hydrocarbons
Liquids supply is forecast to grow by 30,000 b/d to average 760,000 b/d in 2021, Report informs, citing OPEC. Azerbaijan’s liquids supply in February declined slightly m-o-m…
OPEC+ Readies for Output Talks
As OPEC and its allies prepare for another decision on oil output, the producers believe their defiantly cautious approach is paying off. The coalition led…
Azerbaijan supports continuation of existing output cuts
Azerbaijan has supported the agreement of the 14th meeting of the OPEC+ countries to maintain the existing quotas on daily output in April, Report informs referring…
OPEC meeting: will Saudi Arabia and Russia cool oil prices?
OPEC+ has shown it has what it takes to control oil prices. Without their support, it is hard to imagine the strong recovery in oil…
Azerbaijan to Keep Oil Production Quota within OPEC + at January level for February-March
Azerbaijan’s obligations under the OPEC + deal on oil production in February-March will remain at the January level According to the Azerbaijani Energy Ministry, at…
Russia plans to back another OPEC+ production hike in February
MOSCOW (Bloomberg) –Russia plans to support a further gradual increase in OPEC+ production at the next meeting in January, because crude prices are within an…
Abu Dhabi’s long-term oil ambitions become clear in OPEC+ clash
Just days before a high-stakes OPEC meeting to support an oil market ravaged by coronavirus, the United Arab Emirates’ state oil company told the world…