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Organization of the Petroleum Exporting Countries

Brent oil rises for second day after Middle East tanker attacks

The attacks near Iran and the Strait of Hormuz pushed oil prices up as much as 4.5% on Thursday, putting the brakes on a slide in prices in recent weeks over concerns about global demand. US crude. 

Jun 14, 2019, 14:53 PM IST

OPEC cuts 2019 oil demand growth forecast, sees more downside risk

World oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries said in a monthly report.

Jun 13, 2019, 17:46 PM IST

Qatar to withdraw from OPEC as of January 2019

The announcement comes ahead of the meeting by OPEC and its allies including Russia on Dec. 6-7 to discuss cutting supply.

Dec 03, 2018, 12:25 PM IST

Dharmendra Pradhan raises issue of premium on oil supplied to Asian countries by OPEC

Petroleum Minister Dharmendra Pradhan on Sunday again raised the issue of premium being charged on oil supplied to Asian countries by some OPEC members and asked that a reasonable pricing policy be adopted by the 13-nation producers' cartel.

Oct 08, 2017, 23:37 PM IST

OPEC set to prolong oil output cuts by nine months

OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.

May 24, 2017, 11:07 AM IST

Oil prices jump 8% as OPEC agrees first production cut since 2008

Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world`s largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices.

Nov 30, 2016, 19:03 PM IST

Russia to drive non-OPEC output rise in 2017: Cartel

OPEC said Wednesday that new projects in Russia were set to drive oil production by countries outside the exporters' cartel slightly higher next year than first expected.

Oct 12, 2016, 20:57 PM IST

Oil prices fall as investors cash in on OPEC deal rally

Oil prices fell on Friday as investors cashed in on a 6-percent rise in just one day after OPEC members agreed to reduce output for the first time in eight years to stifle a two-year price slide.

Sep 30, 2016, 15:55 PM IST

Oil tumbles 3% after both IEA, OPEC see glut persisting

Oil prices fell as much as 3 percent on Tuesday after both the world`s energy watchdog and OPEC revised forecasts that signalled the global crude glut could persist for much longer than expected.

Sep 14, 2016, 03:36 AM IST

OPEC deal a tough task, as oil output freeze expectations rise

OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal.

Aug 15, 2016, 19:37 PM IST

OPEC sees oil glut continuing to ease in 2016-17

OPEC said Tuesday it expected the global supply glut to ease further this year and next thanks to reductions in oil output from producers outside the cartel, particularly the United States.

Jul 12, 2016, 18:35 PM IST

OPEC cuts 2016 oil demand growth forecast, warns of more

OPEC on Wednesday cut its forecast for global oil demand growth in 2016 and warned of further reductions citing concern about Latin America and China, pointing to a larger supply surplus this year.

Apr 13, 2016, 21:09 PM IST

Oil prices jump on expectation that producers will agree output freeze

International Brent futures rose 1.5 percent at $38.44 a barrel.

Apr 06, 2016, 07:51 AM IST

Oil slumps below $28 to 2003 low as Iran sanctions lifted

Oil prices slumped to a 2003 low below $28 per barrel on Monday as the market anticipated a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend.

Jan 19, 2016, 02:52 AM IST

Oil falls towards 2015 low on OPEC inaction, strong dollar

Oil prices edged closer to 2015 lows on Monday after OPEC`s meeting ended without a reference to its output ceiling and a stronger dollar made it more expensive to hold crude positions.

Dec 07, 2015, 20:57 PM IST

OPEC meets under oil supply glut cloud

OPEC gathers in Vienna this week to decide on whether to trim the cartel`s oil output faced with a global supply glut, sliding prices and weak demand growth.

Dec 02, 2015, 19:05 PM IST

Oil prices edge up after sharp falls in previous session

Oil prices steadied early on Tuesday as traders closed short positions and took on new longs after markets tumbled in the previous session.

Sep 15, 2015, 07:26 AM IST

Oil jumps 8 percent, biggest three-day surge since 1990

Oil futures soared on Monday for a third consecutive day, rising more than 8 percent, as a downward revision of US crude production data and OPEC`s readiness to talk with other producers helped extend the biggest three-day price surge in 25 years.

Sep 01, 2015, 05:09 AM IST

OPEC heads towards holding output; oil slips under $60

OPEC headed Thursday towards holding crude output levels on the eve of its production meeting, as oil prices slid back under $60 a barrel on concerns that the expected decision would further fuel oversupply.

Jun 04, 2015, 17:00 PM IST

OPEC to continue pumping oil at current rate

OPEC is set to carry on pumping oil nearly flat-out for months more, content that last year`s shock market therapy has revived demand and knocked back growing competition.

Jun 03, 2015, 20:47 PM IST