Paris, France | AFP | The OPEC oil cartel said Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand. “The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group …
Read More »Top oil producers agree ‘historic’ cuts due to coronavirus crisis
Vienna, Austria | AFP | Top oil-producing countries agreed on “historic” output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday. The US benchmark WTI climbed 7.7 percent to $24.52 a barrel in early Asian trade while Brent was …
Read More »Oil prices, virus, instability put Algeria on edge
Algiers, Algeria | AFP | Algeria faces economic and social turmoil if crude prices continue to collapse, experts have warned, with the oil-dependent country reeling from a year of popular protests, political turmoil and now, coronavirus. The North African country is an example of how hydrocarbon economies are likely to face …
Read More »Top oil producers except Mexico agree to output cuts: OPEC
London, United Kingdom | AFP | Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The agreement, which reduces production to eight million bpd from July to December, depends …
Read More »OPEC puts heads together over oil output cuts
London, United Kingdom | AFP | Top oil producers started a crucial meeting on Thursday to discuss a possible cut in output after a collapse in demand due to the coronavirus and a Saudi-Russian price war caused the market to crash. The video conference meeting began shortly after 1440 GMT between …
Read More »Oil prices fall as doubts grow over output cut deal
Singapore, Singapore | AFP | Oil prices fell sharply Monday after a meeting to discuss output cuts between OPEC and its allies was delayed, dimming hopes of swift action to support coronavirus-ravaged energy markets. US benchmark West Texas Intermediate plunged eight percent at the open in Asia but clawed back some ground and was trading …
Read More »As prices fall, what are the threats to oil giant Iraq?
Baghdad, Iraq | AFP | As crude prices plunge, Iraq’s oil sector is facing a triple threat that has slashed revenues, risks denting production and may spell trouble for future exports. So what are the challenges facing the only significant industry in Iraq, as global oil prices fall to around $25 …
Read More »Oil prices volatile as virus saps demand
Singapore, Singapore | AFP | Oil prices were mixed in volatile Asian trade on Monday, but remained at multi-year lows due to the double shock of the coronavirus pandemic and the Saudi-Russia price war. Both main contracts plummeted at the open after a trillion-dollar support package for the American economy crashed …
Read More »Coronavirus, low oil dent Putin hopes for economic revival
Moscow, Russia | AFP | Russian President Vladimir Putin has insisted the economy can weather the coronavirus pandemic and low oil prices, but the two-pronged crisis is a huge challenge to his promises to reduce poverty and boost growth. Since 2016, Russia has cooperated closely with the Organization of the Petroleum …
Read More »OPEC to try to stem oil price plunge amid coronavirus slowdown
London, United Kingdom | AFP | The OPEC club of oil-producing countries meets Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its …
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