News
OPEC daily basket price stood at $28.45 a barrel Thursday, 28 May 2020
29 May 2020 | Vienna, Austria, 29 May 2020--The price of OPEC basket of thirteen crudes stood at $28.45 a barrel on Thursday, compared with $29.03 the previous day, according to OPEC Secretariat calculations. (View Archives).
OPEC Secretary General welcomes new Venezuelan Minister
27 May 2020 | Vienna, Austria, 27 May 2020--OPEC Secretary General, HE Mohammad Sanusi Barkindo, and HE Tareck El Aissami, Venezuela’s People's Minister of Petroleum, held a videoconference meeting today to welcome the minister to OPEC and discuss recent oil market developments and the upcoming June ministerial meetings.
Energy Minister: Alberta reduces oil production by around 1 mb/d, praises OPEC+ agreement
27 May 2020 | Vienna, Austria, 27 May 2020--The Minister of Energy for Alberta, Canada, HE Sonya Savage, supported the OPEC+ production adjustment agreement in April to battle COVID-19 demand destruction, and added that her province has reduced oil output by about 1 mb/d due to market forces.
Texas Railroad Commissioner: DoC adjustments bring stability to an energy market ‘in drastic need of it’
26 May 2020 | Vienna, Austria, 26 May 2020--Ryan Sitton, the Texas Railroad Commissioner who urged his state to adjust oil production, has praised the ‘Declaration of Cooperation’ (DoC) participating countries for their swift efforts to stabilize the global oil market.
Equatorial Guinea fully implements voluntary production adjustment commitments
18 May 2020 | Vienna, Austria, 18 May 2020--Equatorial Guinea announced that it has fully adjusted its oil production in accordance with its commitment to oil market stability and the agreements reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April respectively, via videoconference.
Letter of condolence on the passing of IR Iran’s OPEC Governor
16 May 2020 | Vienna, Austria, 16 May 2020--OPEC Secretary General, Mohammad Sanusi Barkindo, today sent a letter of condolence to HE Eng. Bijan Namdar Zanganeh, Minister of Petroleum of the Islamic Republic of Iran, following the passing away of Hossein Kazempour Ardebili, the country’s veteran representative to the OPEC Board of Governors.
Algeria fully implements the voluntary adjustment agreement reached in April
15 May 2020 | Vienna, Austria, 15 May 2020--Algeria has confirmed that it has fully adjusted its oil production as part of its commitment to oil market stability and the agreements reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April respectively via videoconference.
Iraq is committed to the production adjustment agreement reached in April – Acting Oil Minister
14 May 2020 | Vienna, Austria, 14 May 2020--Iraq’s Minister of Finance and Acting Oil Minister, Dr Ali Alawi, emphasised in a statement Iraq’s commitment to the voluntary production adjustment agreement reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April respectively via videoconference.
Energy Ministers of Saudi Arabia and the Russian Federation discuss oil market developments
13 May 2020 | Vienna, Austria, 13 May 2020--HRH Prince Abdul Aziz Bin Salman, Minister of Energy of the Kingdom of Saudi Arabia, and HE Alexander Novak, Minister of Energy of the Russian Federation, held a phone call as part of their regular consultations on oil market developments and issued a joint statement.
OPEC President calls for full implementation of production adjustment agreement reached in April
01 May 2020 | Vienna, Austria, 1 May 2020--HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference, has called on OPEC Members and non-OPEC oil producing countries participating in the Declaration of Cooperation to fully implement the agreements reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April respectively via videoconference.
Azerbaijan announces major oil production adjustments
01 May 2020 | Vienna, Austria, 1 May 2020--Azerbaijan’s state oil company SOCAR announces major oil production adjustment plans for 2020, 2021 and 2022 as part of Azerbaijan’s commitments to the voluntary production adjustment agreement reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on the 9th and 12th of April respectively via videoconference.
ADNOC informs its customers of its production adjustment plans for May and June 2020
30 Apr 2020 | Vienna, Austria, 30 April 2020--Abu Dhabi National Oil Company (ADNOC) has notified its customers in a letter of its plans to voluntarily adjust its crude oil production in May and June 2020.
KPC informs customers of a new reduction in crude oil contractual volumes
30 Apr 2020 | Vienna, Austria, 30 April 2020--Kuwait Petroleum Corporation has informed its customers of a 22% reduction in their crude oil contractual volumes from July until December 2020, following reductions already made for May and June 2020, according to a letter sent by KPC to its customers.
Norway adjusts its oil production to support oil market stability
30 Apr 2020 | Vienna, Austria, 30 April 2020--Norway has announced its plans to voluntarily adjust its production of crude oil to accelerate the stabilisation process in the global oil market, in light of the outbreak of COVID-19 and its impact on the global economy and oil demand.
OPEC hosts series of energy round table with reputable international institutions
30 Apr 2020 | The OPEC Secretariat has been hosting a series of energy round tables with select experts from international institutions, the oil industry and the financial community following two Extraordinary OPEC and non-OPEC Ministerial Meetings held via videoconference on 9 and 12 April.
