OPEC

60th OPEC Annivesary

Commitment & Cooperation

VIENNA (Shana) -- Back in March and April, the world faced its largest oil demand shock in living memory. On days in April, demand was 23 million barrels a day (mb/d) below that of 2019, the WTI May futures price contract went negative on April 20 and the global economy seemed to be teetering on abyss. Every producer was impacted, no one was immune.
2020-09-14 12:46
JMMC reiterates the importance of attaining full conformity for market stability

VIENNQ (Shana) -- The 21st Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Wednesday 19 August 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation.
2020-08-20 14:56
Iran: “OPEC Performed Well in Oil Market.”

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the Organization of the Petroleum Exporting Countries (OPEC) had performed well in the oil market given the increase and stabilization of oil price in the market.
2020-08-17 13:23
JMMC sees improving market conditions and conformity levels

VIENNA (Shana) -- The 20th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Wednesday, 15 July 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation.
2020-07-15 21:33
Market rebalancing, full commitment to conformity remains the focus – JMMC

VIENNA (Shana) -- The 19th Joint Ministerial Monitoring Committee (JMMC) was held via videoconference, on Thursday, 18 June 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation.
2020-06-19 01:38
OPEC and a Bug called "Sloppiness"

TEHRAN (Shana) – The Organization of the Petroleum Exporting Countries (OPEC) is preparing for its 60th anniversary celebrations in September, marking one of the most volatile times in recent years. Although OPEC Secretariat has not been very agile and orderly in recent months, at least over the years since I started observing the Organization’s moves, and it is exhibiting signs of severe sloppiness which has not been hidden in the eyes of most local and foreign observers.
2020-06-14 12:41
CORRECTED--OPEC Partners Agree to Extend 9.6 mb/d Output Cut

TEHRAN (Shana) -- Non-OPEC ministers gave the nod to OPEC’s earlier proposal for extending for another one month the previously reached agreement on cutting 9.6 mb/d from their output in a bid to help shore up prices.
2020-06-06 21:05
Zangeneh: Oil Price Balance Tied to Global Economic Recovery

TEHRAN (Shana) -- Iran’s Minister of Petroleum Bijan Zangeneh said on Saturday that balance would be back to the oil market once the entire global economy would recover.
2020-06-06 20:23
Iran: OPEC to Keep Cutting Output If Non-OPEC Agrees

TEHRAN (Shana) -- Iran’s Minister of Petroleum Bijan Zangeneh said OPEC ministers agreed on Saturday to continue cutting 9.7 mb/d from their output provided that non-member allies follow suit.
2020-06-06 19:03
Iran Names New OPEC Governor

TEHRAN (Shana) -- Iran’s deputy minister of petroleum for international affairs, Amir-Hossein Zamani-Nia, has been accepted as the country’s new OPEC governor.
2020-06-06 17:52
Zangeneh Says Kazempour’s Death a “Major Loss”

TEHRAN (Shana) -- Iran’s Minister of Petroleum Bijan Zangeneh on Saturday heaped praise on Iran’s deceased OPEC governor Hossein Kazempour Ardebili, saying his recent death was a “major loss” for the country.
2020-06-06 17:21
OPEC Ministers Meet to Decide Supply Cut

TEHRAN (Shana) -- OPEC ministers on Saturday came together on videoconference to discuss what policy to adopt on oil production in coming months amid falling demand due to the coronavirus outbreak.
2020-06-06 17:06
OPEC Conference and OPEC and non-OPEC Ministerial Meeting rescheduled to June 6

TEHRAN (Shana) -- The 179th Meeting of the OPEC Conference and the 11th OPEC and non-OPEC Ministerial Meeting that were originally planned for 9 and 10 June 2020, respectively, are now scheduled to take place via videoconference on Saturday, 6 June 2020.
2020-06-06 11:01
Sec. Gen. Opening Remarks at OPEC+ Technical Meeting

TEHRAN (Shana) -- Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 7th Technical Meeting of OPEC and non-OPEC Countries under the DoC, 4 June 2020, via videoconference.
2020-06-04 21:49
133rd Meeting of Economic Commission Board Convenes via Webinar

VIENNA--The 133rd Economic Commission Board (ECB) of OPEC has convened by Webinar in Vienna. The ECB is the economic and technical statutory think-tank of the Organization. It meets routinely before the ordinary Ministerial Conference held biannually in June and December. The Board comprises of the Secretary General as the Chairman and National Representatives as members.
2020-06-04 08:54
Iran Eyes 100 mt Petchem Output in 1399

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the country’s petrochemical production capacity was planned to cross 10 million tons per year in the current Iranian calendar year which began on March 20.
2020-05-26 20:51
Secretariat Produces Footage of Late Kazempour Ardebili Photos at OPEC

TEHRAN (Shana) -- The Organization of the Petroleum Exporting Countries (OPEC) Secretariat has produced a video showing a number of images of late Hossein Kazempour Ardebili, senior Iranian energy strategist and Iran's OPEC Governor, in the organization. Mr. Kazempour died on Saturday at 68 after nearly two weeks in a coma caused by a severe stroke.
2020-05-17 23:52
IEF Secretary General Sends Letter of Condolences on Death of Veteran Iran OPEC Governor

TEHRAN (Shana) -- Sun Xiansheng, Secretary General of the International Energy Forum (IEF), sent a letter of condolences to Iranian Minister of Petroleum Bijan Zangeneh on the death of Hossein Kazempour Ardebili, Iran’s representative at the board of governors of the Organization of the Petroleum Exporting Countries (OPEC).
2020-05-17 09:22
Sec. Gen Sends Letter of Condolences to Zangeneh on Death of OPEC Governor

TEHRAN (Shana) -- Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), sent an official letter of condolences to the Iranian Minister of Petroleum Bijan Zangeneh to express his sorrow for the death of Hossein Kazempour Ardebili, Iran’s OPEC governor.
2020-05-16 18:51
Iran Mourns Loss of OPEC Boss

TEHRAN (Shana) -- Following are some of the historical photos of Hossein Kazempour Ardebili, veteran Iranian energy diplomat who died on Saturday after nearly two weeks in a coma. May Lord bless his soul in Heaven.
2020-05-16 15:25
Iran OPEC Boss Dies

TEHRAN (Shana) -- Iran's OPEC Governor Hossein Kazempour Ardebili died early Saturday after suffering a brain hemorrhage and spending nearly two weeks in a coma.
2020-05-16 09:27
Iran OPEC Boss in Coma after Brain Haemorrhage

TEHRAN (Shana) -- Iran's veteran OPEC Governor Hossein Kazempour Ardebili has slipped into a coma after a severe brain haemorrhage.
2020-05-04 11:20
US Crude Oil Plunges below zero in Unprecedented Wipeout; Why?

TEHRAN (Shana) – Monday, April 20, 2020, was a historic day for New York Mercantile Exchange's (NYMEX) crude oil contracts as the price of the item plummeted to minus $ 37.63 for the first time in the industry’s history. Here is why all this happened.
2020-04-22 16:13
OPEC cannot Address Oil Market Crash Alone: Zangeneh

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh described the recent drop in oil prices as unprecedented, and said, “Resolving crude oil issues need global support, and producers must work together in order to survive, especially producers who produce more expensive crude.”
2020-04-22 14:27
OPEC+ Ministers hold Virtual Meeting amid Insane Oil Market

TEHRAN (Shana) -- Several oil and energy ministers of the OPEC–non-OPEC oil producing countries, signatories of the Declaration of Cooperation, held an informal teleconference to brainstorm the current dramatic oil market situation.
2020-04-21 22:18
Goldman Sachs still sees crude prices falling after OPEC+ deal

(Reuters) - Goldman Sachs said on Sunday that oil prices would continue to fall in the coming weeks, reasoning that a "historic yet insufficient" deal by major oil producers to cut output is unlikely to offset a coronavirus-led demand rout.
2020-04-14 16:23
10th OPEC+ Teleconference

TEHRAN (Shana) -- OPEC+ struck a deal to cut the group’s output by 10 million barrels per day in May and June 2020 which would be accompanied by G20’s decision to cut its oil output by 3.7 mbd within a year. The group men on Sunday evening to finalize a deal that had been hampered by Mexico three days earlier.
2020-04-13 14:05
G20 to Cut Output by 3.7mbd along with 9.7mbd by OPEC+

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said OPEC+ had just struck a deal to cut the group’s output by 10 million barrels per day (including 300,000b/d by US) in May and June 2020 which would be accompanied by G20’s decision to cut its oil output by 3.7 mbd for a year.
2020-04-12 23:14
OPEC+ Finalises Historic Cut Deal

TEHRAN (Shana) -- The deal covers the group's production level by the next 2 years and will be implemented in 3 stages.
2020-04-12 22:33
10th OPEC+ Meeting Begins Online

TEHRAN (Shana) – The 23 members of the coalition of the Organization of the Petroleum Exporting Countries (OPEC) and allies, a group called OPEC+, has just begun via webinar.
2020-04-12 21:45