Production Cut
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OPEC cites risks to summer oil outlook as backdrop to shock cut
OPEC flagged downside risks to summer oil demand as part of the backdrop to output cuts announced this month by OPEC+ producers, shedding some light on the factors behind the surprise move that has led to a rise in oil prices.
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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.
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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.
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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.
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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.
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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.
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9th OPEC+ Meeting held via Webinar
TEHRAN (Shana) -- The 9th meeting of the oil and energy ministers of OPEC and non-OPEC oil producers was held on Thursday, April 9, and lasted over 11 hours as Mexico failed to support a widely endorsed deal to cut the 23-member coalition's crude oil output by 10mbd.
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OPEC+ Clinch 10mbd Output Cut Deal
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the coalition of oil producers at the Organization of the Petroleum Exporting Countries (OPEC) and their non-OPEC allies had agreed to curtail the group’s output by 10 mbd.
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OPEC+ Hammering Out Historic Cut Deal
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the Organization of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies, especially Russia, were finalizing an agreement to cut production by at least 10 million barrels per day.