RIYADH: The Opec+ group is likely to take a cautious stance when deciding next week whether to go ahead with the planned production increases; following the discovery of a new Covid-19 variant, Arab News quoted Geneva-based oil trader Vitol Group, as saying. The new variant, named Omicron, has rattled the oil market globally, pushing prices down to … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as Opec+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported. The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus. A joint technical committee meeting … Read more
OPEC on Thursday cut its world oil demand forecast for the last quarter of 2021 due to high energy prices, although the group stuck to its prediction of robust growth to above pre-pandemic rates in 2022. The Organization of the Petroleum Exporting Countries (Opec) said in a monthly report it expects oil demand to average … Read more
A final OPEC+ oil supply pact that is to reduce 10 million barrels daily (BPD) awaits Mexico joining said energy minister of Saudia Arabia. The pact was agreed on Thursday. Sources further add on the story that a group called OPEC+ has Russia and other allies devised a plan. The plan includes cutting over the … Read more
