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Tag: OPEC

Qatar will pull out of OPEC amid tension with Saudi Arabia

Qatar will pull out of OPEC amid tension with Saudi Arabia

World
The tiny, energy-rich Arab nation of Qatar announced on Monday it will withdraw from OPEC in January, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha. The surprise announcement from Qatar's minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below $ 30 a barrel. It also marks the first time a Mideast nation has left the cartel since its founding in 1960. In a statement, al-Kaabi said Qatar, the world's largest exporter of liquified natural gas, planned to increase its exports from 77 million tons of gas per year to 110 ...
OPEC: Venezuelan, Iranian monthly oil production down in September

OPEC: Venezuelan, Iranian monthly oil production down in September

Business
Oct. 11 (UPI) -- Oil production in Venezuela, a country with the world's biggest reserves, reached a new low in September as it goes through political and economic instability, declining 3.4 percent in September from August. Production has now reached its lowest point since the 2002-2003 PDVSA oil strike -- in addition to Iranian output also falling. According to monthly data released Thursday by the Organization of Petroleum Exporting Countries, or OPEC, and which it attributed to "secondary sources," the country's September production was just under 1.2 million barrels per day, down 42,000 barrels per day from August. Venezuelan officials confirmed a decline to OPEC, but at a higher level. According to the figures reported and described as coming from "direct communication" with Venezue...
Qatar, Russia defend OPEC, deny manipulation of oil prices

Qatar, Russia defend OPEC, deny manipulation of oil prices

Business
Oct. 3 (UPI) -- Qatar's energy minister defended the oil market strategy of his country and other OPEC nations Tuesday. "OPEC is not trying to manipulate the price. It's trying to bring the market to balance," said Mohammed Bin Saleh Al-Sada, Qatar's Minister of Energy and Industry. He added that low oil prices -- like the world had through much of 2015 and 2016 -- don't equal prosperity for the world's economy. "That depression of the oil price led to what? (Did it) lead to a better world economy?" he asked a panel moderated by CNBC's Geoff Cutmore at Russian Energy Week in Moscow. "In fact, there was the worst record for the global economy during that downturn in the oil price. Now, during the journey of the recovery in the oil price look what happened -- balance between supply and dema...
Iraq, Saudi Arabia express full commitment to OPEC balancing act

Iraq, Saudi Arabia express full commitment to OPEC balancing act

Business
Aug. 10 (UPI) -- Oil production from Iraq and Saudi Arabia will remain subdued until the markets reach a target level that indicates a balanced market, leaders said.Saudi Prince Mohammed bin Salman bin Abdulaziz al-Saud hosted Iraqi Oil Minister Jabbar al-Luabi to discuss recent trades in shared oil policy.Saudi Arabia is the largest oil producer in the Organization of Petroleum Exporting Countries and Iraq is second. In terms of contribution to the OPEC-led effort to balance a market that's oversupplied by historic standards, Saudi is said to be cutting the most, while Iraq has been considered among the least compliant.According to the official Saudi Press Agency, both sides touched on coordination with the multilateral agreement "and the confirmation of the two countries full commitment ...