Tuesday, August 3, 2021

OPEC

Drastic decline in global crude price as fed cuts interest rate to zero

The Federal Reserve took yet another bold action on Sunday evening, announcing that the central bank would be slashing interest rates to zero percent. But the markets weren't impressed, with the Dow dropping over 2,000 points, and oil prices...

OPEC chief says no alternative plans for OPEC deal

OPEC Secretary General Mohammed Sanusi Barkindo said in a statement to the Emirates News Agency on Tuesday that there are no alternative plans so far for the OPEC + agreement. Barkindo added that the Organization of Petroleum Exporting Countries and its allies,...

Saudi Arabia: Minister of Energy Khalid Al-Falih deposed

Energy Minister of Saudi Arabia Khalid Al-Falih has been released from office as an appropriate arrangement of King Salman on Saturday evening, reported the Saudi state news agency SPA. Reasons for the step were not communicated. Successor will Prince Abdulaziz...

Iranian oil minister optimistic about improving Tehran’s oil exports

Iran's oil minister, Bijan Namdar Zangeneh, was quoted as saying on Sunday that he was "very optimistic" about an improvement in his country's crude oil exports despite US sanctions on Iran's main source of income, "I am very optimistic about...

OPEC’s annulment of April meeting raises uncertainty in global oil markets

After the recommendation of the ministerial committee to follow up the agreement, "OPEC Plus" to cancel the meeting of the alliance scheduled to be held in April next, during the thirteenth meeting of the Joint Ministerial Committee to monitor...

Venezuela to divert crude destined for US to Russia

Venezuelan Oil Minister Manuel Quevedo said on Monday that his country may divert oil that was mainly destined for the United States to Russia or other countries. Manuel Quevedo, who is also president of the state-run oil company PDSA, said...

Congress will not support military intervention in Venezuela: Elliot Engel

Chairman of the Foreign Affairs Committee, Elliot Engel said on Wednesday that Congress would not support US military intervention in Venezuela despite comments by President Donald Trump that he would make such an intervention.   "I am concerned about the president's...

World’s top ten kings of Black gold

Venezuela have about 1.4 trillion barrels, the largest oil reserves in the world.  Venezuela is one of the richest countries in terms of oil resources, and the crude oil, more than 90% of the country's export earnings. Five Arab countries...

Saudi Energy Minister expects global oil stocks to fall

RIYAADH: Saudi Energy Minister Khalid al-Falih said on Wednesday that he expect global oil stocks to fall by the end of the first quarter, added that the market was still affected by political and economic factors as well as...

OPEC compensates Iran’s oil loss, expects demand for crude to fall in 2019

OPEC said on Wednesday it had offset a drop in Iranian exports as US sanctions on Tehran resumed and lowered its demand for oil in 2019, highlighting the challenge it faces to prevent supply oversupply even after last week's...
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Ashraf Ghani accuses Taliban of not taking “peace talks seriously”

Afghan President Ashraf Ghani accused the Taliban of not taking peace talks seriously. Ghani made these statements during a special...
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