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OPEC

OPEC latest

Iraqi oil field worker in Basra
June 25th, 2026 - 12:14 GMT
P. Choiaqo

P. Choiaqo

Iraq rethinking its OPEC membership due to oil production limits

ALBAWABA - In a Reuters exclusive report: Iraq, one of the founding members of OPEC, is now considering leaving the organization after Strait of Hormuz disruptions and limited oil production quotes hit the county hard. “Saudi Arabia and ​other OPEC allies should treat this matter with the utmost seriousness. Failing that, Iraq will be compelled to consider all available options,” a senior Iraqi oil ⁠ministry official told Reuters. Iraq’s economy ...
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Despite lower supplies, crude oil has fallen from a six-month high above $75 a barrel in April
July 6th, 2019 - 12:00 GMT

OPEC Output Sinks to New Five-Year Low

Unfortunately, oil is now being used as a tool to put pressure on Iran and other members such as Venezuela
July 2nd, 2019 - 01:00 GMT

Iran Exempted From OPEC Agreement Again

OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding.
July 1st, 2019 - 08:30 GMT

OPEC, Allies to Extend Oil Supply Cuts for 9 Months

Booming shale production from places like the Permian basin of West Texas have enabled US oil output to overtake Saudi Arabia and Russia.
June 30th, 2019 - 09:34 GMT

US Oil Output Exceeds 12 Million Barrels per Day in April

Mohammed bin Salman and Vladimir Putin at a working session of leaders at the G20 summit in Osaka, Japan.
June 30th, 2019 - 06:20 GMT

Russia Agrees on OPEC Output Cut Extension by 6-9 Months

OPEC committee sees global oil inventories shrinking by almost 500,000 barrels a day if the group keeps restraining supplies.
June 20th, 2019 - 12:30 GMT

OPEC+ Meeting to Be Held on July 1-2 in Vienna

US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels.
June 13th, 2019 - 07:09 GMT

Oil Supply Cuts to Be Extended at Least Until End of Year

Iran confirmed attending the upcoming OPEC meeting in Vienna later in June.
June 9th, 2019 - 09:00 GMT

Iran: No Intentions to Leave OPEC

Brent and WTI crude prices rose to $63.29 and $53.99 per barrel respectively.
June 9th, 2019 - 06:00 GMT

Oil Prices Continue to Fall As Volatile Market Described Worst Since the Financial Crisis

The pact ends this month and the group meets in coming weeks to decide their next move
June 8th, 2019 - 03:00 GMT

Opec Close to Deal on Oil Output Cut Extension

Since Asian refiners buy almost 60 percent of their crude intake from the Arabian Gulf, relative prices for sour crudes have been robust.
June 2nd, 2019 - 10:30 GMT

Oil Prices Plummet Again Due to Supply Fears, Economic SlowDown

Brent touched a session low of $64.37 a barrel, lowest since March 8.
June 2nd, 2019 - 08:30 GMT

US Sanctions Affect OPEC Output Despite Saudi Boost

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