Russia's Deputy Prime Minister Alexander Novak, in charge of the negotiations in the OPEC + alliance, reported on the new initiative undertaken in conjunction with Saudi Arabia to use artificial intelligence in the oil and gas exploration process
According to the statements offered by the…
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OPEC
OPEC rises daily production to 322,000 barrels
The Organization of the Petroleum Exporting Countries (OPEC) recorded an increase in its daily production of 322,000 barrels, as a result of the truce reached in Libya.
The 13 countries that make up OPEC produced 24.386 million barrels per…
OPEC must liquidate accumulated excess before the end of the year
According to a report issued by the OPEC + group, the OPEC countries must achieve before the end of 2020 the liquidation of the accumulated excess, which amounts to 2,330,000 barrels per day (bpd).
In September, the member countries of the…
OPEC raises its production to one million barrels a day
The Organization of the Petroleum Exporting Countries (OPEC) raised its production level by almost one million barrels per day during the month of July, according to the monthly report.
Specifically, the 13 countries that make up OPEC…
Oil registers its worst fall since 1991
During the night of Sunday, March 8, oil prices registered one of its worst falls since 1991.
Everything came after Saudi Arabia shocked the market with the start of a "price war" against its former ally, Russia.
This caused US oil to…
OPEC will analyze coronavirus effects in the oil market
The Joint Ministerial Committee for Supervision of the Organization of Petroleum Exporting Countries (OPEC) will hold a meeting away from the press, where they plan to evaluate the effects of the coronavirus on the oil market.
However, the…
Speculations about new cuts surround OPEC meeting
The Organization of Petroleum Producing Countries (OPEC) meets for two days to discuss issues inherent in the production quota of its members. This Thursday and Friday is the appointment in Vienna; a meeting full of suspicions about new…
Brazil was invited to be a member of the OPEC
Saudi Arabia formally invited Brazil to be part of the Organization of Petroleum Exporting Countries (OPEC).
This was announced on Wednesday by the Brazilian president, Jair Bolsonaro, who stressed that he had been pushing for months to…
OPEC and allies consider applying more production cuts
Iraq and Nigeria are among the nations that have not properly complied with the commitment to reduce crude oil supplies, according to an agreement forged to direct barrel prices in the international market agreed in OPEC.
For its part,…
OPEC and allies are committed to market stability
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are committed to the stability of the oil market beyond 2020, with relatively tight physical supplies worldwide, said Mohammad Barkindo, OPEC general secretary, on…
Ecuador will withdraw from the OPEC due to financial problems
Ecuador announced on Tuesday it will leave the Organization of Petroleum Exporting Countries (OPEP) next year. The decision was taken due to the financial problems the country is going through related to the internal issues and challenges…
Venezuelan crude oil prices continue to decline
According to the Ministry of Petroleum, Venezuelan crude averages 57.36 dollars or 404.42 yuan so far this year. Also, the exchange rate offered by the ministry for this week's calculations was 7.05 yuan for every U.S. dollar.
In 2017…