The history of the global oil industry over the past 160 years teaches us that the absence of an effective oversight of the oil market leads to massive fluctuations that result in huge losses in the economies of countries ...
The 13th OPEC and non-OPEC Ministerial Meeting (ONOMM), concluded on Tuesday, reaffirmed the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market ...
The price of oil is currently rising, due to the recovery of the Chinese market. The global demand for oil has decreased sharply in 2020 more than previously expected due to the Coronavirus pandemic ...
Iran hopes non-OPEC Russia and OPEC heavyweight Saudi Arabia can agree to coordinate on possible actions on the global oil market, Iranian Oil Minister Bijan Zanganeh said on Sunday.
Saudi Arabia's Energy Minister Khalid al-Falih will not attend meetings on Wednesday between OPEC and non-OPEC countries in Istanbul but told Reuters he saw signs that countries outside OPEC were willing to contribute to balancing the oil market.
UAE Energy Minister Suhail bin Mohammed al-Mazroui said in a Twitter message on Monday that the oil market was balancing but that production by some OPEC members was slowing recovery.
Russia, the world's top oil producer, is consulting with Saudi Arabia and other producers to achieve oil market stability, Energy Minister Alexander Novak said.
The Qatar Stock Exchange on Monday inched near the 11,000 mark mainly on the buying interests in the banking and telecom stocks.
Oil prices rose close to six-month highs on Friday as a series of supply outages in Nigeria, Canada and Libya tightened the global oversupply picture that has gripped the oil market for two years.
Opec said the global oil market is oversupplied and signalled the glut may increase this year, as surging output from its members makes up for losses from other countries whose production has been hit by a price fall.