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The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization founded in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It has since expanded to 12 ...
Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend ...
Saudi Arabia, the dominant producer in the OPEC oil cartel, was one of several members that agreed on a surprise cut of 1.6 million barrels per day in April. The kingdom’s share was 500,000. The ...
Saudi Arabia's oil minister says crude prices could fall as low as $50 per barrel. OPEC delegates consider this a signal that the Saudis are ready to engage in a price war.
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On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. [1]
In 2022, Saudi Arabia was the largest exporter of petroleum, followed by Russia and Iraq. Other major exporters of petroleum in that year included the United States, Canada and United Arab Emirates. In 2022, Saudi Arabia also had the largest oil export value in US dollar terms by far.
LONDON/MOSCOW/DUBAI (Reuters) - Saudi Arabia has opened talks with OPEC and allied oil producers about moving their upcoming OPEC+ policy meeting to early February from March, four OPEC+ sources ...