OPEC

    • OPEC, Russia fail to agree on oil output cut, prices collapse

      OPEC, Russia fail to agree on oil output cut, prices collapse

      OPEC and key ally Russia on Friday in Vienna failed to agree on a cut to oil production that would have contained the plunge in the price of crude caused by the new coronavirus outbreak’s massive disruption to world business, news wires reported. The price of oil fell sharply in international markets as a result, with the international benchmark plunging 9.4%, down by a third since the start of the year.

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    • Oil cartel works to cut output

      Oil cartel works to cut output

      The global oil cartel, OPEC, and its allies are working toward a deal to further reduce oil output and raise prices, which has seriously fallen in the last week. According to sources close to the talks, the oil-producing nations eye cutting output by at least 1.3 million barrels per day, but need to convince Russia to join the measure.

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    • Qatar is pulling out of OPEC

      Qatar is pulling out of OPEC

      Qatar announced Monday that it will the Organisation of the Petroleum Exporting Countries (OPEC) on 1 January, 2019 after nearly 60 years of membership. The announcement was initially made in a series of tweets by country's state oil company, Qatar Petroleum, just days before a crucial meeting between the influential oil cartel and its allies. It also comes shortly after Qatar reviewed ways in which it could improve its global standing and plan its long-term strategy

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