By , , MOSCOW/DUBAI/LONDON (Reuters) - OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that...…By , , MOSCOW/DUBAI/LONDON (Reuters) - OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that...WW…

By , , , WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.The threat to upend a 75-year strategic alliance, which has not been...…By , , , WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.The threat to upend a 75-year strategic alliance, which has not been...WW…

By , , , WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.The threat to upend a 75-year strategic alliance, which has not been...…By , , , WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.The threat to upend a 75-year strategic alliance, which has not been...WW…

By , , , WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.The threat to upend a 75-year strategic alliance, which has not been...…By , , , WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.The threat to upend a 75-year strategic alliance, which has not been...WW…

By , , BAKU/DUBAI/LONDON (Reuters) - OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7...…By , , BAKU/DUBAI/LONDON (Reuters) - OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7...WW…

By , , BAKU/DUBAI/LONDON (Reuters) - OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7...…By , , BAKU/DUBAI/LONDON (Reuters) - OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7...WW…

By , , DUBAI/LONDON/MOSCOW (Reuters) - Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday.After steady oil price gains earlier this year, OPEC and its allies, known as OPEC+, had hoped to ease output cuts.But a fresh wave of lockdowns to prevent a new surge in the virus has pushed oil off this year’s highs, and four OPEC+ sources told Reuters this would most likely encourage the group to extend cuts...…By , , DUBAI/LONDON/MOSCOW (Reuters) - Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday.After steady oil price gains earlier this year, OPEC and its allies, known as OPEC+, had hoped to ease output cuts.But a fresh wave of lockdowns to prevent a new surge in the virus has pushed oil off this year’s highs, and four OPEC+ sources told Reuters this would most likely encourage the group to extend cuts...WW…

By , , DUBAI/LONDON/MOSCOW (Reuters) - OPEC and allies led by Russia postponed talks on oil output policy for 2021 to Thursday, three sources said on Monday as key players still disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic.OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, had been scheduled to hold its meeting on Tuesday at 1300 GMT.The group had been due to ease existing production cuts by 2 million barrels per day (bpd) from January. But with demand still under pressure amid the coronavirus...…By , , DUBAI/LONDON/MOSCOW (Reuters) - OPEC and allies led by Russia postponed talks on oil output policy for 2021 to Thursday, three sources said on Monday as key players still disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic.OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, had been scheduled to hold its meeting on Tuesday at 1300 GMT.The group had been due to ease existing production cuts by 2 million barrels per day (bpd) from January. But with demand still under pressure amid the coronavirus...WW…

By , , DUBAI/LONDON/MOSCOW (Reuters) - OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end.The group, known as OPEC+, met on Wednesday to review compliance and left oil cuts levels unchanged. Cuts would deepen this month and next because of compensation by Iraq, Nigeria, Angola and Kazakhstan for overproduction in May-July.“Based on the average projections of various institutions, including OPEC, EIA and the IEA, it is estimated that the...…By , , DUBAI/LONDON/MOSCOW (Reuters) - OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end.The group, known as OPEC+, met on Wednesday to review compliance and left oil cuts levels unchanged. Cuts would deepen this month and next because of compensation by Iraq, Nigeria, Angola and Kazakhstan for overproduction in May-July.“Based on the average projections of various institutions, including OPEC, EIA and the IEA, it is estimated that the...WW…

By , LONDON (Reuters) - OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters.OPEC, Russia and their allies, a group known as OPEC+, said they would ease record oil curbs from Aug. 1 citing a gradual recovery in demand as global lockdowns loosen up.The group expects oil demand to climb by 7 million barrels per day (bpd) in 2021 after falling 9 million bpd this year. OPEC wants to lift its output by 6...…By , LONDON (Reuters) - OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters.OPEC, Russia and their allies, a group known as OPEC+, said they would ease record oil curbs from Aug. 1 citing a gradual recovery in demand as global lockdowns loosen up.The group expects oil demand to climb by 7 million barrels per day (bpd) in 2021 after falling 9 million bpd this year. OPEC wants to lift its output by 6...WW…