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OPEC Secretary General predicted Sunday at an oil and gas conference in Kuwait City that the oil market will stabilize next year as global demand is expected to rise and non-cartel members’ production to flatten. “OPEC is confident that it Read more
The Iranian government is determined to increase its oil production as it works towards regaining its past glory as the second biggest producer among OPEC members before U.S, E.U and U.N economic sanctions. Global oil prices have been dropping since Read more
Shortly after his arrival back home from the just concluded meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Iranian Oil Minister Bijan Zanganeh said they have “agreed” with Russia to begin the oil-for-goods trade this week. Iran will Read more
Saudi Arabia’s oil minister Ali al-Naimi rejected claims that Riyadh is behind the drastic fall of oil prices as he stressed that it is the responsibility of all oil producing countries. OPEC decided not to cut production in November and Read more
It seems like oil prices are not going up anytime soon after Kuwait’s OPEC governor, Nawal Al-Fuzaia said at an energy conference in Qatar that she doesn’t think the organization will change its policy during its next meeting scheduled to Read more
Kuwait has started to feel the pinch of oil prices collapse as evidenced by the cabinet’s decision to cut the next budget by nearly 18% compared to the current one. Finance Minister Anas al-Saleh said the decision is dictated by Read more
Oman’s Oil Minister Mohammed Al-Rumhy has strongly criticized the Organization of Petroleum Exporting Countries (OPEC) for maintaining their level of production despite the continuous fall of global oil prices. Oman is the largest Middle Eastern oil producer that’s not a member of Read more
Globally recognized Saudi Arabian billionaire entrepreneur Prince Alwaleed bin Talal has recently stated that the more than 50% drop of oil prices was not anticipated by oil producing countries. However, it has positive and negative aspects that should not be ignored. Read more
Iranian President, Hassan Rouhani, has divided the Organization of the Petroleum Exporting Countries (OPEC) into two categories: those that are for or against a reasonable oil price. He said countries that support an increase in prices can “neutralize” the threat Read more
Riyadh and Abu Dhabi have backed the decision made by the OPEC to maintain the current levels of production, and blamed speculators and producers outside the cartel for the fall in prices. During the past six months, oil prices have Read more