OPEC countries, Russia to cut oil output, pushing up prices

News:The Organization of Petroleum Exporting Countries(OPEC) and Russia has reached a deal deepening their output cuts.This deal is aimed at reducing surplus oil and to bolster crude prices. Facts: About OPEC: The Organization of the Petroleum Exporting Countries(OPEC) is a permanent, intergovernmental Organization. It was created at the Baghdad Conference in 1960 by Iran, Iraq,… Continue reading OPEC countries, Russia to cut oil output, pushing up prices

Ecuador to withdraw from OPEC in January 2020

News:Ecuador has decided to withdraw from 14-nation Organization of the Petroleum Exporting Countries (OPEC) from 1 January 2020. Facts: Ecuador has taken this decision in the backdrop of internal fiscal problems. The country is attempting to increase its production of crude oil in a bid to raise more income.  Further, Ecuador had also asked Opec… Continue reading Ecuador to withdraw from OPEC in January 2020

India’s oil demand to rise at fastest pace in world: Opec

News: The Organization of the Petroleum Exporting Countries (OPEC) has released the World Oil Demand report. Facts: The report has said that India’s oil demand will rise by the fastest pace globally in 2019 and 2020 even as its economic expansion has slowed down. However,the report also highlighted that India has experienced lower than expected… Continue reading India’s oil demand to rise at fastest pace in world: Opec

OPEC agrees to extend output cuts into 2020 as demand falters

Organization of the Petroleum Exporting Countries(OPEC) has won the support of other major oil producing nations to extend a production cut in a bid to shore up prices at a time of decreasing demand. The 10 non-OPEC nations present at the meeting included countries such as Mexico, Bahrain, Kazakhstan and Russia among others. The United… Continue reading OPEC agrees to extend output cuts into 2020 as demand falters

Oil at 5-month high on Libya output threat

Oil prices have increased up to 2% hitting a five-month high on the expectations that global supplies would tighten due to escalation of the civil war in Libya,OPEC-led cuts and U.S. sanctions against Iran and Venezuela. Earlier,to increase the oil price,the Organization of the Petroleum Exporting Countries and allies such as Russia had pledged to… Continue reading Oil at 5-month high on Libya output threat