The Organization of Petroleum Exporting Countries will hold informal talks at a conference in Algiers, Algeria, next month and considers the recent decline in oil prices temporary, the group’s president said Aug. 8.
OPEC is making a last-ditch effort to rescue an organization many dubbed dead only weeks ago by working on a deal to restore unity among some of the world’s largest oil exporters as ministers gathered in Vienna.May 31, 2016
Major oil producers are likely to meet in April to discuss a proposal to freeze output at January levels to stabilize the market, according to four Gulf OPEC delegates.
The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency.February 9, 2016
Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency.January 19, 2016
Oil extended losses below $40 a barrel amid speculation a record global glut will be prolonged as OPEC effectively abandoned its longtime strategy of limiting production to control prices.
Oil headed for its largest monthly drop Nov. 30 since July as Iran signaled the Organization of Petroleum Exporting Countries won’t reduce its production target at a meeting this week.