All Posts Tagged With: "OPEC"

IEA: OPEC Maintains Cuts in Production

OPEC has reached its best rate of compliance in its history at the start of the cartel’s accord to end the oil glut, which is a plan that has been supported by strength in demand that surprised many said the International Energy Agency (IEA). OPEC implemented 90% of the promised cuts in output during January, […]

Russia and Iran Could Cause Problems for Oil Deal in OPEC

Russia and Iran emerged as the potential deal breakers in the cutting of worldwide oil production, as OPEC or the Organization of Petroleum Exporting Countries engage in diplomacy prior to their meeting scheduled for Wednesday in Vienna. OPEC in September agreed to cut production to lower the oversupply globally of oil but left out the […]

OPEC Members Fail to Reach Deal on Production Freeze, Oil Tumbles

On Monday, the price of oil plunged after a meeting by the world’s largest exporters taking place in Qatar collapsed without any agreement to an output freeze, leaving the creditability of the oil producing cartel in shambles and the world glutted with fuel that is not needed or wanted. Tensions between Iran and Saudi Arabia […]