Canadian oilpatch cutbacks to continue despite OPEC deal
Doesn’t match the reduction in demand caused by measures taken to deal with the COVID-19 pandemic.
Deal to cut global oil production finalized, welcomed in Canada
Agreement between OPEC, Russia and other countries follows a glut that sent prices plunging.
OPEC looks to cut production as virus outbreak hits demand
Stalled air travel and manufacturing all but stopped in China, sapping demand for fuel following plunging crude prices.
OPEC, allies weigh further oil production cut in December
Global oil prices fell on the news as forecasts predict a coming economic slowdown and a renewed supply glut.
Global demand for oil has slowed, says latest OPEC estimate
Economic growth reduced to 3% for 2019 and 3.1% for 2020, down 0.1% in each year.
Abu Dhabi summit: Oil production cuts may be necessary
Trump’s sanctions on Iran are affecting the market.
OPEC, non-cartel nations may extend oil cut another 6 months
Depends on the status of supply and demand, including global inventories.
OPEC production jumped before deal on cuts, IEA says
Energy agency says next few weeks will be crucial in determining if production cuts are being implemented.
OPEC agrees to cut output in bid to push up oil price
But longer term, analysts say it’s highly unlikely oil will return to $100 a barrel.
OPEC must enact cuts for sustained oil price rise: IEA
Production from the Organization of the Petroleum Exporting Countries hit a record high in September.
Possible OPEC output deal drives up oil prices by 5%
Excess supply has forced producers to work hard to bring costs down.
UAE aims for the stars with new space agency plans
Oil-rich OPEC member looks to diversify its economy and create skilled jobs for a growing youth population.
OPEC lowers forecast for Canadian crude production
Output is expected to average 4.35 million barrels a day, 20,000 barrels lower than an earlier prediction.
OPEC not shifting strategy to shore up crude prices
UAE energy minister says any change in strategy won’t be considered until June meeting.
Prentice says low oil prices punch $7B hole in Alberta budget
Premier reiterates plan to look for in-house savings.
