OPEC agrees to extend production cuts by nine months
OPEC agreed to extend production cuts by nine months after several members endorsed the move aimed at supporting oil prices amid a weakening global economy. The deal will take effect once non-OPEC allies give their approval at a meeting scheduled to hold today. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 Law joins CNBC Africa to discuss this and other stories impacting the global oil market.
OPEC output falls most in almost two years
OPEC's production plunged by the most in almost two years in December, even before the deal to cut oil supplies started. Output fell 530,000 barrels a day to 32.6 million.
Saudi Arabia: US 'not in a position to tell OPEC what to do'
President Donald Trump's call for OPEC to keep oil flows unrestricted drew criticism from Saudi Arabia. The oil cartel convened in Vienna to discuss cutting output, in a bid to bring prices back from a two month slump.
Qatar says will leave OPEC
The Gulf nation of Qatar's new energy minister said that his country will leave OPEC effective January of 2019. He said that he had informed OPEC of his decision ahead of his announcement.
OPEC considers 2019 production cuts
The stormy oil market could have OPEC about to perform another production U-turn. The cartel has signaled it will consider a return to cutting output in 2019. With prices falling in the face of a shale surge, OPEC will discuss a change of course in Abu Dhabi this weekend.
Understanding global oil supply dynamics
OPEC and its allies are still searching for a consensus on how to equitably distribute the extra barrels they intend to pump. Kola Karim, Chairman of Shoreline Group joins CNBC Africa to discuss what to expect.
Oil Ministers react to Trump tweet at OPEC in Vienna
Oil Ministers from Iran, Russia and the UAE gathered in Vienna for the OPEC+ meeting react to U.S. President Donald Trump’s tweet on Friday. Trump said on Twitter: “Hope OPEC will increase output substantially. Need to keep prices down!”
OPEC is said to debate output hike of 300,000 to 600,000 B/D
OPEC members are discussing a compromise agreement that would see an oil production increase of between 300,000 and 600,000 barrels a day over the next few months, according to people briefed on the talks.
Saudi energy minister sees need for a global oil alliance
OPEC and Russia reaffirmed that they’ll persevere with oil-production cuts until the end of the year to clear a global glut and signalled their readiness to cooperate beyond that.