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REUTERS/Ramzi Boudina//File Photo Acquire Licensing RightsDUBAI, Nov 5 (Reuters) - Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets. Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into a production of around 9 million bpd for December, a source at the ministry of energy said in a statement. Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Saudi Arabia, OPEC's de-facto leader, first made the voluntary cut for July as an addition to a broad supply-limiting deal first agreed by some members of OPEC+ in April. The kingdom said in September it would extend its additional voluntary cut until the end of the year, and review the decision monthly.

Persons: Ramzi Boudina, OPEC's, Omar Abdel, El, Alexander Smith, Sharon Singleton, David Evans Organizations: Organization of, Petroleum, REUTERS, Rights, OPEC, Saudi, Brent, Analysts, Thomson Locations: OPEC, Algiers, Algeria, Rights DUBAI, Saudi Arabia, Russia, Moscow, East, Vienna

☆ Saudi Arabia, other Arab states reaffirm commitment to voluntary oil production adjustments
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +1 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina//File Photo Acquire Licensing RightsOct 8 (Reuters) - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and the United Arab Emirates reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, the Saudi state news agency said on Sunday. The oil ministers of the six countries met on the sidelines of the U.N. MENA climate week event in Riyadh on Sunday. OPEC+ agreed in June to extend voluntary oil cuts first introduced in April until the end of 2024. Additional voluntary cuts by Saudi Arabia and Russia extend to the end of 2023 and are subject to monthly review.

Persons: Ramzi Boudina, Hatem Maher, Ros Russell Organizations: Organization of, Petroleum, REUTERS, United, Emirates, Cooperation, Thomson Locations: Algiers, Algeria, Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, Saudi, Riyadh, OPEC, Russia

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo Acquire Licensing RightsLONDON/DUBAI, Oct 6 (Reuters) - OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters. Higher oil demand would be a boost for producers and the 13-nation OPEC and would underscore the need for continued investment. It also highlights OPEC's more bullish view on the oil demand outlook compared to the International Energy Agency (IEA) and other forecasters. The 2022 version of OPEC's report sees oil demand reaching a plateau after 2035.

Persons: Ramzi Boudina, Haitham Al Ghais, Prince Abdulaziz bin Salman, Fatih Birol, Alex Lawler, Maha El, Simon Webb, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, OPEC, of, International Energy Agency, Saudi Energy, IEA, Financial Times, Thomson Locations: Algiers, Algeria, DUBAI, Riyadh, Saudi Arabia, OPEC, Vienna

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, held an online meeting. The panel, named the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the JMMC, last month said OPEC+ cuts were needed to stabilise the market, and prices were not being targeted. Ahead of the meeting, OPEC+ sources had told Reuters that policy was likely to remain steady although with oil rallying, some analysts had cited an increasing probability the Saudi voluntary cuts will be reduced. The next JMMC meeting is on Nov. 26, the statement said, the same day as the next scheduled full meeting of OPEC+ to decide policy.

Persons: Ramzi Boudina, Prince Abdulaziz bin Salman, Ahmad Ghaddar, Olesya Astakhova, El, Alex Lawler, Simon Cameron, Moore, Elaine Hardcastle Organizations: Organization of, Petroleum, REUTERS, LONDON, Oil, Brent, Saudi, Saudi Energy, Reuters, Thomson Locations: Algiers, Algeria, Saudi Arabia, Russia, MOSCOW, DUBAI, OPEC, Saudi

☆ OPEC oil output rises for second month on Nigeria, Iran - Reuters survey
▼ + stars: | 2023-10-02 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Last month, the Organization of the Petroleum Exporting Countries pumped 27.73 million barrels per day (bpd), the survey found, up 120,000 bpd from August. Iran, which has been boosting supply despite U.S. sanctions, also pumped more, with output hitting the highest level since 2018. The second-largest increase came from Iran, the survey found, which pushed output to 3.15 million bpd. Output from the 10 OPEC members that are subject to OPEC+ supply cut agreements rose by 80,000 bpd, the survey found. Top exporter Saudi Arabia kept August and September output close to 9 million bpd, the survey found, as the country extended a voluntary 1 million bpd output cut to provide extra support for the market.

Persons: Ramzi Boudina, Ahmad Ghaddar, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, LONDON, Reuters, Analysts, OPEC, Saudi, United Arab, Petro, Logistics, Thomson Locations: Algiers, Algeria, Nigeria, Iran, Saudi Arabia, Washington, OPEC, Iraq, United Arab Emirates, Angola

☆ OPEC+ ministers keep oil output policy unchanged - sources
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: 1 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina//File PhotoLONDON, Aug 4 (Reuters) - A panel meeting of the top ministers of OPEC+ has kept oil output policy unchanged on Friday, two OPEC+ sources said. The panel, called the Joint Ministerial Monitoring Committee, includes ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+. "Nothing new," one of the sources said. Reporting by Maha El Dahan, Ahmad Ghaddar, Olesya Astakhova and Alex Lawler, editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Ramzi Boudina, Maha El Dahan, Ahmad Ghaddar, Olesya Astakhova, Alex Lawler, Tomasz Janowski Organizations: Organization of, Petroleum, REUTERS, OPEC, Thomson Locations: Algiers, Algeria, Russia, OPEC

☆ Wildfires bring death and destruction to Mediterranean
▼ + stars: | 2023-07-25 | by ( Fedja Grulovic And Lamine Chikhi | ) www.reuters.com time to read: +4 min

Without human-induced climate change, the events this month would have been "extremely rare", according to a study by World Weather Attribution, a global team of scientists that examines the role played by climate change in extreme weather. The heat, with temperatures topping 40 Celsius (104 Fahrenheit), is well in excess of what usually attracts tourists who flock to southern European beaches. Neighbouring Algeria deployed some 8,000 firefighters to bring its deadly fires under control, authorities said. Malta, another major Mediterranean holiday destination, suffered a raft of power cuts across the country, affecting its largest hospital, after a week-long heatwave. "I have been through 65 summers in my lifetime... and what I am seeing now is not normal, we can no longer deny it, climate change is changing our lives," Mayor Giuseppe Sala said on social media.

Persons: Rhodes Blaze, RHODES, Ramzi Boudina, Kyriakos Mitsotakis, Rhodes, Lanai Karpataki, Europe's sweltering, Giuseppe Sala, Angeliki Koutantou, Renee Maltezou, Federico Maccioni, Alvise, Lamine Chikhi, Jana Choukeir, Nayera Abdalla, David Stanway, Keith Weir, Janet Lawrence Organizations: REUTERS, Thomson Locations: Algeria, Rhodes, Palermo, Tunisia, Malta, ALGIERS, Sicily, China, United States, Europe, North Africa, Bejaia, Kiotari, Europe's, Milan

REUTERS/Ramzi Boudina/File PhotoCompanies United States of America FollowDUBAI, July 3 (Reuters) - Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ to 5.16 million bpd. OPEC+ already has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April and extended to December 2024. Oil prices rose on news of the cuts, with Brent up 89 cents to $76.30 a barrel by 0950 GMT. Russia, the world's second largest oil exporter after Saudi Arabia, has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end.

Persons: Ramzi Boudina, Alexander Novak, Brent, Maha El Dahan, Jana Choukeir, Jason Neely, David Evans Organizations: Organization of, Petroleum, REUTERS, Companies, U.S . Federal Reserve, OPEC, Ministry of Energy, Thomson Locations: OPEC, Algiers, Algeria, States, America, DUBAI, Saudi Arabia, Russia, Saudi, Moscow

☆ Regional ministers to discuss Syria's return to Arab fold in Saudi Arabia
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] Flags are seen ahead of the Arab League Summit in Algiers, Algeria November 1, 2022. REUTERS/Ramzi BoudinaDOHA, April 11 (Reuters) - Saudi Arabia will host a meeting of regional foreign ministers on Friday to discuss Syria's return to the Arab League, a Qatari official said on Tuesday, adding that an "Arab consensus" plus a "change on the ground" would shift Qatar's position. The GCC includes Saudi Arabia, UAE, Bahrain, Oman, Qatar and Kuwait. Saudi Arabia plans to invite Syrian President Bashar al-Assad to the Arab League summit Riyadh is scheduled to host on May 19, sources have told Reuters. Assad's attendance would mark the most significant development in his rehabilitation within the Arab world since 2011, when Syria was suspended from the Arab League.

REUTERS/Ramzi BoudinaHOUSTON/WASHINGTON, April 4 (Reuters) - Saudi Arabia and other OPEC+ oil producers announced over the weekend they would launch deep oil production cuts starting next month, a surprise move that sent oil prices surging. If refiners reduce capacity, the drain on stocks could lead to a sudden jump in retail fuel prices, he said. U.S. gasoline prices have climbed 11.6 cents a gallon from a month ago to $3.506, the AAA said on Monday. A 6% jump in oil prices would boost retail gasoline prices 10 cents a gallon, said Mark Finley, an expert in energy policy at Rice University's Baker Institute. OPEC's reason for cutting production - as a precautionary step - suggests it expects global oil demand to slow this year.

☆ U.S. Senate panel advances bill to rein in OPEC+ over oil output cut
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +3 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi BoudinaWASHINGTON, Oct 19 (Reuters) - A U.S. Senate committee this week quietly advanced a bill that seeks to rein in OPEC+ after the oil producer group led by Saudi Arabia and Russia this month agreed to cut output. The Senate Judiciary Committee, which easily passed the bill in May, moved the bill on Tuesday to the Senate floor, the Senate website showed. Senator Chuck Grassley, a Republican who sponsored NOPEC, tried to attach the legislation to the annual defense policy bill. We are looking at all the legislative tools to best deal with this appalling and deeply cynical action, including the NOPEC bill".

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