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Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia, center, arrives for a group photo prior to the opening of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. (AP Photo/ Sidali Djarboub)
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Russian Energy Minister Novak speaks to journalists following news conference at Russia-ASEAN summit in Sochi. Reuters
Russian Energy Minister Denies Bids to Reduce Production
Moscow- Russia has not received proposals from OPEC on oil production decline. At the moment, we are talking only of “freezing” the level of production,” said Russian Minister of Energy Alexander Novak. According to Novak, none of the countries, exporters of oil, went...Caption:
An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014. Pump jacks are used to pump crude oil out of the ground after an oil well has been drilled. REUTERS/Todd Korol
Oil Producers Await a Change in Saudi Stance
Khobar- Saudi Arabia has been adopting since 2014 a clear oil policy that is based on maintaining market share and letting the market fix itself by itself. This policy depends on the philosophy which says that prices might not rise – then Saudi Arabia might lose...Caption:
The OPEC logo is seen at OPEC’s headquarters during a meeting of OPEC oil ministers in Vienna, Austria, June 5, 2015. REUTERS
OPEC in New Push to Clinch First Deal to Curb Output Since 2008
OPEC member country Algeria is expected to host a meeting for the organization’s oil ministers next week. The last two OPEC meetings held in Algeria — in 2004 and 2008 — shocked the market with unexpected production cuts to prop up prices. The stars might...Caption: