Browse Tag

opec

In Q3 SOCAR exported about 3,7 mln tons of crude oil and more than 148 mln cubic meters of natural gas

1 min read

The FINANCIAL — SOCAR produced above 1,8 million tons1 of oil and more than 1,8 billion cubic meters2 of natural gas during the third quarter of 2020. Due to production cuts under OPEC+ agreement, oil production decreased, as compared to the same period of the previous year. Natural gas production continued to grow. Nationwide crude oil and natural gas output totaled about 8,2 million tons3 and 8,2 billion cubic meters4 respectively. In the third quarter, SOCAR carried out 11 thousand meters5 of drilling work, while total volume of the country’s performance in this area amounted to 42 thousand meters6 . SOCAR’s quarterly refining output was about 1,3…

Read More »

In Q3 SOCAR exported about 3,7 mln tons of crude oil and more than 148 mln cubic meters of natural gas

1 min read

The FINANCIAL — SOCAR produced above 1,8 million tons1 of oil and more than 1,8 billion cubic meters2 of natural gas during the third quarter of 2020. Due to production cuts under OPEC+ agreement, oil production decreased, as compared to the same period of the previous year. Natural gas production continued to grow. Nationwide crude oil and natural…

Oil price down as Trump tests positive for COVID-19

5 mins read

The FINANCIAL — Oil fell by 5% on Friday after Trump tested positive for coronavirus. It was already in negative territory after a bipartisan deal on U.S. stimulus continued to elude House Speaker Nancy Pelosi and the White House, adding to fears about worsening demand without more support for the economy.  However, oil prices are expected to…

Oil prices fell by 30%

6 mins read

The FINANCIAL — Oil prices plunged on Monday by around 30% as Russia on Friday refused to join the Organization of the Petroleum Exporting Countries [OPEC] in a large production cut. Because of that Saudi Arabia launched an aggressive price war. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a…

OPEC Pushes for oil production slash but will Russia agree?

6 mins read

The FINANCIAL — With oil prices down more than 20% since the start of the year as the economic impact of the coronavirus saps oil demand. Oil’s losses came even as OPEC agreed to cut crude output by an extra 1.5 million barrels per day (bpd) in the second quarter. Oil traders fear demand for…

Oil prices are falling again

5 mins read

The FINANCIAL – Oil prices are plunging again. Opec members wanted to bring next week’s Vienna meeting forward to late February, but Russia would not agree. The plunge in oil prices has clobbered energy stocks, which entered a bear market late last month. Oil prices fell for a sixth straight session on Friday and were…