OPEC

Crude oil prices have picked up by 25 percent since the beginning of the month and have returned to roughly their pre-pandemic levels.

After a Sunday videoconference, the top producers agreed to slash daily production by 9.7 million barrels from May.

The rally followed months of slumping prices after the COVID-19 outbreak sapped demand as countries around the world are under lockdown.

The pandemic has now claimed more than 94,000 lives around the world.

The slowing rate of news infections is providing some much-needed buoyancy to equities as investors eye an easing of lockdown restrictions.

The European benchmark of Brent sank to under 50 dollars on Sunday, a level not reached since July 2017.

They are currently due to remain in effect until March 2020 and could be extended until June.

The prevailing uncertainty in the oil market abetted by OPEC production cuts, the U.S. sanctions on Venezuela oil and other factors can snowball into an energy crunch and impact oil price, warned an industry expert.

The surprise declaration could make Qatar the first Middle East nation to leave the cartel since its founding in 1960.

With oil demand growth slowing, it's entirely possible that U.S. production alone will increase more than global demand in the next few years.

Trump in recent weeks demanded the oil cartel increase production to drive down U.S. gasoline prices.

As the rhetoric from the United States gets harsher and oil prices remain weak, Iran is finding some respite by selling larger amounts of crude oil to China and India.

The OPEC oil ministers began arriving in Vienna on Tuesday ahead of their official meeting Friday, which will also include discussions with Russia.

Russian and Saudi oil ministers came together to drive an extension of output cuts for another 12 months in line with market expectations.

Mohammed Saleh Al-Sada tells IBTimes UK that global crude demand remains healthy and the market is rebalancing.

Russia's participation is less than certain after Kremlin expresses concern about length of the proposed extension.

Having spent the last 10 years covering Opec, the IBTimes Business Editor provides a peek inside the 'central bank of oil'.

Crude futures slide on perceived uptick in US production and Russian reluctance to go along with cartel.

The price of oil has risen quickly over the last week or so. However, substantial evidence indicating fundamentals have changed to justify such a speedy increase is yet to emerge.

Mohammed Sanusi Barkindo urges American oil producers to reduce production in a bid to prop up crude oil prices.

Brent futures spike on anticipation of higher demand and geopolitical tension.

Russian majority state-owned company's CEO Igor Sechin says Opec deal has 'no impact' on market.

Think-tank predicts slow 'rebalancing' of stubbornly high oil inventories.

Selected Opec and non-Opec producers to meet again in a bid to improve compliance with cuts as Washington targets Opec member.

Cartel has asked for a cap on Nigerian output, and called on several members to boost compliance.

Diezani Alison-Madueke, Nigeria's oil minister from 2010-15, is being pursued for alleged corruption allegations.

Latin American country says it won't be able to play its part in ongoing production cuts on financial grounds.

The backbone of UAE's oil and gas business is aiming to list one of its business entities.

Both Saudi and Qatari delegations to the ongoing World Petroleum Congress have largely avoided each other.

Mohammed Sanusi Barkindo said it would be premature to bring discussions up at World Petroleum Congress.