Cartels

The OPEC oil producers' club and its allies will hold a virtual meeting on Nov. 30 and Dec. 1 to finalise an expected extension to production cuts as the coronavirus pandemic continues to weigh on global demand.

Turkey has intensified hydrocarbon exploration and drilling activities in the Eastern Mediterranean despite the COVID-19 pandemic, which along with low oil prices has caused the temporary suspension of activities of foreign oil companies in the region.

Despite the negative consequences of the pandemic on drilling plans in the region, Turkey is expanding its operations.

Russian President Vladimir Putin discussed with his U.S. counterpart Donald Trump on April 10 the situation at globals oil markets, and the coronavirus outbreak over phone.

OPEC and its allies agreed early on April 10 to lower their collective crude oil production by 10 million barrels per day (bpd) until the end of the second quarter of 2020.

Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing nations started their 9th (Extraordinary) OPEC and non-OPEC ministerial meeting via webinar on April 9 at 1445GMT.

Following Russia's refusal to cut oil output faced with a coronavirus-fuelled slump in demand, its alliance with the Organization of Petroleum Exporting Countries (OPEC) has been thrown into doubt, as has the cartel's influence on prices.

Oil prices on Monday start with a collapse of 35 - 40% after the OPEC + meeting, which ended last Friday with Russia's exit from the oil restriction deal, according to trade data.

The signals came on Friday, with more hopes of finding a way out then.

OPEC agreed on March 5 to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak but made its action conditional on Russia and others joining in.

The coronavirus epidemic has pushed the price of Brent crude on March 2 to its lowest in 31 months and on the same week that investors await the critical OPEC meeting that will be held in Vienna, Austria on March 5.

International benchmark Brent crude fell as low as $48.40 per barrel on March 2 to mark its lowest level since July 24, 2017, according to official data.

Crude oil prices were up on Feb. 5 as the global oil market and investors hope that the Organization of Petroleum Exporting Countries (OPEC) would make deeper cuts in crude production to support low prices.

The international benchmark Brent crude was trading at $54.20 per barrel at 0723 GMT for a 0.7 percent increase after closing on Feb. 4 at $53.81 a barrel.

Oil prices dipped on Apri 26 on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.