OPEC’s new secretary general said that Russia’s membership in OPEC+ is vital for the success of the agreement, Kuwait’s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham Continue Reading
OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output Continue Reading
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the outside of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader/File Photo July Continue Reading
OPEC and the International Energy Agency are both predicting an especially tight market for oil next year. Recovering demand in China and continued growth in India will play a key Continue Reading
Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the Middle East, a senior U.S. energy envoy said on Sunday. Continue Reading
OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. OPEC producers will need to Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for July 2022 was published recently. The last month reported in most of the OPEC charts that follow is June 2022 and output Continue Reading
The ten OPEC producers in the OPEC+ pact pumped 24.8 million barrels per day (bpd) of crude oil in June, OPEC data showed on Tuesday, with production falling 1 million Continue Reading
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen inside its headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/ World demand growth to slow to Continue Reading
OPEC Secretary-General Mohammed Barkindo, who helped forge the creation of the 23-member OPEC+ coalition, has died at the age of 63, less than one month before he was supposed to Continue Reading
OPEC in June did not deliver on an oil output increase pledged under a deal with allies, a Reuters survey on Friday showed, as involuntary declines in Libya and Nigeria Continue Reading
OPEC+ enters a second and final day of meetings on Thursday with sources saying the group is unlikely to decide imminently to pump more barrels to the market beyond August. Continue Reading
Highlights Gulf producers face questions over sustainable capacity Saudi Arabia’s August quota a level it has only achieved twice OPEC pressed to pump more, as Biden prepares Saudi visit Saudi Continue Reading
OPEC+ enters a second and final day of meetings on Thursday with sources saying the group is unlikely to decide imminently to pump more barrels to the market beyond August. Continue Reading
OPEC+’s two-year production pact is sent to end in August. The war premium on oil has kept prices elevated, adding inflationary pressure across the globe. OPEC has routinely struggled to Continue Reading
OPEC and OPEC+ begin a series of two-day meetings on Wednesday with sources saying chances of a big policy change look unlikely this month. At its last meeting in early Continue Reading
A person operates a tap of crude oil during the destruction of Bakana ii illegal camp, in Okrika, Rivers state, Nigeria January 28, 2022. REUTERS/Afolabi Sotunde/File Photo LONDON, June 29 Continue Reading
OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members active rigs posted a modest rebound Continue Reading
Producer group OPEC+ trimmed its projected 2022 oil market surplus to 1 million barrels per day (bpd), down from 1.4 million bpd previously, a report seen by Reuters showed. The Continue Reading
OPEC and allied producing countries including Russia will likely stick to a plan for accelerated oil output increases in August, sources said, hoping to ease surging oil prices and inflation Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for June 2022 was published last week. The last month reported in most of the charts that follow is May 2022 and output Continue Reading
The oil pact OPEC+ launched at the outset of the pandemic is finally nearing an end, and where the group goes from here is a politically fraught question. By August, Continue Reading
Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August, Bloomberg reported on Friday. The pact is faced with numerous uncertainties and Continue Reading
The OPEC+ group was falling behind its overall crude oil production target by a massive 2.695 million barrels per day (bpd) in May due to Western sanctions on Russia and Continue Reading
Barkindo calls US shale basins ‘low-hanging fruit’ for more supplies US shares responsibility to maintain market stability, he says OPEC+ alliance not yet decided on output policy after August As Continue Reading
Russia could continue its participation in the OPEC+ oil production agreement even after it officially expires at the end of this year, Russian Deputy Prime Minister Alexander Novak said on Continue Reading
As national average gasoline prices have surpassed the $5 per US gallon mark for the first time in history, the market is set for further tightness after ten consecutive weeks Continue Reading
OPEC on June 14 said it expects rising demand for its crude oil, forecasting robust global economic growth in the months ahead and projecting for the first time that Russia’s Continue Reading
World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on Continue Reading
Now Crude oil production from OPEC and its Russia-led allies rebounded modestly in May from a steep drop in April but remains well short of its collective quotas, according to Continue Reading
Highlights Asian oil demand to rise 2 million b/d in Q3 vs Q2: Platts Analytics Asian refiners will face increased competition from Europe for cargoes Concerns remain on how EU Continue Reading
Efforts by OPEC+ oil producers to boost output are “not encouraging”, UAE energy minister Suhail al-Mazrouei said on Wednesday, noting the group was currently 2.6 million barrels per day short Continue Reading
OPEC+ is working on making up for a drop in Russian oil output, two OPEC+ sources said on Thursday, as Russia’s production has fallen by around 1 million barrels per Continue Reading
Opec and its allies on Thursday agreed to accelerate oil production in July and August, as the cartel’s linchpin Saudi Arabia bowed to US pressure to cool a crude price Continue Reading
OPEC+ is working on making up for a drop in Russian oil output, two OPEC+ sources said on Thursday, as Russia’s production has fallen by around 1 million barrels per Continue Reading
Some OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation’s ability to produce more, the Wall Street Journal reported Continue Reading
Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump Continue Reading
Citi’s Morse: Oil in $70 Range a Fair Value by Year End Exempting Russia from the OPEC+ alliance’s oil-production agreements is being discussed by some members of the Organization of Continue Reading
Current OPEC+ supply agreement ends in September Quotas will need renegotiating, with credibility at stake Ministers to meet June 2 to set July production targets Come September, OPEC’s oil market Continue Reading
Ministers from the Group of Seven countries on Friday called on OPEC to act responsibly to ease a global energy crunch brought on by the Russian invasion of Ukraine, even Continue Reading
OPEC+ is set to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, six Continue Reading
The OPEC+ group is expected to rubberstamp next week its moderate monthly increases in oil production when it decides output levels for July, six sources at OPEC+ told Reuters on Continue Reading
Oil Tumbles as Virus Lockdowns in China Pummel Economy Saudi Arabia’s energy minister said a dearth of refining capacity meant that gasoline and other oil products would remain expensive even Continue Reading
OPEC cuts world economic growth estimate to 3.5% from 3.9% last month. OPEC now sees growth of 3.36 million bpd in 2022 compared to 2021. OPEC: Demand in 2022 is Continue Reading
Crude oil production by OPEC and its partners fell to a six-month low of 41.58 million b/d in April as Russian production took a battering from Western sanctions, the latest Continue Reading
Ministers warn that energy investment at crisis levels No current shortage in the oil market, Mazrouei says OPEC+ blamed unfairly for high prices, Prince Abdulaziz says Targeted by so-called NOPEC Continue Reading
OPEC+ concludes Ministerial meeting with very small additional production increase. OPEC leaves EU ban of Russian crude undiscussed. EU sanction drive against Russia has proved to be a boon for Continue Reading
U.S. Senate Judicial Committee passed the NOPEC bill on Thursday. Washington ups the ante on former Middle East allies. The NOPEC bill could have serious consequences for OPEC as a Continue Reading
Almost half the shortfall in planned oil supply by OPEC and its allies is down to Nigeria and Angola, data seen by Reuters shows, reflecting a number of factors including Continue Reading
OPEC+ will likely stick to modest oil output increases on Thursday arguing it is not responsible for geopolitics and supply disruptions while stressing its worries over the demand outlook due Continue Reading
