An OPEC and non-OPEC technical committee will later this month discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer Continue Reading
A joint panel of OPEC and non-OPEC representatives will discuss next Tuesday how the group could distribute among them the 1 million bpd production increase that was agreed in June Continue Reading
As OPEC has been easing the production cuts, the cartel’s crude oil production hit a 10-month high in August, as Iraq including Kurdistan pumped at record levels and Libya recovered Continue Reading
OPEC’s crude oil production in August, not including newest member Congo, rose to a 10-month high, with Iraq surging to record output and Libya recovering from militia fighting, more than Continue Reading
OPEC Secretary-General Mohammad Barkindo said on Wednesday that world oil consumption would hit 100 million barrels per day later this year, “much sooner” than earlier projected. OPEC Secretary-General Mohammad Barkindo Continue Reading
The escalating trade spat between China and the United States has started to worry Middle Eastern oil producers, who expect the dispute to hurt China’s oil imports alongside a rising Continue Reading
OPEC’s oil production for the month of March was 220,000 barrels per day higher than July volumes, a Reuters survey showed on Friday. Oil prices bristled at the news, and Continue Reading
OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq’s southern exports hit a record, a Reuters survey found, although a cut in Continue Reading
OPEC and non-OPEC oil producers will aim to formalize their long-term cooperation later this year by approving a charter that will make possible further joint action on output, according to Continue Reading
OPEC and its allies on Thursday vowed to review the monitoring mechanisms of its output agreement at the Joint Ministerial Monitoring Committee meeting in Algiers on September 23 but said Continue Reading
OPEC will discuss in December whether producers can compensate for a sudden drop in Iranian oil supply after U.S sanctions against Tehran start in November, the head of Iraq’s state-oil Continue Reading
OPEC and its Russia-led non-OPEC partners in the production cut deal reduced their total oil production in July by 9 percent more than what they had agreed upon, Reuters reported Continue Reading
OPEC net oil export revenues The U.S. Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $567 billion in net oil Continue Reading
OPEC and other oil exporting producers are expected to agree on a mechanism to monitor their crude production before the end of the year, Kuwaiti Oil Minister Bakhit al-Rashidi said Continue Reading
All OPEC data is from the latest OPEC Monthly Oil Market Report and is in thousand barrels per day. All data is through July 2018. OPEC crude oil production was Continue Reading
OPEC’s oil production ticked up slightly in July, the cartel said Monday, even as production in Saudi Arabia—the de facto leader of the group—declined. Crude oil output in the Organization Continue Reading
LONDON (Reuters) – OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return Continue Reading
Two-year highs for oil production from Saudi Arabia and other OPEC producers more than offset declines from Iran, Libya and Venezuela, Platts reported Friday. According to data and sentiment gathered Continue Reading
OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Continue Reading
In its effort to wrest more control over global oil markets away from foreign producers, Congress has been pushing a bill that would let the U.S. sue OPEC for oil Continue Reading
OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040, despite the relentless oil production in the Permian and expectations Continue Reading
Global oil demand growth is expected to moderate next year as the world economy is expected to grow slightly less than this year, OPEC said on Wednesday in its projections Continue Reading
All data below is from the OPEC Monthly Oil Market Report . All data is in thousand barrels per day and is through June 2018. The Republic of the Congo Continue Reading
OPEC is doing its best to offset supply disruptions around the world, but it has no intention of “overdoing it”, Bloomberg reports , citing the cartel’s president, UAE’s energy minister Continue Reading
The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame. “OPEC Continue Reading
Iran’s oil minister on Saturday accused U.S. President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding Iranian oil production and exports had not Continue Reading
Highlights Libya turmoil sees output plummet 250,000 b/d Angola continues slide to 20-month low Venezuela posts 610,000 b/d year-on-year drop Iran falls to 3.8 mil b/d, Iraq rises to 4.54 Continue Reading
US President Donald Trump Wednesday again tweeted critical comments against OPEC, claiming that the producers’ group was driving up domestic gasoline prices while the US provides many members with military Continue Reading
US President Donald Trump tweeted about Opec on Wednesday amid Independence Day celebrations, to repeat a threat that lower oil prices should be the quid pro quo for the security Continue Reading
Trump’s tweet over the weekend that Saudi Arabia agreed to add 2 million barrels per day (mb/d) of supply confused the oil markets, pushing prices down a bit on Monday. Continue Reading
When reports emerged that India and China are in talks about forming an oil buyers’ club , OPEC was probably too busy with its upcoming June 22 meeting to concern Continue Reading
OPEC oil output rose last month as Saudi Arabia pumped at a near-record rate, a Reuters survey found on Monday, a sign the world’s top exporter is heeding calls from Continue Reading
Iran may be Russia’s ally in the Syrian conflict but when it comes to oil, Tehran’s arch-enemy Saudi Arabia takes precedence – if last week’s OPEC meeting in Vienna is Continue Reading
The most dramatic events in the oil market last week occurred in North America as opposed to OPEC’s get-together in Europe, according to Goldman Sachs Group Inc. The bank says Continue Reading
Judging from its series of consequential meetings last week in Vienna, OPEC seems to have confirmed that the rumors of its death have been greatly exaggerated. The important thing to Continue Reading
Iraqi Prime Minister Haider al-Abadi said on Wednesday that Iraq would cooperate with OPEC and non-OPEC states to maintain oil price stability and prevent further price hikes. OPEC states, Russia Continue Reading
Oil prices jumped 5 percent on Friday after the OPEC+ group announced its vague decision to maintain its collective target while lifting country-specific limits on oil production. The result was Continue Reading
What does the supply picture look like? The prospect of an extra 1m barrels per day of oil hitting the market would normally be considered uniformly bearish for prices. But Continue Reading
High oil prices hurting fiscal balance, says Pradhan “We will do whatever is needed to maintain market stability and ensure that there are no oil supply shortages”, Saudi Prince and Continue Reading
Iran’s oil minister said that OPEC’s oil output agreement did not specify a production increase and that a figure of 800,000 barrels per day (bpd) was an interpretation by some Continue Reading
A major US driller delivered a message to OPEC last week in Vienna, urging the oil ministers to increase production to prevent a price spike that would damage both groups Continue Reading
The OPEC+ group has decided to increase output by aiming to return compliance back to 100 percent , rather than the “over compliance” the group has posted to date. Although Continue Reading
It felt like opposite day as traders bid up the price of oil last week even as OPEC announced an increase in oil production that should have sent prices downward. Continue Reading
Saudi Arabia has invited Russia to become an observer member of OPEC, Russian energy minister Alexander Novak said Saturday. The move would add the world’s largest oil producer as a Continue Reading
Since its December 2016 oil production-cut deal came into effect, the Organisation of Petroleum Exporting Countries (OPEC) has seen crude oil prices more than double, following the market rebound from Continue Reading
Iran said on Saturday the world will see little extra oil reaching the market if OPEC and its partners adhere properly to a supply pact, underlining a disagreement with top Continue Reading
Trillions of dollars of investments are needed to keep pace with global oil demand expectations, OPEC’s president said. File Photo courtesy of OPEC June 22 (UPI) — Given the pace Continue Reading
OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to Continue Reading
The Organization of the Petroleum Exporting Countries agreed in principle on Friday to raise output enough to match a production target it introduced at the beginning of 2017, but which Continue Reading
After a hectic week of unofficial meetings between OPEC members in Vienna, largely in and around the Hofburg, the former residency of the Austrian Emperor Franz Jozef and his wife Continue Reading
