OPEC+ has agreed to raise oil production by 100,000 bpd following calls from other world powers to ramp up output. The lackluster response from OPEC hints that the bloc may Continue Reading
The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Wednesday, offered several warnings. The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Continue Reading
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels Continue Reading
OPEC pumped an extra 310,000 barrels of oil per day in July as rising supply from the Gulf offset outages in Nigeria and Libya, a Reuters survey showed on Monday, Continue Reading
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
After calling on all member states to reduce gas consumption by 15% in the face of the threat of a complete Russian gas cutoff, the IEA says the European Union 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
The International Monetary Fund will cut its global economic growth outlook “substantially” in its next update, as finance chiefs grapple with a shrinking list of options to address the worsening risks. Surging 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
Europe needs to drastically slash natural gas consumption in the next few months to prepare for what is likely to be “a long, hard winter,” the head of the International 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
High fuel prices is beginning to weigh on consumption. The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd. “Higher prices and a deteriorating economic environment Continue Reading
The global economic outlook remains extremely uncertain, the head of the International Monetary Fund said on Wednesday, warning that further disruption in the natural gas supply to Europe could plunge Continue Reading
The G7 idea to place a price cap on Russian oil should include a cap on the prices of gasoline and diesel, too, Fatih Birol, Executive Director of the International 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
The head of the International Energy Agency said on Tuesday the G7 proposal to impose a price cap on Russian oil should include refined products as well. The Group of Continue Reading
“We might not have seen the worst of it yet,” Birol warns. A global squeeze on energy supply that’s triggered crippling shortages and sent power and fuel prices surging may 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
Underinvestment in oil and gas in the past few years is seen as one of the main reasons for the current imbalance between supply and demand. G7 nations have acknowledged 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
Olaf Scholz departs following his closing news conference on the final day of the G-7 summit in Elmau, Germany, on June 28.Photographer: Liesa Johannssen-Koppitz/Bloomberg Leaders of the world’s richest economies Continue Reading
G7 leaders on June 28 tentatively backed plans for an international cap on Russian oil prices in response to the Ukraine war while pledging to boost energy security and try Continue Reading
An offshore oil well platform in the Gulf of Mexico.Photographer: Luke Sharrett/Bloomberg Group of Seven nations are set to allow some exceptional public financing of overseas fossil-fuel projects to continue 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
Group of Seven nations are set to allow some exceptional public financing of overseas fossil-fuel projects to continue provided that the investments are consistent with prior climate-change agreements, according to Continue Reading
G7 leaders have agreed to study placing global price caps on imports of Russian energy to curb Moscow’s ability to fund its invasion of Ukraine and to contribute up to 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
President Joe Biden and G7 leaders are ramping up efforts to counter China’s Belt and Road initiative. The leaders have pledged $600 billion to a new global infrastructure project for Continue Reading
The Group of Seven club of wealthy nations on Monday vowed to stand with Ukraine “for as long as it takes”, promising to tighten the squeeze on Russia’s finances with Continue Reading
Group of Seven nations are discussing a cap on the price of Russian oil. Group of Seven nations are discussing a cap on the price of Russian oil that would Continue Reading
Tankers moored dockside at the port in Tuapse, Russia. Source: Bloomberg Want the lowdown on European markets? In your inbox before the open, every day. Sign up here . Group Continue Reading
The Group of Seven nations, a bloc of the world’s wealthiest states, plans to impose a ban on imports of Russian gold, US President Joe Biden said in a tweet 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
Leaders from the Group of Seven rich democracies and the NATO alliance will work to increase pressure on Russia over its war in Ukraine next week, while underscoring their continued Continue Reading
The International Energy Agency has warned that Europe must prepare immediately for the complete severance of Russian gas exports this winter, urging governments to take measures to cut demand and 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
Africa must act quickly to profit from its vast reserves of natural gas that the world will only want until it can shift towards lower carbon technology, the International Energy 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
