Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Global seaborne crude oil flows rose in March from February, just ahead of the supply increase coming from OPEC+ in April, oil flows tracking data by Bloomberg showed on Wednesday. Global crude exports averaged 39.92 million barrels per day (bpd) in March, up by 119,000 bpd from February levels, according …

Kazakhstan’s combined crude oil and condensate production reached an all-time high in March, which further exceeded the country’s crude output ceiling under the OPEC+ deal. Kazakhstan, a non-OPEC producer part of the OPEC+ pact, pumped a record high 2.17 million barrels per day (bpd) of crude oil plus condensate last …

Iraq is in talks with several companies to secure two floating storage regasification units by early June, as OPEC’s second-biggest producer tries to address power shortages caused by a US move against Iran. The US decided earlier in March not to renew a waiver that allowed Iraq to buy electricity …

This week’s call from the International Energy Agency (IEA) for continued investment in existing oil and gas fields is another moment of truth for the Paris-based agency, highlighting its inconsistent messages about upstream investment, OPEC says. OPEC reviewed the messages the IEA has issued since 2017 in an article published …

Oil prices fell on Monday as concern about the impact of U.S. import tariffs on global economic growth and fuel demand, as well as rising output from OPEC+ producers, cooled investor appetite for riskier assets. Brent crude fell 31 cents, or 0.4%, to $70.05 a barrel by 0445 GMT after …

Saudi Arabia just dialed back its crude prices for Asia, according to Aramco’s just-published rate sheet. The company has trimmed official selling prices (OSPs) for the first time in three months, with Aramco’s April price sheet now showing Arab Light at $3.50 per barrel over Oman/Dubai, a 40-cent cut. That’s …

Oil prices took a hit this week, and according to Rystad Energy, the bearish mood is real—but temporary. Brent crude briefly dipped near $69 per barrel as markets reacted to OPEC+’s decision to gradually increase output starting in April, while ongoing tariff drama from Washington continues to rattle demand expectations. …

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.455 million barrels for the week ending February 28. Analysts had expected a smaller 300,000-barrel draw. This offsets just a small part of the 12 million barrels of builds in U.S. crude oil inventories …

OPEC+ is still weighing its Q2 oil production plans, according to eight OPEC+ sources who spoke to Reuters this week—with Trump-incited complications creating an uncertain future for oil market balance. What’s at stake is OPEC+’s plans to lift oil production beginning in April 2025—something the group normally has to have …

Saudi Arabia’s crude oil exports fell in December by 60,000 barrels per day (bpd) from the seven-month high in November, the latest data from the Joint Organizations Data Initiative (JODI) showed on Tuesday. In November, Saudi crude oil exports jumped by 281,000 bpd to 6.21 million bpd—a seven-month high, according …