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

OPEC+ oil production experienced its largest increase in nearly a year in July, with Iraq and Kazakhstan raising their outputs despite deeper cut commitments, while Russia remained significantly above its quota. According to a survey by Platts OPEC+ from S&P Global Commodity Insights on August 10, the group’s total production …

OPEC maintained steady oil production in July, averaging 26.99 million barrels per day—a slight decrease of 60,000 bpd from June levels, according to a Bloomberg survey. Venezuela and Iran accounted for most of the 60,000 bpd dip, with both countries experiencing decreased demand from China. OPEC and its allies held …

Russia’s oil industry has slowed drilling activity this year from the record highs seen in 2023, as Moscow is limiting production as part of the OPEC+ deal and working to boost its compliance rate. In the first half of 2024, rigs employed by Russian oil companies drilled a total of …

Sources in the Indian oil sector revealed that in June, the country’s oil imports from Iraq dropped to their lowest points since September 2020. According to Shafaq News, Indian refineries have already reduced their imports of oil from several Middle Eastern producers that raised prices early this year. The Iraqi …

Russia said today that there was no friction with OPEC+ due to Moscow exceeding crude production quotas and that the world’s second largest oil exporter would compensate for its overpumping, Reuters reports. Russia yesterday unexpectedly announced that its crude oil production in June exceeded quotas set by the OPEC+ group …

The next U.S. president will have a very limited set of tools to materially boost oil supply in the United States, according to investment bank Goldman Sachs. Whoever wins the presidential election in November will have to contend with low stocks in the Strategic Petroleum Reserve (SPR). Moreover, any regulatory …

OPEC+ delegates expect the group’s monitoring session next month to be routine, making no changes to plans for a supply hike starting in the fourth quarter. The group led by Saudi Arabia and Russia agreed last month to begin gradually restoring roughly 2.2mn barrels a day of halted crude output …

Russia plans to make extra crude production cuts to compensate for pumping above its OPEC+ quota in the warm seasons of this year and next, according to people with knowledge of the matter. Moscow’s additional curbs will most likely happen in summer and early fall for technological reasons, said the …

While countries like Brazil and the United States are often seen as major pressures on OPEC oil production policies, Saudi Arabia’s ambitious Vision 2030 might pose an even greater challenge. This transformative economic strategy, spearheaded by Crown Prince Mohammed bin Salman, aims to shift the kingdom’s reliance away from oil, …

Oil prices have remained in a narrow $75 to $90 a barrel trading range since the end of 2022, as the OPEC+ group continues to keep supply off the market but often-resurfacing concerns about global oil demand have dampened bullish sentiment. After spiking to above $100 a barrel in the …