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

OPEC has raised forecasts for global oil demand through to the middle of the century, even as the world shifts away from fossil fuels to avert catastrophic climate change. Oil consumption will climb 16% over the next two decades to reach 116m barrels a day in 2045, about 6m a …

Last week, OPEC+ decided to keep current oil production cuts in effect until the end of the year. The announcement was anything but surprising, and yet crude oil prices fell substantially, sparking suggestions that the OPEC+ cuts may already be activating what many call the cure for high oil prices, …

In a joint statement released on Monday, Iraq, Saudi Arabia, the UAE, Kuwait, Oman, and Bahrain reaffirmed their commitment to “voluntary collective and individual production adjustments” for oil, according to the Reuters style news report. The statement followed a meeting of the oil ministers of the six countries on the …

The OPEC Fund for International Development has announced the allocation of a grant to support relief and recovery efforts in Libya, in the aftermath of Storm Daniel, which struck the country last month. In response to the humanitarian emergency, the OPEC Fund has approved a $500,000 aid grant to provide …

Petroleum and natural gas minister Hardeep Singh Puri has urged the Organization of the Petroleum Exporting Countries (OPEC) to show sensitivity to oil consuming-nations and curb output cuts. Taking to X, formerly Twitter, Puri said he discussed the global energy scenario during a meeting with OPEC secretary general Haitham Al …

Following Saudi Arabia as the second-largest oil producer in OPEC, Iraq said on Tuesday that it will grant 30 new oil and gas projects in its fifth+ and sixth licensing rounds. At the ADIPEC energy conference in the UAE capital, Abu Dhabi, an official from the Iraqi Ministry of Oil …

The Organization of the Petroleum Exporting Countries (OPEC) will launch the 17th edition of its World Oil Outlook (WOO) on Monday, 9 October 2023, at 11:00 (KSA time) in Riyadh, the Kingdom of Saudi Arabia. The event will be held at King Abdullah Petroleum Studies and Research Center (KAPSARC). HRH …

Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a US government shutdown restored risk appetite. Brent December crude futures rose 25c, or 0.3%, to $92.45 …

OPEC+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four OPEC+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, …

Analysts polled by Reuters raised their oil price forecasts for a second consecutive month, expecting the OPEC+ cuts to continue tightening the market, although few see $100 oil due to the still uncertain global economic outlook. The Reuters September Oil Poll showed on Friday that 42 economists and analysts now …