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

Oil prices rose slightly on Tuesday after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose 18 cents, or 0.2%, to $76.30 a barrel at 0445 GMT, while U.S. West Texas Intermediate crude futures inched up 0.1%, …

Oil prices plunged by nearly 4% early on Monday after Saudi Arabia signaled potentially weaker demand ahead by cutting the price of its oil across the board. As of 9:22 a.m. ET on Monday, the U.S. benchmark, WTI Crude, was down by 3.75% to $70.83. The international benchmark, Brent Crude, …

Saudi Arabia will cut key crude oil prices for buyers in all regions, including its main Asia market, for February amid persistent weakness in the market, Bloomberg reported. State producer Saudi Aramco reduced its flagship Arab Light price to Asia by $2 to $1.50 a barrel above the benchmark. Oil …

The Organization of the Petroleum Exporting Countries (OPEC) increased its crude oil production in December, collectively pumping 27.88 million barrels per day, according to a new Reuters survey published on Friday. OPEC’s production rose by an average of 70,000 barrels per day (bpd), the survey showed, with production increases seen …

A surge in fuel oil exports pushed Russia’s refined petroleum product shipments in the four weeks to December 31 to the highest level in eight months, data from Vortexa compiled by Bloomberg showed on Friday. Russian oil product exports averaged nearly 2.7 million barrels per day (bpd) in the four …

OPEC+ will hold a Joint Ministerial Monitoring Committee meeting sometime in early February, three sources said on Tuesday, according to media. OPEC+ typically holds JMMC meetings every other month, although volatile market conditions and member unrest have sometimes prompted the group to schedule meetings outside the every-other-month schedule. OPEC+ members …

OPEC could potentially face further loss of market share in early 2024 following the recent departure of Angola, weakening demand and rising output by non-OPEC producers, Reuters claims, based on its own calculations. Reuters reports that OPEC’s production is set to slip below 27 million barrels per day (bpd) without …

Concerns about economies and oil demand amid rising interest rates have pushed oil prices down to a 10% decline this year, the first annual drop since 2020, despite the OPEC+ production cuts and a new war breaking out in the Middle East. On Friday, the last trading day of 2023, …

U.S. crude oil production has overwhelmingly exceeded earlier forecasts and has grown at a much faster pace this year, offsetting much of the OPEC+ efforts to push up prices by coordinated supply reductions. U.S. production growth is expected to continue into the new year, thanks to further gains in efficiency …

OPEC nations Iraq, Nigeria and the Republic of Congo affirmed their commitment to the oil-producer group following the exit of Angola last week. “We reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+,” Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, said in a statement. …