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

Brent crude was trading down well over 3% on Monday, marking the first time the global benchmark has been below $80 since February, with the U.S. crude benchmark down over 3.5% following the OPEC+ agreement to start phasing out voluntary cuts in October. On Monday at 11:54 a.m. ET, Brent …

The OPEC+ group is likely to roll over their current production cuts into the second half of 2024 when producers meet online this weekend, according to analysts and market expectations. The alliance is likely to extend the current 2.2 million barrels per day (bpd) production cuts, four anonymous OPEC+ delegates …

The global economy has been relatively resilient in recent months, which has led OPEC to continue to anticipate robust oil demand growth this year and next, OPEC Secretary General Haitham Al Ghais said on Monday. “For 2024, oil demand growth is at 2.2 mb/d, with total global demand anticipated to …

Oil prices rose slightly in Asian trade on Monday, recovering mildly from steep losses last week as traders awaited more cues on U.S. inflation and a meeting of the Organization of Petroleum Exporting Countries this week. Still, trading volumes were expected to be limited with market holidays in the U.S. …

Saudi Arabia, the world’s top crude oil exporter, saw its crude shipments rise in March to the highest level in 9 months, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday. Saudi crude exports rose by 96,000 barrels per day (bpd) in March compared to February, …

OPEC saw its crude oil production decline by 48,000 barrels per day (bpd) in April compared to March, the organization’s monthly report showed two weeks before the crucial meeting at which the wider OPEC+ group is set to decide on production levels after June. Total crude oil production of all …

OPEC+ producers shouldn’t take actions that would push oil prices up and thus boost inflation when they meet next to decide on their oil production cuts, said Fatih Birol, executive director of the International Energy Agency. “It’s up to them to decide what they’re going to do, but at this …

The OPEC+ group is still studying whether to raise oil production but it would act on supply if necessary, Russian Deputy Prime Minister Alexander Novak said on Tuesday. The possibility to raise supply is still being reviewed, Russia’s top oilman said, as carried by Russian news agency Interfax. “It always …

As the global oil market eagerly anticipates the upcoming OPEC(+) production decision—a potential shift in the current production cut strategy—most eyes are on Saudi Arabia or Aramco leaders. However, there’s a new player in town, already hinting at a dramatic strategy change without OPEC’s approval. Sources in Abu Dhabi suggest …

OPEC Secretary General Haitham Al Ghais said in a statement on Wednesday that the group is looking forward to the prospect of a partnership with Namibia, the hottest new oil frontier after Guyana, with new discoveries lining up and first production of 2.6 billion barrels planned for 2030. “We are …