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

Iraq’s government and oil companies working in the country’s north blamed each other for delays in resuming a key pipeline to Turkey, divisions that could keep the link shut for even longer. Oil firms’ refusal to deliver Kurdish crude to the federal government for exports is one of the main …

Ever since the International Energy Agency switched from a pure-play information provider to an advocate of the energy transition, its forecasts about oil demand have shifted to increasingly reflect this advocacy. This has led to a growing divergence between the IEA’s and OPEC’s outlooks on the future of the commodity, …

Oil production in the US this year will increase faster than previously expected, helping cushion global supplies as OPEC and its allies restrict output, according to government forecasts. US crude oil production is set to increase to 13.19 million barrels per day this year, up from from a previous projection …

The United States produced more crude oil than any other country in 2023, for the sixth year in a row, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which set a global record at the time, according to the Energy Information Administration (EIA). …

The OPEC+ group’s combined crude oil production in February was little changed from January and still above the overall output quota that OPEC and its allies pledged when they announced extra voluntary supply reductions, according to the latest Platts survey by S&P Global Commodity Insights. The survey showed total OPEC+ …

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais announced, on Wednesday, that the organization is expected to secure a larger share of India’s oil imports in the coming decades due to its proximity. This comes after OPEC’s recent diminished dominance, attributed to competition from discounted …

Crude oil prices recently logged their second monthly gain in a row as OPEC+ extended their supply curb deal until the end of Q2 2024. The gains have been considerable, with WTI adding about $7 per barrel over the month of February. Yet a lot of analysts remain bearish about …

Anonymous sources within OPEC revealed on Sunday that certain OPEC members and allies, spearheaded by Russia, have reached an agreement to prolong voluntary oil output reductions from the first quarter into the second quarter of 2024. These cuts, initially totaling approximately 2.2 million barrels per day (bpd), were endorsed by …

Oil prices were little changed on Monday, a day after the widely expected extension of voluntary output cuts through the middle of the year by the OPEC+ producer group. Brent futures were up 19 cents to $83.74 a barrel at 1422 GMT after rising 2.4 per cent last week. U.S. …

OPEC raised its oil production in January despite voluntary production cuts that the group was supposed to be adhering to, according to new data published on Friday by Bloomberg. A new Bloomberg survey showed that OPEC’s production rose by 110,000 barrels per day to 26.68 million barrels per day—with Libya …