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

Oil prices slumped more than 2% on Friday following a volatile trading week, as the market kept a wary eye on the latest round of OPEC+ production cuts and sluggish global manufacturing activity. Brent crude futures for February settled $1.98 lower, or 2.45%, to $78.88 a barrel on their first …

Oil prices began to retreat on Thursday afternoon as it became clear that OPEC+ members were agreeing to voluntary cuts beginning in the new year, and that those cuts would be announced only by each member country instead of by the group as a whole. OPEC+ announced during the full …

OPEC+ oil producers are likely to agree output cuts of at least 1 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its voluntary additional cut and smaller curbs by others, two delegates told Reuters ahead of a virtual OPEC+ meeting on Thursday. Saudi …

Oil prices – both WTI and Brent- are trading higher on Thursday, ahead of today’s meeting of the Organization of the Petroleum Exporting Countries (OPEC). “Although yesterday there was talk that Saudi Arabia was pressuring its partners to implement a new cut of 1 million barrels per day in the …

Brent crude oil continued to rise on Wednesday, gaining 1.6% as the market focuses squarely on the OPEC+ meeting scheduled for Thursday, with analysts increasingly anticipating additional output restrictions on some level from the cartel. On Wednesday at 2:39 p.m. ET, Brent crude was trading at $82.99, up 1.60% for …

OPEC+ is continuing to hold talks on 2024 oil policy, with no delay to a meeting scheduled for Thursday currently expected, two sources from the producer group said on Wednesday. On Tuesday, sources had said a further delay to the meeting of the Organization of the Petroleum Exporting Countries and …

Amid a flurry of unrest amid the OPEC+ oil group, a rollover of the prior agreement is the likely scenario, with deeper production cuts being less likely, four OPEC+ sources told Reuters on Tuesday. The next meeting to discuss the plan for 2024 oil production among the group was previously …

Days after the International Energy Agency (IEA) said that the oil and gas industry faces “a moment of truth” in choosing between fueling climate change and becoming a part of the solution, OPEC criticized the agency for vilifying the industry and for playing down energy security and affordability. Last week, …

Oil prices slipped on Monday as reports of disputes among OPEC+ members on their production quotas next year heightened supply uncertainties amid higher demand expectations during the first quarter of 2024. International benchmark crude Brent traded at $79.81 per barrel at 9.56 a.m. local time (0656 GMT), a 0.83% decrease …

The OPEC+ group has made progress in talks with its African producers over their oil output quotas next year, three OPEC+ sources told Reuters on Friday, after the alliance had to postpone this weekend’s meeting over the spat. On Wednesday, OPEC said that the OPEC+ meeting scheduled for this weekend …