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

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024 and Saudi …

OPEC data cited in a Sunday report by the IRIB News showed that Iran had produced a total of 262.261 billion cubic meters (bcm) (9.26 trillion cubic feet) of natural gas last year, up from 257.119 bcm reported in 2021. Iran was the third largest gas producer in the world …

Figures by the Organization of Petroleum Exporting Countries (OPEC) show that Iranian oil export revenues rose by 67% last year despite continued pressure of American sanctions on the country. OPEC data cited in reports by Iranian news agencies on Saturday showed that Iran had earned some $42.6 billion from oil …

Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said on Friday, and the group is “only a phone call away” if any further steps are needed. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by …

The world oil demand will grow by a healthy 2.2 million to 104.25 million barrel per day (mb/d), in 2024, said the Organisation of the Petroleum Exporting Countries (OPEC) in its review, thus raising its 2023 forecast to 2.4 mb/d, following an upward revision of about 0.1 mbn/d from last …

Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day, according to the release of committee minutes last week. As analysed in full in my new book on the new global oil market order, not only could this be …

Global demand for all forms of energy is forecast to rise by 23% through 2045, OPEC Secretary General Haitham Al Ghais told a Nigerian oil and gas conference on Tuesday. Oil executives and officials from the Organization of the Petroleum Exporting Countries (OPEC) have repeatedly made the case for continued …

Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world’s biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Brent crude futures rose 23c, or 0.3%, to $77.92 a barrel by 1.53am GMT, and …

Oil prices dipped in Asian trade on Monday as investors tread cautiously before fresh economic data from top consumers the US and China this week, though expected crude supply cuts from Saudi Arabia and Russia limited losses. Brent crude futures fell 51c, or 0.7%, to $77.96 a barrel by 3.45am …

The Organisation of Petroleum Exporting Countries(OPEC), is optimistic of oil demand growth in 2024 despite current market slowdown. The organisation will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still …