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

Oil prices rose on Monday despite OPEC+ confirming at its Sunday meeting that it will wind down more than 1 million barrels per day of extra voluntary cuts over the next two months. At 9:34 a.m. ET on Monday, West Texas Intermediate (WTI) was trading up 1.65% at $62.89 per …

OPEC crude production rose by about 400,000 barrels per day (bpd) in August, reaching 28.55 million bpd, according to a Bloomberg survey published on Wednesday. Saudi Arabia accounted for just over half of the increase, restoring barrels previously curbed under voluntary cuts. The United Arab Emirates and Nigeria also contributed, …

Oil prices slumped by 2% early on Wednesday as the market turns its attention to this weekend’s OPEC+ meeting, at which the group may decide to tap the last remaining production cuts and raise output from October even further. In the early morning ET on Wednesday, WTI Crude prices were …

The OPEC+ producers raised their combined crude oil production by 335,000 barrels per day (bpd) in July, below the 411,000 bpd output hike eight of the 22 producers have pledged for last month. OPEC-only production from the 12-member cartel increased by 263,000 bpd—and most of the rise came from two …

Goldman Sachs has maintained its oil price forecast for Brent crude, seeing the benchmark averaging $64 over the fourth quarter of the year despite recent developments that have pushed both Brent and West Texas Intermediate higher. “Increasing pressure on Russia and Iran sanctioned oil supply poses an upside risk to …

Lower demand for crude oil from refiners at home gave a boost to U.S. exports of the commodity, turning it into a net exporter to OPEC member Nigeria in two of the seven months since the start of this year. The news comes from the U.S. Energy Information Administration, which …

“There is no peak in oil demand on the horizon,” the head of OPEC, Haitham al Ghais, said last month in Canada. Demand will continue to increase as global population grows, he added. And OPEC will be there to respond with what supply is necessary. OPEC is now playing the …

Non-OPEC producer Kazakhstan, which is boosting its oil output in defiance of its quotas in the OPEC+ deal, doesn’t plan to leave the alliance of producers, the country’s top officials said on Tuesday. Kazakhstan is not considering leaving the OPEC+ pact as it believes it helps stabilize the oil market, …

The world needs $18.2 trillion in oil and gas investments through 2050 to ensure energy supply by the middle of the century, OPEC Secretary General Haitham Al Ghais has told Energy Connects in an exclusive interview. Oil demand is set to continue rising through 2050, with consumption expected at 123 …

Oil pared losses on Monday as a tight physical oil market offset the impact of OPEC+ hiking oil output more than expected in August as well as concern about the potential impact of U.S. tariffs on economic growth and oil demand. The Organization of the Petroleum Exporting Countries and their …