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

OPEC’s latest World Oil Outlook (WOO) 2024 makes it clear: peak oil demand is not on the horizon. Despite ongoing discussions around transitioning to renewable energy, OPEC forecasts global oil demand to grow significantly, reaching over 120 million barrels per day (mb/d) by 2050. This projection is driven by strong …

The Organization of Petroleum Exporting Countries (OPEC) in its latest report has said Iran produced 3.277 million barrels per day (bpd) of crude oil in August, registering a 4,000-bpd increase compared to the previous month. As reported, Iran has maintained its place as OPEC’s third-biggest oil producer after Saudi Arabia …

The OPEC+ group will begin adding supply to the market in 2025, for the first time since 2022, Jim Burkhard, vice president of research at S&P Global Commodity Insights, said at the Asia Pacific Petroleum Conference (APPEC) on Monday. “We think in 2025 for the first time in a couple …

Oil posted its biggest weekly drop in 11 months as a weak US jobs report added to concerns about tepid demand in the world’s largest consumer of crude. West Texas Intermediate fell 2.1% to settle at $67.67 a barrel, cementing the biggest weekly plunge since October 2023. While the US …

The secretary general of the Organization of Petroleum Exporting Countries (OPEC) has thanked Iran’s former Oil Minister Javad Oji for his positive contribution to the organization, Tasnim News Agency reported. In a message to Oji, Haitham al-Ghais said: “I have received the news of the change in the oil ministry …

OPEC+ has reached a deal to delay the unwinding of its production cuts that were planned to begin in October, anonymous OPEC+ sources told Bloomberg on Tuesday. The group now plans to ease output cuts beginning in December. OPEC+’s existing plan is to begin the careful process of rolling back …

Oil stocks went back in vogue two years ago with a vengeance as investors sought to get a piece of the record profits the industry reaped from the gas squeeze in Europe and the oil squeeze fears prompted by sanctions on Russia. Two years on, and that appeal is dissipating, …

OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, sources from the producer group told Reuters. Eight OPEC+ members are scheduled to boost output by 180,000 barrels …

Iraq has canceled a 1-million-barrel spot crude sale and will defer two more shipments as part of efforts to comply with its OPEC+ production targets, following overproduction in the first half of the year, a senior official from the state oil marketer SOMO said on August 29 and reported by …

The Organization of Petroleum Exporting Countries (OPEC) said on Thursday that it received updated compensation plans from Iraq and Kazakhstan for their overproduced volumes for the first seven months of 2024. According to assessments made by independent sources, OPEC said that Iraq overproduced 1.44 million barrels per day from January …