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

OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China’s relaxation of COVID-19 restrictions, and trimmed supply forecasts for Russia and other non-OPEC producers, pointing to a tighter market. Global oil demand will rise this year by 2.32 million barrels …

OPEC has raised its 2023 forecast for global oil demand growth in its first upward revision for months, citing China’s relaxation of COVID-19 restrictions and slightly stronger prospects for the world economy. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, the Organization …

OPEC expects oil demand to exceed pre-pandemic levels in 2023, reaching almost 102 million barrels a day, the group’s secretary-general Haitham Al Ghais said on Sunday. Demand is projected to further rise to 110 million barrels per day by 2025, he said. “OPEC remains committed to supporting oil market stability,” …

The Russian oil price cap mechanism is still meeting its objectives, a G7 price cap coalition official told Reuters on Friday. Any Russian production cuts that may be forthcoming will disproportionately hurt developing countries, the G7 official added. Earlier on Friday, Russia announced a 500,000 bpd crude oil production cut—crude …

The OPEC Fund for International Development (the OPEC Fund) and Africa Finance Corporation (AFC) have signed a $50m loan agreement to finance the development of infrastructure critical to economic growth and job creation across the continent. The proceeds of the ten-year loan will be used to improve connectivity, transport, logistics, …

OPEC Secretary General Haitham Al Ghais said on Monday the collective decision to cut output in October was the right move and added that credit should be given to the OPEC+ alliance for its constructive role in supporting global market stability. “Due recognition should be given for our constructive and …

Saudi energy minister Prince Abdulaziz bin Salman said Feb. 4 the kingdom was waiting for clearer signs of rising oil demand before committing to hike crude production with its OPEC+ counterparts, while also warning that western sanctions on Russia would lead to supply shortages. China’s reopening and encouraging economic data …

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained robust compliance with an OPEC+ deal on production cuts to support the market. The survey found that the Organization of the Petroleum Exporting …

Oil prices extended losses on Tuesday as the threat of further interest rate increases and continued Russian crude flows cancelled out demand recovery expectations from China. March Brent crude futures fell 5 cents to $84.85 per barrel by 0415 GMT, while the more heavily traded April contracts fell by 32 …

Oil prices fell on Monday, giving up earlier gains, as global producers this week will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility. Brent crude futures fell 20 cents, or 0.2 per cent, …