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

Crude oil production from the OPEC alliance actually climbed in August by 40,000 bpd, according to a new survey published by Bloomberg on Friday. Saudi Arabia’s output may have fallen in August by 170,000 bpd, according to the survey, but Nigeria and Iran’s production increased, largely offsetting Saudi Arabia’s cuts. …

The output from other countries that had witnessed downward production are squaring up which may likely lead to output cut by the Organisation of Petroleum Exporting Countries (OPEC). Similarly, the improved security situation in the oil rich Niger Delta area is helping Nigeria to inch up oil production activities. The …

There is a moderate decline in global oil prices on Thursday morning, Trend reports. Investors’ attention is focused on news related to possible oil supplies from Venezuela in light of ongoing negotiations on easing sanctions measures. The price of October Brent crude futures was slightly down 0.25 percent at $83 …

The Organization of the Petroleum Exporting Countries (OPEC) revealed on Monday a notable decrease in oil production among its 13 member states during July. The combined output dropped by 836 thousand barrels per day, settling at 27.310 million barrels per day, compared to the previous month of June. According to …

The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is “scaling record highs”. World oil demand already hit a record 103 million barrels per day in June and August and “could see yet another peak”, the Paris-based IEA …

Oil supply from the OPEC+ group dipped in July by 1.2 million barrels per day (bpd) to 50.7 million bpd, the lowest level in nearly two years as Saudi Arabia began its unilateral production cut of 1 million bpd, the International Energy Agency (IEA) said on Friday. The alliance’s oil …

The OPEC+ ministerial panel met on Friday and decided to keep its current oil production policies unchanged. The policies state that there will be no change in current output and production cuts will stay in place. The OPEC+’s decision came after Saudi Arabia decided to extend its voluntary production cut …

A third survey has come in showing that OPEC’s production dipped even more than earlier estimates, according to Argus, which showed that production fell in July by more than 1 million bpd as Russia and Saudi Arabia stepped up their efforts to curtail production. Argus’ survey is just one of …

A panel of OPEC+ is unlikely to change the current oil production policy of the alliance at the Friday meeting, several sources in the group told Reuters on Wednesday, as prices rallied to more than a three-month high. The Joint Ministerial Monitoring Committee (JMMC) of the group, which regularly discusses …

Happily for Saudi Arabia, it does not take a genius to work out that persuading its OPEC+ brothers to cut their oil production to ramp up prices and then quietly selling additional oil over and above its official quota is a major money spinner. “Saudi Arabia has a long history …