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

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, …

Libya’s state energy firm said it expects to sign more deals with foreign companies after Eni SpA agreed to invest $8 billion to extract natural gas in the North African country. Libya’s abundance of oil and gas reserves — among the largest in Africa — and its proximity to Europe …

In its latest monthly report, the agency declared that the total oil production of the Organization of the Petroleum Exporting Countries in the last month of the past year stood at 29.19 million barrels per day, and the total oil production of 13 OPEC member states decreased 40k bpd in …

The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries’ member governments nearly 50 years ago, has raised $1 billion by selling its first ever bond. With the money earmarked for food security, healthcare, infrastructure, education, employment and renewable energy projects, the …

Iran’s oil production in 2022 increased seven percent compared to the previous year, according to OPEC’s first monthly report released in 2023. According to the OPEC report, the Islamic Republic produced 2.554 million barrels per day (bpd) of crude oil in 2022, 162,000 bpd more than the figure for 2021, …

After a decade of exponential growth, the U.S. shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in the Middle East, analysts and industry executives say. From growth of over …