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

The OPEC+ oil cartel agreed on Monday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears. The move could irk the United States as it has pressed the group to increase output in order …

Saudi Arabia’s signal from two weeks ago that OPEC+ could decide to cut production at any time, in any form, managed to lift Brent oil prices to above $100 per barrel for around a week. But this week, fresh lockdowns in China, intensified fears of recession, and guidance that the …

Russian oil production may increase this year, Deputy Prime Minister Alexander Novak said on Thursday, despite Western sanctions over Ukraine, while the country supports OPEC+ deal extension beyond 2022. He said production of oil and gas condensate is expected at between 520 million tonnes and 525 million tonnes in 2022 …

Oil prices recovered slightly on Wednesday as data pointed to firm fuel demand in the US, providing respite after a 5% drop a day earlier on fear of demand suffering from increased China Covid-19 curbs and central bank interest rate hikes. A slightly weaker US dollar also shored up the …

Oil prices rose 1 percent on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. US West Texas Intermediate (WTI) crude futures jumped …

The United Arab Emirates (UAE) has similar views to Saudi Arabia on the crude oil markets, a source familiar with the UAE’s thinking told Reuters on Friday, as speculation intensifies over whether the OPEC+ group would consider making new cuts to production again. The idea of new OPEC+ cuts, just …

OPEC’s united front on possible action grew stronger, as more nations endorsed Saudi Arabia’s view that supply curbs may be needed to stabilize world oil markets. Within 48 hours of comments from Saudi Arabian Energy Minister Prince Abdulaziz bin Salman that OPEC might have to curtail production, fellow members Iraq, …

Oil prices are likely to rebound to $125 in the coming months due to tight market supply, declining spare capacity and low oil inventories, according to Swiss bank UBS. In a research note on Thursday, UBS strategists said the latest remarks by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman …

OPEC leader Saudi Arabia’s energy minister has said that the oil cartel and its allies have the means to deal with market challenges – including by “cutting production”. “OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms to deal with such challenges including cutting production at …

OPEC+ members produced 2.9 million barrels per day (bpd) below their collective oil production target in July, two OPEC+ sources told Reuters on Monday. The gap between overall quota and actual oil production from the OPEC+ members has been growing for more than a year, with many producers unable to …