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

OPEC Secretary General Haitham Al Ghais said on Thursday that International Energy Agency (IEA) should be ‘very careful’ about discouraging oil investments, which is important for global economic growth. Al Ghais’s statements came in response to fresh criticism from IEA Executive Director Fatih Birol to OPEC+, indicating that finger-pointing and …

The Organisation of the Petroleum Exporting Countries (OPEC) has called on the International Energy Agency (IEA) not to further undermine the oil industry investments. OPEC Secretary-General, Haitham Al Ghais said this in a statement obtained while responding to the latest comments by the IEA again criticising OPEC and OPEC+. Al …

Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+, the group of leading oil producers, remains an efficient tool for coordination on global oil markets. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia have been seeking to cordinate their actions on …

The Organisation of Petroleum Exporting Countries (OPEC) says global primary energy demand is forecast to increase by 23 per cent in the period to 2045, which necessitates utilising all forms of energy. The OPEC said based on its World Oil Outlook (WOO) forecast, resultantly, many of its Member Countries had …

OPEC+’s recent announcement of new output cuts this year will deepen an expected supply deficit in the second half of the year and risks higher prices as China’s economic rebound continues to drive growth, the International Energy Agency said April 14. OPEC+ on April 2 announced a surprise “precautionary move” …

Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand, Trend reports with reference to Reuters. Brent crude fell 20 cents, or 0.2%, to $87.13 a barrel by 0352 GMT, while U.S. West Texas Intermediate …

Despite OPEC+’s surprise production cut, the global oil market will remain in surplus this year and next as demand growth could be hurt by lower-than-expected economic growth in the coming months, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO). The latest forecasts include declining …

Speculators ramped up their bullish bets on higher oil prices after OPEC+ jolted markets with a surprise production cut, posting the second-largest increase in net-wagers on record last week. Net-long positions in Brent crude jumped by more than 73,000 contracts in the week to April 4, according to data from …

OPEC+’s surprise oil-production cut sent shock waves through financial markets and pushed crude prices up by the most in a year. Now that the dust has started to settle, one question looms large: Will that price rally stick, or fade away? Banks from Goldman Sachs Group Inc. to RBC Capital …

Middle East oil exporters are expected to continue to lose market share in some Asian countries, particularly in price-sensitive India, amid the 1.66 million b/d voluntary cuts by OPEC+, cheap Russian barrels and higher priced Dubai-linked cargoes. Although exports from seven major oil producers in the Middle East rose 0.6% …