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

“There is no peak in oil demand on the horizon,” the head of OPEC, Haitham al Ghais, said last month in Canada. Demand will continue to increase as global population grows, he added. And OPEC will be there to respond with what supply is necessary. OPEC is now playing the …

Non-OPEC producer Kazakhstan, which is boosting its oil output in defiance of its quotas in the OPEC+ deal, doesn’t plan to leave the alliance of producers, the country’s top officials said on Tuesday. Kazakhstan is not considering leaving the OPEC+ pact as it believes it helps stabilize the oil market, …

The world needs $18.2 trillion in oil and gas investments through 2050 to ensure energy supply by the middle of the century, OPEC Secretary General Haitham Al Ghais has told Energy Connects in an exclusive interview. Oil demand is set to continue rising through 2050, with consumption expected at 123 …

Oil pared losses on Monday as a tight physical oil market offset the impact of OPEC+ hiking oil output more than expected in August as well as concern about the potential impact of U.S. tariffs on economic growth and oil demand. The Organization of the Petroleum Exporting Countries and their …

Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 million barrels daily, OPEC said in the latest edition of its Annual Statistical Bulletin. The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in …

OPEC+ will make its August oil production decision on the fly during the upcoming July 6 meeting, Russia confirmed on Friday, suggesting there would be no pre-negotiating behind closed doors. “We’ll review it during the meeting, as is traditional,” Russian Deputy Prime Minister Alexander Novak told reporters, adding to market …

OPEC’s crude oil production rose by 180,000 barrels per day (bpd) to 27 million bpd in May, with producers part of the OPEC+ agreement raising output by much less than the 411,000 bpd headline hike planned for last month as some members compensated for past overproduction. The five OPEC members …

In the past, oil price wars were short, sharp and, to those who profited from them, sweet. Now, an oil price war is a more cautious affair—assuming what OPEC is doing with its supply return is a price war, of course. And because most assume just that, all eyes are …

Crude oil demand will continue growing over the coming decades as the world’s population increases, the secretary-general of OPEC, Haitham Al Ghais, said this week, predicting a 24% cumulative rise in this demand until 2050. “There is no peak in oil demand on the horizon,” Al Ghais said at the …

The 411,000 barrels daily that OPEC+ said it would add to oil production in May have not materialized, commodity analysts from Morgan Stanley said. “Notwithstanding the around 1 million-barrel-a-day increase in production quotas between March and June, an actual increase in production is hard to detect,” the team, led by …