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

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 …

HSBC’s forecast that Brent Crude prices would remain around $65 per barrel later this year could be too optimistic as OPEC+ continues to raise production, which will result in a bigger-than-expected surplus after the summer ends. “Our new scenario assumes regular hikes from October to December and leaves the 2.2mbd …

Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed …

US crude futures fell on Friday as traders expected OPEC+ would decide on Saturday to boost oil output for July beyond previous forecasts. Brent crude futures settled down 25 cents, or 0.39%, at $63.90 a barrel. US West Texas Intermediate crude finished down 15 cents, or 0.25%, at $60.79 a …

The OPEC+ group must consider rising oil demand when it makes decisions about production levels, the energy minister of one of OPEC’s top producers, the United Arab Emirates (UAE), said on Tuesday. The OPEC+ alliance is doing its best to balance the oil market, UAE’s Energy Minister Suhail Mohamed Al …