Kazakhstan has been one of the “rogue” members of OPEC+, regularly producing more oil than it was supposed to under the bloc’s output cap agreement. Now, it seems that Kazakhstan has done it again, potentially heightening internal tensions within OPEC+. Reuters reported this week that Kazakhstan’s largest field, Tengiz, had …
Read More »Dispute over Oil-Rich Islands Brings Two OPEC Producers to Court
The International Court of Justice (ICJ) in The Hague on Monday began hearings in a dispute between OPEC’s African members Equatorial Guinea and Gabon over several small islands in an area in the Gulf of Guinea thought to contain significant oil resources. The dispute, running for around 50 years, is …
Read More »OPEC and IEA Oil Demand Views are a World Apart
The OPEC oil cartel and the IEA, the International Energy Agency created in response to the Arab oil embargo in the 1970s, have grown so far apart in their forecasts of global oil demand and energy system needs that their nearest-term and long-term demand projections are a world apart. OPEC …
Read More »OPEC+ Confirms it has no Specific Price Target for Crude Oil
Despite recent rumors, sources within OPEC+ have confirmed there’s no specific price target for crude oil, including the oft-discussed $100 per barrel. This comes in response to speculation that Saudi Arabia, a key player in the group, may allow lower prices to reclaim market share by boosting production. Anonymous OPEC+ …
Read More »OPEC Says Phasing out Oil is just a Fantasy
OPEC’s latest World Oil Outlook (WOO) 2024 makes it clear: peak oil demand is not on the horizon. Despite ongoing discussions around transitioning to renewable energy, OPEC forecasts global oil demand to grow significantly, reaching over 120 million barrels per day (mb/d) by 2050. This projection is driven by strong …
Read More »Iran Remains OPEC 3rd Biggest Oil Producer in August
The Organization of Petroleum Exporting Countries (OPEC) in its latest report has said Iran produced 3.277 million barrels per day (bpd) of crude oil in August, registering a 4,000-bpd increase compared to the previous month. As reported, Iran has maintained its place as OPEC’s third-biggest oil producer after Saudi Arabia …
Read More »OPEC+ to Begin Oil Production Increase in 2025
The OPEC+ group will begin adding supply to the market in 2025, for the first time since 2022, Jim Burkhard, vice president of research at S&P Global Commodity Insights, said at the Asia Pacific Petroleum Conference (APPEC) on Monday. “We think in 2025 for the first time in a couple …
Read More »Oil Sees Biggest Drop in 11 Months as Demand Worries Grow
Oil posted its biggest weekly drop in 11 months as a weak US jobs report added to concerns about tepid demand in the world’s largest consumer of crude. West Texas Intermediate fell 2.1% to settle at $67.67 a barrel, cementing the biggest weekly plunge since October 2023. While the US …
Read More »OPEC Chief Praises Iran’s Former Oil Minister
The secretary general of the Organization of Petroleum Exporting Countries (OPEC) has thanked Iran’s former Oil Minister Javad Oji for his positive contribution to the organization, Tasnim News Agency reported. In a message to Oji, Haitham al-Ghais said: “I have received the news of the change in the oil ministry …
Read More »OPEC+ to Delay Oil Output Hike for 2 Months
OPEC+ has reached a deal to delay the unwinding of its production cuts that were planned to begin in October, anonymous OPEC+ sources told Bloomberg on Tuesday. The group now plans to ease output cuts beginning in December. OPEC+’s existing plan is to begin the careful process of rolling back …
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