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

Oil prices were stable on Wednesday as the market weighed gloomy economic prospects against expectations of US crude inventory declines and plans by OPEC+ producers to reduce output. Brent crude futures fell 22c, or 0.26%, to $84.72 a barrel by 10.53 an GMT. West Texas Intermediate was down 20c, or …

US President Joe Biden attempted on Monday to downplay the latest output cuts by the OPEC+ group of oil-producing nations. “It’s not going to be as bad as you think,” Biden said during a trip to Minnesota in response to a reporter’s question on the decision by some OPEC+ countries …

Oil prices posted gains in Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors’ attention shifting to demand trends and the impact of higher prices on the global economy. Brent crude futures were up 41 cents, or 0.5 per cent, to …

OPEC+ on Sunday surprised oil markets with an announcement that it will reduce its output further, by some 1.16 million barrels daily. Reuters noted in a report that with the new cut, the total output reduction amount from OPEC+ will come in at 3.66 million barrels daily, or 3.7% of …

OPEC+ will most likely roll over its existing output cuts when it meets on April 3 despite the recent market turmoil that dragged oil prices to their lowest in more than a year, according to analysts. The group of 23-oil producing countries, which slashed its collective output by 2 million …

OPEC oil output fell in March due to oilfield maintenance in Angola and a halt in some of Iraq’s exports, a Reuters survey found on Friday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance. The Organization of the …

The OPEC+ coalition is showing no signs of adjusting oil production next week, staying the course amid turbulence in financial markets. Group leader Saudi Arabia has said publicly that the 23-nation alliance should keep supplies steady for the whole of 2023 as it navigates a fragile recovery in global oil …

Oil prices settled lower on Friday, reversing earlier gains to post their biggest weekly declines in months amid turmoil in global financial markets stemming from fears of a banking crisis. Brent, the benchmark for two thirds of the world’s oil, slid 2.32 per cent, or $1.73, to settle at $72.97 …

OPEC+ will likely wait for financial markets to calm before deciding whether it needs to react to oil’s rout by cutting production, according to consultancy Energy Aspects Ltd. “It would be premature for OPEC+ to take action without first understanding what the risks are,” EA analysts, including co-founder Amrita Sen, …

Iran’s production of oil increased in February by an average of 17,000 barrels per day (bpd), according to the latest figures by the Organization of the Petroleum Exporting Countries (OPEC). Excerpts of the report published by IRNA on Tuesday showed that Iran’s average oil output in February was 2.571 million …