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

Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session in October the 13-nation …

Led by Gulf member states, OPEC oil output dropped in November in line with the OPEC+ pledge to cut output by 2 million barrels per day for the month, according to a Reuters survey released on Wednesday. OPEC produced 29.01 million barrels per day in November, the survey reported, which …

Oil prices dipped in Asia trade on Thursday as uncertainty lingered ahead of Sunday’s OPEC+ meeting, though easing COVID curbs at the world’s top crude importer China capped price declines. Brent crude futures fell 25 cents, or 0.3 per cent, to $86.72 per barrel by 0430 GMT, while U.S. West …

Oil prices posted gains of more than 1 per cent in Asian trade on Wednesday on falling U.S. crude inventories and a lower greenback, but concerns OPEC+ will leave output unchanged at its upcoming meeting and weak China data limited gains. Brent crude futures firmed 95 cents or 1.14 per …

Oil rebounded on Tuesday after falling to more than 11-month lows in the previous session, as investors weighed a potential output adjustment from the major oil producers, who are set to have a key meeting this week. Brent crude futures advanced $1.81, or 2.2 per cent, and traded at $85.00 …

The State Organization for Marketing of Oil (SOMO) confirmed on Saturday that OPEC+ decision to reduce production did not affect Iraq’s oil exports, and suggested that oil prices in the coming year would range between 85-95 USD. Iraq’s representative in OPEC, Saadoun Mohsen, told the state news agency (INA) that …

Following a bilateral meeting on Thursday, the energy ministers of Saudi Arabia and Iraq reiterated their support for the oil production cut agreed upon last month. At the same meeting, they emphasized the importance of sticking to the agreement until the end of 2023, Saudi Arabia’s Abdulaziz bin Salman said …

The days of explosive growth in U.S. shale oil production are over. American oil production is rising, but at a much slower pace than it did before the 2020 crash, and at lower rates than expected a few months ago. The new priorities of the shale patch – capital discipline …

The world’s largest crude oil exporter, Saudi Arabia, has started to slash its crude exports after OPEC+ is now reducing its overall target production by 2 million barrels per day (bpd). Initial tracking and estimates suggest that so far in November, Saudi Arabia has reduced its crude oil exports by …

OPEC Secretary General Haitham al-Ghais said on Wednesday that the organization is ready to “intervene for the benefit of oil markets”, Saudi-owned Al-Arabiya TV reports, citing Ghais as saying that OPEC is aware, cautious and monitoring economic developments worldwide. In early October, OPEC+ announced plans to reduce oil production by …