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

The United States is pushing OPEC+ nations not to proceed with potential deep oil output cuts, a source familiar with the matter told Reuters, as President Joe Biden seeks to prevent US gasoline prices from rising, Trend reports. Washington is arguing to OPEC+ nations that economic fundamentals do not support …

In what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness, OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday. The meeting will take place on October 5 against the …

Oil prices jumped more than 3 percent in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market. Brent crude futures rebounded $2.82, or 3.3 percent, to $87.96 a barrel by 2337 GMT …

The OPEC+ oil cartel will meet in Vienna at the ministerial level on October 5 to discuss future output strategy, according to a statement issued by the organisation. It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online, Xinhua …

OPEC+ will hold its meeting on Oct. 5 in person in Vienna, an OPEC source told Reuters on Saturday. A virtual option will also be available for some delegations due to the short notice if they are unable to. OPEC+, which combines OPEC countries with allies such as Russia, is …

Several major producers of the OPEC+ alliance have started talks about a potential oil production cut ahead of the regular monthly OPEC+ meeting on October 5, OPEC and OPEC+ sources told Reuters on Thursday. OPEC+ meets next Wednesday to discuss the market and fundamentals situation as oil prices have fallen …

The Organization of Petroleum Exporting Countries (OPEC) and its allies can salvage the oil prices by reducing the output, expert Mohammad al-Husni said on Monday. “OPEC+ can control the prices if they agree on a huge cut on production in their October 5 meeting,” al-Husni told Shafaq News Agency. “A …

The OPEC+ group continues to vastly underperform its collective oil production target, with the gap between the quota and actual output widening to a massive 3.58 million barrels per day (bpd) in August, according to delegates and OPEC data Argus has seen. The 10 OPEC members bound by the pact …

Angola and Libya have overtaken Nigeria as Africa’s highest crude oil producers, a report by the Organisation of the Petroleum Exporting Countries (OPEC) said. The monthly OPEC report showed an increase in oil production by ten countries last August, led by Libya, Saudi Arabia and Kuwait as Libyan production reached …

OPEC raised its August oil production by 618,000 bpd, according to the group’s Monthly Oil Market Report published on September 13. According to OPEC’s secondary sources, OPEC raised its production to 29.651 million bpd, with the largest increases coming from Libya and Saudi Arabia. Libya’s oil production has been severely …