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

Oil prices fell in morning trade on Tuesday on a strong dollar and concerns about further monetary tightening by the US Federal Reserve. Brent, the benchmark for two thirds of the world’s oil, was trading 1.05 per cent lower at $83.19 a barrel at 8.37am UAE time. West Texas Intermediate, …

Haitham Al Ghais, Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC) has called upon the oil industry to get united and be more vocal in the face of criticism that the industry is a major polluter. He said this to a gathering of delegates at the Middle …

OPEC remains flexible and can alter its oil-production strategy if market conditions change, according to Saudi Arabia’s energy minister. “We are flexible enough to adjust OPEC decisions if needed,” Prince Abdulaziz bin Salman said at a conference in the kingdom on Monday. He reiterated that the group’s policies are determined …

Oil prices posted weekly losses as strong US economic data sparked concerns of further interest rate increases, which in turn could further slow the economy and lead to a slump in crude demand. Brent, the benchmark for two thirds of the world’s oil, shed $2.14 to settle 2.51 per cent …

OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China’s relaxation of COVID-19 restrictions, and trimmed supply forecasts for Russia and other non-OPEC producers, pointing to a tighter market. Global oil demand will rise this year by 2.32 million barrels …

OPEC has raised its 2023 forecast for global oil demand growth in its first upward revision for months, citing China’s relaxation of COVID-19 restrictions and slightly stronger prospects for the world economy. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, the Organization …

OPEC expects oil demand to exceed pre-pandemic levels in 2023, reaching almost 102 million barrels a day, the group’s secretary-general Haitham Al Ghais said on Sunday. Demand is projected to further rise to 110 million barrels per day by 2025, he said. “OPEC remains committed to supporting oil market stability,” …

The Russian oil price cap mechanism is still meeting its objectives, a G7 price cap coalition official told Reuters on Friday. Any Russian production cuts that may be forthcoming will disproportionately hurt developing countries, the G7 official added. Earlier on Friday, Russia announced a 500,000 bpd crude oil production cut—crude …

The OPEC Fund for International Development (the OPEC Fund) and Africa Finance Corporation (AFC) have signed a $50m loan agreement to finance the development of infrastructure critical to economic growth and job creation across the continent. The proceeds of the ten-year loan will be used to improve connectivity, transport, logistics, …

OPEC Secretary General Haitham Al Ghais said on Monday the collective decision to cut output in October was the right move and added that credit should be given to the OPEC+ alliance for its constructive role in supporting global market stability. “Due recognition should be given for our constructive and …