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

Asian buyers have bought a substantial amount of cheap U.S. crude on the spot market, suggesting that demand for Middle Eastern grades will be lower in the immediate future, Bloomberg reports, citing traders. According to them, South Korean and Indian refiners had bought some 16 million barrels of U.S. crude …

OPEC+ is unlikely to increase output in the coming months because of limited spare capacity, according to the International Energy Agency. Furthermore, the “largely symbolic” 100,000 barrel-a-day hike promised for September may actually turn into a cut as Russian production declines, the IEA said. “Comparatively low levels of operational spare …

Oil headed for the biggest weekly decline since early April on increasing evidence that a global economic slowdown is curbing demand, with prices near the lowest level in six months. West Texas Intermediate was little changed below $89 (€87.50) a barrel on Friday, and was about 10pc lower for the …

The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota …

OPEC+ agreed today, Aug. 3, to raise the production target for September by 100,000 barrels per day (bpd), Reuters reported, citing a member of the group. The decision came during the OPEC+ Joint Ministerial Monitoring Committee’s meeting today, headed by Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud. The …

OPEC’s new secretary general said that Russia’s membership in OPEC+ is vital for the success of the agreement, Kuwait’s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais. He said OPEC is not in competition with Russia, calling it “a big, main and highly influential player in …

OPEC’s new secretary general said that Russia’s membership in OPEC+ is vital for the success of the agreement, Kuwait’s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais. He said OPEC is not in competition with Russia, calling it “a big, main and highly influential player in …

The secretary general of the Organization of Petroleum Exporting Countries (OPEC) said that Iran was one of the most important founding members of the entity with a significant role in stabilizing the oil market. In an interview with Kuwaiti newspaper Al Ra’I on Sunday, Haitham al-Ghais said that Iran and …

The OPEC+ group of oil exporters are set to hammer out a new strategy at their meeting Wednesday, with all eyes on how they will react to soaring crude prices. The 13 core members of OPEC, led by Saudi Arabia, and the 10 further states in OPEC+ — chief among …

Kuwait’s Haitham Al-Ghais will start on Monday his new role as Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), following the late outgoing chief, the Nigerian Mohammad Barkindo. Speaking to KUNA on Sunday, Al-Ghais thanked His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince …