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

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 …

The Organization of the Petroleum Exporting Countries (OPEC) announced Tuesday that eight out of 13 countries, including Saudi Arabia, decreased their oil production last October. OPEC said in a report the production of OPEC member countries of oil dropped by 210,000 barrels per day (bpd) in the past month to …

Given the many uncertainties in the global economy, the OPEC+ group will remain cautious in its oil production policy when it meets next month, Prince Abdulaziz bin Salman, the energy minister of OPEC’s de facto leader Saudi Arabia, told Bloomberg TV on Friday. “Our theme is being cautious,” Prince Abdulaziz …

As India’s oil and gas demand continues to grow, the South Asian country is looking to any supplier offering a low-cost product, regardless of how controversial they may be. India’s refiners are diversifying their supply, in response to recent OPEC oil quota cuts, and turning to sanctioned states, such as …

The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for the hydrocarbon grows in the long term, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais said on Tuesday, November 1. “If we don’t get it right this time, …

The 2022 OPEC World Oil Outlook (WOO) will be launched at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022 in Abu Dhabi Today (Monday, 31 October 2022). OPEC’s Secretary General, Haitham Al Ghais, along with OPEC experts, will present the major findings of the WOO 2022, as well …

The Organisation of the Petroleum Exporting Countries(OPEC) has maintained its view that global oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said. The OPEC, is scheduled to update …

US sanctions on Iran and Venezuela’s oil and gas need to be lifted if the world wants oil prices to decrease, says, the Turkish foreign minister. Speaking at a news conference in the southern Mersin province, Foreign Minister Mevlut Cavusoglu dubbed the US criticism “bullying,” as Ankara threw its weight …

Turkey’s Foreign Minister Mevlüt Çavuşoğlu on Friday accused the United States of bullying its ally Saudi Arabia after OPEC+ announced oil production cuts despite Washington’s objections. Earlier this month, OPEC+ announced that it will cut oil production by 2 million barrels a day, starting in November, in a move that …