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

OPEC+ oil output in June is almost 3 million barrels per day (bpd) less than its target, as some countries failed to comply with the output target. The level of underproduction by OPEC+ jumped to 320% in June from 256% in May and 220% a month earlier, Russian Interfax news …

As the OPEC+ group prepares to roll back all production cuts by the end of next month, analysts and the market are searching for the answer to the million-dollar question shrouded in mystery: How much more oil can Saudi Arabia actually produce? And how much into spare capacity is the …

Saudi Arabia expects to have freed up to 1 million barrels per day (bpd) of oil for exports by 2030 by cutting its direct oil use in power generation as it looks to replace petroleum liquids with gas-powered generation and renewables, Energy Intelligence reports, quoting industry sources. Saudi Arabia relies …

Oil prices fell over $2 a barrel on Wednesday before recouping some losses, under pressure from global central bank efforts to limit inflation and ahead of an expected buildup in U.S. crude inventories as fuel demand weakens. Brent crude prices for September were down $1.81, or 1.69%, at $105.54 a …

Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al-Saud said that oil was not discussed at a U.S.-Arab summit held on Saturday, and that OPEC+ would continue to assess market conditions and act as necessary. “There was no oil discussion at the summit,” Prince Faisal told a news conference, adding …

Saudi Minister of State for Foreign Affairs Adel Al-Jubeir has said Saudi Arabia will boost oil production only in case of a supply shortage in the market. Speaking to the media early Saturday, Al-Jubeir said the decisions on production will be made in coordination with members of OPEC and OPEC+ …

OPEC expects global oil demand to rise in 2023 but at a slower pace than 2022, the producer group said in its first forecast for next year, citing still-robust economic growth and progress in containing COVID-19 in China. In a monthly report on Tuesday, the Organisation of the Petroleum Exporting …

OPEC+ pumped more than 2.5 million barrels per day (bpd) below its target in June, despite a rebound in Russia’s oil production that helped the group’s output rise by 730,000 bpd from May, according to the Argus survey published on Friday. Saudi Arabia and Iraq, OPEC’s largest and second-largest producers, …

Mohammad Barkindo, a Nigerian politician and the secretary-general of oil group OPEC, has died at the age of 63. The head of Nigeria’s National Petroleum Corporation, Mele Kyari, announced the news in a tweet Wednesday, which was confirmed by two sources at OPEC. “We lost our esteemed Dr Muhammad Sanusi …

The Atlantic Council has disclosed that Mohammad Sanusi Barkindo, secretary general for the Organization of the Petroleum Exporting Countries (OPEC), will join the Atlantic Council as a distinguished fellow in the Global Energy Center after the conclusion of his term at OPEC on July 31. Barkindo’s fellowship at the council …