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

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 …

Oil prices eased on Tuesday, reversing earlier gains, as U.S. consumer prices unexpectedly rose in August, giving cover for the U.S. Federal Reserve to deliver another hefty interest rate increase next week. Brent crude was down 80 cents, or 0.9%, to $93.20 a barrel at 1254 GMT, while WTI crude …

OPEC+ reversed on Monday this month’s increase in oil production targets and cut the group’s collective quota by 100,000 barrels per day (bpd) for the month of October. While the move is totally negligible in terms of actual supply to the market, considering not only the slight change in the …

Oil prices inched lower on Tuesday, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market’s recent slide. Brent crude futures had fallen 81 cents, or 0.9 …

The OPEC+ oil cartel agreed on Monday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears. The move could irk the United States as it has pressed the group to increase output in order …

Saudi Arabia’s signal from two weeks ago that OPEC+ could decide to cut production at any time, in any form, managed to lift Brent oil prices to above $100 per barrel for around a week. But this week, fresh lockdowns in China, intensified fears of recession, and guidance that the …