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

HSBC’s forecast that Brent Crude prices would remain around $65 per barrel later this year could be too optimistic as OPEC+ continues to raise production, which will result in a bigger-than-expected surplus after the summer ends. “Our new scenario assumes regular hikes from October to December and leaves the 2.2mbd …

Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed …

US crude futures fell on Friday as traders expected OPEC+ would decide on Saturday to boost oil output for July beyond previous forecasts. Brent crude futures settled down 25 cents, or 0.39%, at $63.90 a barrel. US West Texas Intermediate crude finished down 15 cents, or 0.25%, at $60.79 a …

The OPEC+ group must consider rising oil demand when it makes decisions about production levels, the energy minister of one of OPEC’s top producers, the United Arab Emirates (UAE), said on Tuesday. The OPEC+ alliance is doing its best to balance the oil market, UAE’s Energy Minister Suhail Mohamed Al …

Despite oil trading low at $60, OPEC+ this week is expected to continue to further open the taps. This follows pressure from US President Donald Trump and group leader Saudi Arabia’s quest to penalise allies that breach the cartel’s quotas. In past months, Saudi Arabia, Russia and six other OPEC+ …

Kazakhstan is likely to top its oil production plan this year, due to the expansion of the Chevron-led Tengiz field, Kazakhstan’s Energy Minister Erlan Akkenzhenov said on Friday, in yet another snub at OPEC+ quotas. Earlier this year, Kazakhstan’s energy ministry said that the country plans to produce a total …

Kazakhstan’s oil production rose 2% in May, defying yet another OPEC+ quota and testing the limits of Saudi Arabia’s patience with overproducers. According to an industry source cited by Reuters, the country pumped an average of 1.86 million barrels per day (bpd) of crude in the first 19 days of …

All the countries in the OPEC+ pact saw their combined crude oil production drop by 106,000 barrels per day (bpd) in April compared to March, despite the pledge of the eight OPEC+ producers who are withholding supply to begin easing their cuts. OPEC+ producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, …

Oil buckled on concerns of a global glut after OPEC+ agreed to another bumper output increase, adding to supply at a time when demand is challenged by the drag from the trade war. Global benchmark Brent tumbled as much as 4.6% toward $58 a barrel as the week’s trading kicked …

Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply. Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas …