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

OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, sources from the producer group told Reuters. Eight OPEC+ members are scheduled to boost output by 180,000 barrels …

Iraq has canceled a 1-million-barrel spot crude sale and will defer two more shipments as part of efforts to comply with its OPEC+ production targets, following overproduction in the first half of the year, a senior official from the state oil marketer SOMO said on August 29 and reported by …

The Organization of Petroleum Exporting Countries (OPEC) said on Thursday that it received updated compensation plans from Iraq and Kazakhstan for their overproduced volumes for the first seven months of 2024. According to assessments made by independent sources, OPEC said that Iraq overproduced 1.44 million barrels per day from January …

As OPEC+ gears up for its next meeting, the group finds itself at a crossroads that has the potential to sway global oil markets. With the autumn months approaching, key decisions loom regarding whether to proceed with planned production increases or to maintain current output levels. The backdrop to this …

OPEC is unlikely to reverse any of the production cuts that it approved last year as growing production from non-cartel countries is on the rise, pressuring prices. The observation, made by BP’s chief economist Spencer Dale, could inject some optimism into oil markets, where many appeared to expect that the …

As uncertainty over global crude oil demand continues to hang over the market, even one of its most bullish forecasters – the Organization of Petroleum Exporting (OPEC) – has now lowered its demand growth forecasts for both 2024 and 2025. For nearly a year, both it and the think-tank International …

OPEC’s crude oil production jumped by 185,000 barrels per day (bpd) in July compared to June as top producer Saudi Arabia boosted output, Iraq continued to pump well above its quota, and Iran also raised supply, the monthly OPEC report showed on Monday. Total crude oil production from all 12 …

OPEC+ oil production experienced its largest increase in nearly a year in July, with Iraq and Kazakhstan raising their outputs despite deeper cut commitments, while Russia remained significantly above its quota. According to a survey by Platts OPEC+ from S&P Global Commodity Insights on August 10, the group’s total production …

OPEC maintained steady oil production in July, averaging 26.99 million barrels per day—a slight decrease of 60,000 bpd from June levels, according to a Bloomberg survey. Venezuela and Iran accounted for most of the 60,000 bpd dip, with both countries experiencing decreased demand from China. OPEC and its allies held …

Russia’s oil industry has slowed drilling activity this year from the record highs seen in 2023, as Moscow is limiting production as part of the OPEC+ deal and working to boost its compliance rate. In the first half of 2024, rigs employed by Russian oil companies drilled a total of …