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

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 …

The OPEC+ members currently participating in voluntary production cuts will meet this Saturday, May 3, instead of Monday, May 5, according to Kpler’s Amena Bakr on X. The call is set for noon Vienna time, with the agenda focused on “consensus building around maintaining the sped-up increment of 411K for …

Kazakhstan has sparked fresh tensions within OPEC+ by asserting that its oil production strategy will be governed by national interests rather than group quotas, raising questions about future compliance and cohesion within the cartel. Kazakh Energy Minister Erlan Akkenzhenov told Reuters on Wednesday that the Central Asian producer, which pumps …

Last week, eight OPEC+ countries unveiled plans to advance their planned phase-out of voluntary oil output cuts by ramping up output by 411,000 barrels per day in May–equivalent to three monthly increments. The announcement of the accelerated unwinding clip comes at a time when U.S. President Donald Trump announced tariffs …

Key OPEC+ nations reiterated the need for members to stick to oil output quotas after the group’s surprise decision to speed up an output revival battered crude prices. The Joint Ministerial Monitoring Committee noted that some OPEC+ members failed to fully observe their limits or deliver extra curbs pledged as …