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

A U.S. Senate panel will consider as soon as next week a bill to open the OPEC oil production group and countries working with it to lawsuits for collusion on boosting petroleum prices, Senator Chuck Grassley’s office said on Thursday. The bill, sponsored by Grassley, a Republican, Senator Amy Klobuchar, …

Oil was up on Thursday morning in Asia but remained in a narrow range after supplies from Libya shook markets earlier in the week. Brent oil futures jumped 0.92% to $107.78 by 12:11 AM ET (4:11 AM GMT) and WTI futures rose 0.83% to $103.04. Markets are likely to become …

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed this weekend their countries’ cooperation in the OPEC+ oil production pact in their second telephone call since Russia’s invasion of Ukraine. Russia is a key partner to OPEC’s largest producer and de facto leader, Saudi Arabia, in the …

OPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia’s invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) …

Oil prices climbed on Tuesday as fears of a demand downturn in China eased after Shanghai relaxed some Covid-19 related restrictions, and oil cartel OPEC warned it would be impossible to increase output enough to offset lost Russian supply. Brent crude futures were up $1.72, or 1.75%, to $100.20 a …

OPEC told the European Union on Monday (11 April) that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more. European Union officials held talks in Vienna with …

OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigeria’s Petroleum Minister Timipre Sylva told Anadolu Agency on Friday. “It is not something that you can open a tap for at this point. You must have the additional capacity, …

Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia’s invasion of Ukraine, the oil ministry said. The second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported “100,563,999 barrels for revenues …

Saudi Arabia and the United Arab Emirates said the U.S. must trust OPEC+’s strategy, as Washington and other major importers call on the group to hike oil production following Russia’s invasion of Ukraine. Crude prices surged to almost $140 a barrel soon after Moscow’s attack last month, though they’ve eased …

The United Arab Emirates on Monday urged Western countries to be “reasonable” in their expectations, underlining its commitment to the global OPEC+ energy alliance. The grouping of the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, is an “alliance to …