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

High energy prices are jeopardizing the world’s pandemic recovery, the International Energy Agency’s executive director said Feb. 16, calling on OPEC and its allies to hit their oil production targets and for countries not to wield energy as a geopolitical weapon. “Today, very high oil and gas prices are putting …

The International Energy Agency on Friday raised its forecast for world oil demand in 2022 but warned of a “chronic” failure by OPEC and its allies to meet their output targets. The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, …

Russia could get an additional $65 billion for its state coffers this year if higher oil prices remain resilient, Bloomberg reported this week, citing estimates made by economists. For the windfall to realize, prices need to remain around $90 per barrel of Brent for the rest of the year, according …

Oil prices rose for an eighth straight week amid growing concerns about supply disruptions as a result of intensifying geopolitical tensions in eastern Europe and a rise in demand. Brent, the global benchmark for two thirds of the world’s oil, jumped 3.31 per cent to trade at $94.44 per barrel …

A report released by Organization of the Petroleum Exporting Countries (OPEC) indicates that Iran’s oil production in January experienced 21,000 barrels per day increase, reaching the highest production level comparing last three years. Despite continued economic sanctions on the Islamic Republic, its crude oil production reached more than 2.5 million …

Crude oil supply by non-OPEC countries will grow by 3 mln barrels daily in 2022, the Organization of Petroleum Exporting Countries (OPEC) says in its February report. OPEC at the same time lowered the estimate in increase of supplies from 0.7 mln barrels a day to 0.6 mln barrels daily …

Oil prices continue to move toward the $100 a barrel threshold amid growing supply concerns, as OPEC and allied producers are slow to boost output. Ransomware attacks on German storage facilities and winter storms in the US are also pushing prices higher. European benchmark Brent Crude closed around $92.8 per …

After a month in which oil prices surged 15% and geopolitical tensions seethed around the world, OPEC and its allies took a record-quick 16 minutes to decide that they would stick to their previously planned output increase. Apparently, there were no lengthy discussions at Wednesday’s meeting about member nations of …

Oil prices climbed on Friday, heading for gains for the seventh consecutive week over reports of supply disruptions in Libya and an explosion on an oil production ship off the coast of Nigeria. International benchmark Brent crude was trading at $91.44 per barrel at 0654 GMT with a 0.36% gain …

Oil prices eased on Thursday following weak U.S. payrolls data and some profit taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases, Trend reports with reference to Reuters. Brent crude fell 17 cents, or 0.2%, to $89.30 a barrel by 0420 GMT, after …