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

China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called “an unprecedented intervention.” Indeed, this was the first time China announced the sale of oil from its strategic reserve. …

Consumers should have been enjoying “solid gains” in production as the Organization of Petroleum Exporting Countries and its allies continued their revival of idle capacity, the agency said in its monthly report. Instead, global supply fell by 540,000 barrels a day in August due to unexpected disruptions and will be …

Russia’s crude oil and condensate output jumped in the first weeks of September as some of the nation’s key producers ramped up in line with the OPEC+ deal and Gazprom PJSC recovered from a fire at a facility in West Siberia. The nation pumped an average of 1,456.9 thousand tons …

OPEC trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant on Sept. 13, saying a further recovery would be delayed until next year when consumption will exceed pre-pandemic rates. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly …

OPEC will likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt. On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and …

The Organisation of Petroleum Exporting Countries (OPEC), says financing remains critical, in meeting any climate change target for developing countries. Dr Mohammad Barkindo, OPEC Secretary General, disclosed this at a video conference, entitled: “Ministerial Roundtable on Energy, Climate and Sustainability on Monday. “Financing is critical to reach any climate targets …

Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world’s largest crude exporter wants to entice buyers to take more of its barrels. Saudi Arabia cut oil prices for sales to Asia next month by more than …

The Organisation of the Petroleum Exporting Countries and allies, including Russia, collectively known as OPEC+, has raised its forecast for oil demand next year, in a move that might help to build a case for raising output. Brent crude for November delivery gained 18 cents, or 0.3 per cent to …

The Organization of Petroleum Exporting Countries plus a group led by Russia, OPEC+1 ignored requests from United States president Joe Biden and agreed on Wednesday to continue raising oil output in measured steps as originally agreed. Last July OPEC+1 agreed to gradually increase oil output following the collapse of prices …

After an unusually quick meeting on Sept. 1, OPEC+ decided to stick with its current production deal of adding an extra 400,000 barrels to markets at least until October as it continues to see markets tightening, a recovery in demand for oil for the remainder of 2021 of over 6 …