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

Russia will reach its oil production quota in June after exceeding its target output under the OPEC+ deal in May, the Russian Energy Ministry said on Thursday. Russia slightly exceeded its OPEC+ quota in May, based on data from independent sources monitoring the agreement, the ministry said, adding that “the …

Chinese crude oil imports over the first five months of the year were down by 130,000 bpd from a year earlier. In any other country, this would have been business as usual. In China, it may spell doom for prices. The world’s biggest importer of crude is the logical focus …

OPEC+ ministers rejected oil’s bearish reaction to its decision to gradually boost crude production from October and predicted the market will eventually see that the group’s policy is correct. The alliance remains committed to the stability of the oil market and can react quickly to any changes, ministers from the …

Oil and gas production in the United States hit record highs at the end of 2023 but has since trended lower, and the growth in output has slowed year-over-year. U.S. companies have slowed production growth rates as oil prices stabilized at lower levels last year compared to the 2022 highs, …

OPEC’s crude oil production rose by 145,000 barrels per day (bpd) in May compared to April, as Iraq continues to pump above its quota and boosted output alongside African producer Nigeria, the monthly Reuters survey showed on Tuesday. OPEC produced a total of 26.63 million bpd in May, an increase …

Brent crude was trading down well over 3% on Monday, marking the first time the global benchmark has been below $80 since February, with the U.S. crude benchmark down over 3.5% following the OPEC+ agreement to start phasing out voluntary cuts in October. On Monday at 11:54 a.m. ET, Brent …

The OPEC+ group is likely to roll over their current production cuts into the second half of 2024 when producers meet online this weekend, according to analysts and market expectations. The alliance is likely to extend the current 2.2 million barrels per day (bpd) production cuts, four anonymous OPEC+ delegates …

The global economy has been relatively resilient in recent months, which has led OPEC to continue to anticipate robust oil demand growth this year and next, OPEC Secretary General Haitham Al Ghais said on Monday. “For 2024, oil demand growth is at 2.2 mb/d, with total global demand anticipated to …

Oil prices rose slightly in Asian trade on Monday, recovering mildly from steep losses last week as traders awaited more cues on U.S. inflation and a meeting of the Organization of Petroleum Exporting Countries this week. Still, trading volumes were expected to be limited with market holidays in the U.S. …

Saudi Arabia, the world’s top crude oil exporter, saw its crude shipments rise in March to the highest level in 9 months, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday. Saudi crude exports rose by 96,000 barrels per day (bpd) in March compared to February, …