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

For the past year, oil consuming countries have become increasingly anxious at crude’s resurgence: first to $50 a barrel, then $75 and now to more than $85. And when Vladimir Putin, one of the leaders of the OPEC+ alliance, warned that $100 a barrel was a distinct possibility, the alarm …

OPEC+ is ready to risk prices going higher and affecting demand rather than add more supply to curb the upward potential of benchmarks, Reuters’ John Kemp wrote in a column this week. According to Kemp, OPEC+, like US shale oil drillers, tend to put more weight on the downside risks …

Although the OPEC+ alliance is currently ramping up its collective crude oil production slightly above what they had agreed on, not all members of the group can quickly raise their output, Russian President Vladimir Putin said at an event on Thursday. “Currently, the OPEC+ countries are increasing production volumes, even …

OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic. OPEC+ cut its production 15 per cent deeper than planned in September, compared with 16 per cent in August and 9 per …

The Covid-19 pandemic has led to many unforeseen consequences, and right now we may be approaching one of the biggest: the possible neutering of the green energy movement. Prices of fossil fuels are rising sharply, and most of the world is responding by trying to get those prices back down …

OPEC leader Saudi Arabia dismissed calls for speedier oil output increases on Thursday, saying its efforts with allies were enough and protecting the oil market from the wild price swings seen in natural gas and coal markets. “What we see in the oil market today is an incremental (price) increase …

The Organisation of Petroleum Exporting Countries (OPEC) on Monday forecast $1.5 trillion downstream investment for between 2021 and 2045. OPEC also predicted that of the amount, $450billion would be invested in new refinery projects and extension of existing ones. The organisation foresaw positive development in the African downstream that would …

On Monday, OPEC and non-OPEC oil-producing countries (OPEC+) confirmed that they will increase their joint production by 400,000 barrels per day in November. They left unchanged their plan to increase supplies progressively. It was announced by the 23 member countries of the alliance in their final declaration. They also decided …

The Kremlin won’t prejudge any outome of the coming regular video conference of the OPEC+ ministers, Kremlin spokesman Dmitry Peskov told reported on Monday. “Traditionally we would not like to prejudge any outcome of such a meeting,” he said responding to a relevant question. When asked if the Russian President …

OPEC+ remains very much in control of the oil market as ministers gather for their monthly meeting. Crude is trading just below $80 a barrel in London, the highest in almost three years, and the cartel’s production policy will be the main factor influencing prices in the coming months, according …