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

OPEC+ compliance with oil production cuts stood at 117% in November, up from 116% the previous month, two sources from the group told Reuters, indicating the group’s production levels continue to be below agreed targets. Compliance from the 10 OPEC countries participating in the production cuts reached 122%, with participating …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s oil export to the United States dropped by 88% in the past week. EIA stated in a report, “U.S. imports oil 5.869 million bpd in the past week.” The top three source countries of U.S. import oil are Canada …

“Thanksgiving was a Thanksgiving day for the speculators,” said Saudi energy minister Prince Abdulaziz bin Salman. “But let them dare to do another Thanksgiving. They will be ouching like hell.” Saudi Arabia’s energy minister warned traders against shorting oil, saying OPEC+ could react quickly to any fall in prices. OPEC+, …

Russia does not appear to be backing down from its oil and gas commitments, with speculation over new partnerships with India, as well as plans to up its crude output from January, its fossil fuel industry is going from strength to strength. Russia and India signed several energy cooperation agreements …

The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be “more comfortable” in 2022, the International Energy Agency said on Tuesday. The oil market “appears to stand on a better footing than it has for some time,” the IEA wrote in its …

Attempts to cut investment in oil and gas to combat climate change are “misguided,” Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammad Barkindo told an energy conference on Wednesday, December 8, arguing that producers have a critical role to play during the transition to cleaner fuels. Speaking at …

Iraq expects the price of oil to rebound and rise above $75/b in the coming months because current prices are “inappropriate” for producers, the country’s oil minister said Dec. 6, as OPEC+ sticks to its plan to boost output by 400,000 b/d in January. “I think the current oil price …

Amid heightened worry about the course of the pandemic after the emergence of the Omicron variant, Saudi Arabia injected a dose of confidence in markets by raising its official selling price for its flagship Arab Light to a nearly two-year high. Arab Light will sell for $0.60 more per barrel …

Big Oil majors booked profits of a combined $174 billion for the first nine months of the year as they focused on returning cash to shareholders instead of boosting production to arrest a price rally, The Guardian reported this week, citing a report shared exclusively by Accountable.US, a government corruption …

Oil rose after Saudi Arabia boosted the prices of its crude, signalling confidence in the demand outlook despite the spread of the Omicron variant of the coronavirus. Futures in New York advanced more than 2 per cent to trade near $68 a barrel. The Kingdom increased its oil prices for …