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

OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months despite US pressure to add more crude to arrest an oil price rise, four sources told Reuters. “I don’t think there is a need (for extra oil …

It was little surprise that Saudi Arabia and the UAE eventually reached a compromise on OPEC production and baselines, despite the high drama at the latest OPEC ministerial. What was surprising, though, was the public nature of the disagreement and the willingness of UAE officials to joust so vigorously with …

OPEC+ is unlikely to respond with increased production to the U.S. calls amid the surging Delta variant, which is set to dampen short-term oil demand, Goldman Sachs says. Earlier this week, the White House called on the OPEC+ group to increase oil production more than they had planned in order …

The Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast on global oil demand growth for 2021 and 2022, and raised its estimates for the growth of the global economy. Global oil demand is estimated to increase by around 6 million barrels per day (bpd) to average 96.6 million …

US President Joe Biden’s calls for OPEC+ to pump more oil may be short-lived as political pressure eases along with gasoline prices over the coming months. US gasoline prices rose 2.4 percent in July from the previous month, taking their 12-month advance to 41.8 percent, according to inflation data. The …

President Joe Biden’s top aides are calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices that they see as a threat to the global economic recovery. Biden’s national security adviser Jake Sullivan criticised the world’s major oil producers for what he …

Oil prices dropped 2 percent on Monday, extending last week’s steep losses on the back of a rising US dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand. Brent crude futures slid $1.41, or 2 percent, to $69.29 a …

Saudi Arabia will lead increases in oil and gas production globally through 2030 as international energy majors remain wary of fluctuating demand and focus on short-term profit, according to Fitch Ratings. The Kingdom will increase production of crude oil, condensate and natural gas liquids by 2.24 million barrels a day …

Iran’s oil minister says the US withdrawal from the 2015 nuclear deal in May 2018 deprived his country from exports of around two billion barrel of oil, worth some 120 billion dollars. Bijan Zangeneh made the comments during a meeting with Secretary General of the Organization of the Petroleum Exporting …

Russia’s permanent envoy to international organizations based in Vienna Mikhail Ulyanov voiced hope that Iran will back OPEC+ efforts to maintain stability on the oil market after sanctions against Tehran are lifted, he wrote on Twitter on Wednesday. “Hopefully after lifting of sanctions and restoration of its oil export Iran …