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

OPEC+ has delayed its decision on the extent of crude oil production increases, raising questions about the alliance’s capacity to coordinate production and highlighting disagreements about supply policies, according to Fitch Ratings. Earlier this week, OPEC+ postponed for a third time its meeting to finalise the decision on the next …

Oil prices rose for a second day on Friday as the market reacted to falling US inventories. Signs of strong Asian demand from both China and India also strengthened the market. Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p.m. ET (1712 GMT). …

Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories, but were headed for a weekly loss amid uncertainty about global supplies fuelled by an OPEC+ impasse. Brent crude oil futures were up 27 cents, or 0.4%, at $74.39 a barrel by 0644 …

Russia is leading efforts to close divisions between Saudi Arabia and the United Arab Emirates to help strike a deal to raise oil output in coming months, three OPEC+ sources said, with OPEC and its allies yet to set a date for their next oil policy meeting. Disagreement between the …

The postponement of the OPEC+ meeting will not jeopardize the group’s efforts until April 2022, but oil supplies are already squeezed in an already tight market. The agreement is still valid until then, even if the 18th OPEC+ meeting hasn’t yet reach a deal on output increases, as the UAE …

OPEC’s sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are not taking chances with the market’s volatility. Shale producers are famous for boosting output whenever oil prices surge. However, the …

Oil prices steadied on Wednesday after a steep drop in the previous session, after the cancellation of talks among OPEC+ producers that raised the prospect that the world’s major crude exporters will turn on the taps to gain market share. Brent crude was up 3c at $74.56 a barrel by …

Oil prices were little changed and trading only slightly down early on Monday while the market is waiting for the OPEC+ group to begin a third day of meetings to try to reach a consensus about oil production levels in the coming months. As of 10:15 a.m. EDT on Monday, …

Oil prices are balancing above $75 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and partners failed to agree on output policy. If the group fails to boost production, crude prices could surge. Crude prices retreated slightly on Monday, with Brent futures down 0.11% to $76.09 a …

Iraq supports the proposal to increase OPEC+ production between August and December and backs the extension of the output cuts agreement till the end of 2022, the country’s oil minister said July 4, as ministers prepare to meet to resolve an impasse spilling over from last week’s meeting. The OPEC+ …