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

A few years ago, as U.S. shale oil production soared towards 11 and then 12 million bpd, turning the country into the world’s largest oil producer, it was fashionable to start imagining that OPEC was becoming irrelevant. It took a pandemic to refute that argument; and now, OPEC is more …

The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept. 1, Kuwait’s oil minister said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the …

New Oil Minister Javad Owji says the country would move to regain its position as an influential member of the Organization of Petroleum Exporting Countries (OPEC). Owji said on his first day of work in the Oil Ministry that Iran would seek to increase its crude exports amid a recovery …

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted during the pandemic, …

Saudi Arabia could not ship more crude oil in the first half as it voluntarily restrained output under OPEC+ production-cut agreement; however, high oil prices this year helped the Kingdom to see stable income. The Kingdom’s crude oil exports averaged 5.776 million barrels per day (bpd) in the first half …

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 …