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

Russia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter. Moscow expects the current global oil-output deficit to persist in the medium term, two officials said, asking not to …

The increasingly bullish sentiment in oil markets has several analysts to predict $100 in 2022, but some think that prices could hit that level in 2021 already Oil’s rally to above $70 a barrel has spurred talk of $100 oil—an unthinkable outlook at this time last year when economies and …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States increased to 300 thousand bpd in the last week. EIA stated in a report, “The United States oil exports recorded 5.751 bpd in the second week of June.” The top three source countries …

India’s fuel demand jumped by 13 percent in the first two weeks of June, for a first monthly rise since March, suggesting that the worst of the impact of the second COVID wave has peaked and consumption is rebounding. Sales of diesel, the most used road fuel in the world’s …

Oil is expected to rise further this year amid supply constraints and higher demand as global economies continue to rebound from the coronavirus pandemic on the back of vaccination programmes and stimulus measures. And when the global economy regains its pre-pandemic momentum in a couple of years, crude could rise …

Crude oil prices increased on Wednesday after an anticipated fall in US crude inventories, coupled with euphoria over rising oil demand and recovery signs of the world’s largest economies. International benchmark Brent crude was trading at $74.55 per barrel at 06.57 GMT for a 0.75% increase after closing Tuesday at …

Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half. The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair. …

The Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia (known as OPEC+) agreed in April 2020 to reduce oil production by 9.7 million barrels per day (mmbd) to stabilize falling oil prices. The landmark decision was meant to stabilize and lift oil prices that were …

Investors have set their sights on $100 a barrel for oil as the US Energy Information Administration (EIA) forecast a decline in global oil inventories in the second half of 2021 in its June Short-Term Energy Outlook (STEO). Traders have scooped up call options tied to Brent and West Texas …

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, Reuters reported. OPEC+ complied with 115% of the agreed output curbs in May, the source said. It said …