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

Iraq’s Oil Minister, Ihsan Abdul-Jabbar, announced last week that the country plans to increase its oil production capacity to 8 million barrels per day (bpd) by 2029, compared to current production of around 3.8 million bpd that factors in OPEC-mandated cuts. Based on its vast oil resources there is no …

OPEC+ is heading for a largely technical meeting next week where major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said. Alexander Novak said on Wednesday the group may confirm or tweak output plans following its decision to ease production curbs. “We met a month ago, …

OPEC+ achieved a compliance level with its agreed oil production cuts of 113 per cent in March, unchanged from levels in February, two sources from the producer group told Reuters on Tuesday. Compliance from members of the Organization of the Petroleum Exporting Countries (OPEC) reached 124 per cent, while non-OPEC …

Ministers of countries participating in the OPEC+ oil production limiting agreement are discussing a shorter format of talks in late April. They can abandon the ministerial meeting and leave the meeting of the Joint Ministerial Monitoring Committee (JMMC), a source in OPEC told TASS on Monday. “Such an idea is …

The US oil industry faces a new oil price war if shale production rebounds next year by rising 1 million bpd compared to this year, chief executive at shale giant Pioneer Natural Resources said at BloombergNEF’s annual summit. Last year, the OPEC+ group broke up their production pact in March …

Prior to the pandemic, Russia was producing 560 million tonnes of oil, a rate of around 11.3 million bpd, hitting record levels in 2019, Polprice anaylsed. However, in 2020, production levels decreased for the 1st time in over a decade as Russia agreed to cut production alongside OPEC+ countries to …

U.S. shale producers risk another oil-price war with OPEC and its allies if they resume the breakneck production growth of the last decade, according to Pioneer Natural Resources Co. Shale, and not the pandemic, was responsible for the initial oil-market crash of 2020, CEO Scott Sheffield said at BloombergNEF’s annual …

The world’s largest oil company and biggest oil exporter, Saudi Aramco, has resumed tendering and development work on major offshore oil expansion projects that would give Saudi Arabia another 1.15 million barrels per day (bpd) of production capacity by 2024, Argus reported on Friday, citing a contractor with knowledge of …

Russia’s revised oil strategy will focus on maximizing monetization from crude exports before hitting peak production in 2027-2029 and seeing world demand drop, according to a draft document on the development of the sector up to 2035 being reviewed by the State Duma and set to be approved by the …

Oil prices rose on Thursday to the highest level in nearly a month, after jumping 5% in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and OPEC as major economies recover from the pandemic. Brent crude was up by 16 cents at $66.74 a …