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

Oil prices fell in early Monday trading, after Israel withdrew some soldiers from Gaza amid renewed ceasefire talks, defusing some tension in the Middle East ahead of the Eid Al Fitr holiday. Brent, the benchmark for two thirds of the world’s oil, was down 1.16 per cent at $90.11 a …

Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight. For a second consecutive month, Saudi Arabia raised the price of Arab Light, its …

The OPEC+ alliance may be risking a repeat of last year’s oil market boom and bust. Brent crude prices shot above $90 a barrel on Thursday and analysts warned of a further increase to $100. The rally came after Saudi Arabia and its partners signaled they’ll continue to squeeze supplies …

Russia will be cutting oil production instead of exports in the second quarter of 2024 so that all OPEC+ producers that reduce output contribute equally to the cuts, Russian Deputy Prime Minister Alexander Novak said on Friday. “This is a move to ensure an equal contribution of all countries to …

The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply, OPEC Secretary General Haitham Al Ghais has told Emirati news agency WAM in an interview. “Allocating more investments in the oil industry will …

Iraq’s government and oil companies working in the country’s north blamed each other for delays in resuming a key pipeline to Turkey, divisions that could keep the link shut for even longer. Oil firms’ refusal to deliver Kurdish crude to the federal government for exports is one of the main …

Ever since the International Energy Agency switched from a pure-play information provider to an advocate of the energy transition, its forecasts about oil demand have shifted to increasingly reflect this advocacy. This has led to a growing divergence between the IEA’s and OPEC’s outlooks on the future of the commodity, …

Oil production in the US this year will increase faster than previously expected, helping cushion global supplies as OPEC and its allies restrict output, according to government forecasts. US crude oil production is set to increase to 13.19 million barrels per day this year, up from from a previous projection …

The United States produced more crude oil than any other country in 2023, for the sixth year in a row, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which set a global record at the time, according to the Energy Information Administration (EIA). …

The OPEC+ group’s combined crude oil production in February was little changed from January and still above the overall output quota that OPEC and its allies pledged when they announced extra voluntary supply reductions, according to the latest Platts survey by S&P Global Commodity Insights. The survey showed total OPEC+ …