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

The OPEC and its allies have agreed to gradually increase oil production in the coming months, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic, reports stated on Thursday. The oil cartel and its allied nations agreed to add back some 2 million barrels …

Kuwait’s Oil Minister Oil Mohammad Abdulatif Al-Fares expressed “cautious optimism” on Wednesday that the global oil demand will improve as COVID-19 vaccination programs gather pace and industrial output recovers. Speaking ahead of a joint meeting of the Organization of Petroleum Exporting Countries and other major oil producers, he said the …

Saudi Arabia has not yet decided its position on OPEC+ oil production quotas, a Saudi Arabian source told S&P Global Platts on March 30, two days ahead of the bloc’s meeting to decide on May output levels. The source denied a report that the kingdom was prepared to support extending …

Russia, the leader of the non-OPEC group in OPEC+, favors a rollover of the alliance’s oil production cuts while seeking a slight increase for itself to meet higher seasonal demand, a source with knowledge of Moscow’s plans told Reuters on Monday. Russia has sought and obtained small increases for its …

With oil prices making steady gains earlier this year, OPEC and other producers had hoped to ease output cuts, but industry sources say a fresh wave of lockdowns around the world threatens to tear up those plans. The OPEC+ group of producers, which are holding back millions of barrels of …

Kazakhstan meticulously studied the lessons of the 2014/2015 oil slump and has so far survived the last 12 months’ market depression with legislative and executive poise. Though still heavily dependent on oil revenues, the Kazakh authorities have seen the tenge depreciate over the course of 2020, digesting most of the …

Global demand for liquefied natural gas will grow to 700 million tons annually by 2040 from 360 million tons last year, Shell said in its LNG Outlook 2021. As much as 75 percent of this demand growth will come from one regional market: Asia. Asian economies have been a key …

Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC’s decision to ignore calls from New Delhi to help the global economy with higher supply. Two sources familiar with the discussions said the move …

The Organization of the Petroleum Exporting Countries (OPEC), in its Monthly Oil Market Report (MOMR) for Feb-2021, recently released, showed that oil demand has continued to recover from the Q2-2020 slump, climbing to 92.1mb/d and 94.0mb/d in Q3-2020 and Q4-2020, respectively from 82.8mb/d in Q2-2020. The forecast is said to …

Iraq ranked second in the list of OPEC countries that rose their oil production in February, OPEC report said today, Saturday. The organization stated in its monthly report, “the production of the 13 member states of the Organization of Petroleum Exporting Countries” OPEC “decreased last February, reaching an average of …