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

Eight members of the OPEC+ group of oil-producing nations said on Sunday they were extending supply cuts until the end of December. The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential election, though analysts predict a limited …

Crude oil prices started the week with a gain of over $1 per barrel following reports that OPEC+ had decided to postpone a planned partial rollback of its production cuts. The group was supposed to bring back some 180,000 barrels daily in supply from December but it had conditioned that …

Oil traders can’t seem to agree on where OPEC+ will steer production next, and it’s anyone’s guess if the cartel’s December hike is still on the table. OPEC+ has touted plans for a boost, but the group’s go-to mantra—adjusting output based on market ‘realities’—is giving traders pause. According to a …

Iran’s oil production continued to rise in September despite a global decline in output and restrictions imposed on the country’s exports because of US sanctions. Latest data by the Organization of the Petroleum Exporting Countries (OPEC) cited by local news agencies on Monday showed that Iran’s oil output had increased …

OPEC’s crude oil production slumped by 604,000 barrels per day (bpd) in September compared to August, as Libya’s output was largely halted amid a political standoff and Iraq moved to improve compliance with the OPEC+ cuts. All 12 OPEC producers pumped on average 26.04 million bpd of crude last month, …

Kazakhstan has been one of the “rogue” members of OPEC+, regularly producing more oil than it was supposed to under the bloc’s output cap agreement. Now, it seems that Kazakhstan has done it again, potentially heightening internal tensions within OPEC+. Reuters reported this week that Kazakhstan’s largest field, Tengiz, had …

The International Court of Justice (ICJ) in The Hague on Monday began hearings in a dispute between OPEC’s African members Equatorial Guinea and Gabon over several small islands in an area in the Gulf of Guinea thought to contain significant oil resources. The dispute, running for around 50 years, is …

The OPEC oil cartel and the IEA, the International Energy Agency created in response to the Arab oil embargo in the 1970s, have grown so far apart in their forecasts of global oil demand and energy system needs that their nearest-term and long-term demand projections are a world apart. OPEC …

Despite recent rumors, sources within OPEC+ have confirmed there’s no specific price target for crude oil, including the oft-discussed $100 per barrel. This comes in response to speculation that Saudi Arabia, a key player in the group, may allow lower prices to reclaim market share by boosting production. Anonymous OPEC+ …

OPEC’s latest World Oil Outlook (WOO) 2024 makes it clear: peak oil demand is not on the horizon. Despite ongoing discussions around transitioning to renewable energy, OPEC forecasts global oil demand to grow significantly, reaching over 120 million barrels per day (mb/d) by 2050. This projection is driven by strong …