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

OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ …

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s secretary general said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partnership will …

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC Secretary General Mohammad Barkindo said on Thursday. He was answering a question about whether there was room in for a planned increase in oil output from …

Every month OPEC (Organization for the Petroleum Exporting Countries) releases a report on the oil industry and the overall OPEC oil price and trend evolution. The report of this October showed the price of oil remained glued to the $40 level for several months now. In all, OPEC now sees …

Russian Energy Minister Alexander Novak said on Wednesday he had invited other BRICS countries – Brazil, India, China and South Africa – to take part in joint oil and gas projects in the Arctic. In a speech at a meeting of energy ministers from the group of major emerging economies, …

Iraq has forecast the average price of its crude oil at $50/b in 2021, 23.4% higher than that which was proposed in the 2020 budget, as OPEC’s second largest producer plans for energy reforms over the next few years, according to a government white paper seen by S&P Global Platts. …

‘The worst is definitely behind us’ in the oil market, says Saudi Aramco CEO Amin Nasser Advertisement Global demand for crude could recover to pre-coronavirus levels by 2022, Saudi Aramco said on Tuesday, October 13, as the International Energy Agency (IEA) projected it could take at least a year longer. …

The Organisation of Petroleum Exporting Countries (OPEC) has projected that despite the growing need for renewables as a source of energy, crude oil and its associated products will remain the largest contributor to the energy mix in the next 25 years. In its annual World Oil Outlook (WOO) 2020, released …

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits. The prediction from the Organization of …

OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the US and elsewhere. The Organization of Petroleum Exporting Countries boosted forecasts for the amount of oil it will need to supply over the next four years, shifting …