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

Iraq’s crude oil exports have increased so far in July, shipping data showed and industry sources said, suggesting OPEC’s second-largest producer is still undershooting its production cut target under an OPEC-led deal. Exports from Basra and other southern Iraq terminals to July 29 averaged 2.75 million bpd, based on figures …

The historic OPEC+ output cuts agreement has kept vast quantities of oil in the ground. This represents an opportunity for hedging these remaining barrels in their reservoirs and selling them at specified prices in the future. Mexico may be one of the few, if not the only, producer whose budget …

The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable …

Benchmark Brent crude prices have risen by 128% from their April low, remaining above $40 a barrel since the middle of June. But rising supply and faltering demand bode ill for those who want oil prices to keep climbing. The OPEC+ group of oil producers, who have implemented unprecedented output …

The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data. US crude supply to Europe reached nearly 31 million barrels in July, according to Refinitiv Eikon data as …

The Iraqi Oil marketing company (SOMO) denied, on Thursday, that it exceeded OPEC+ target for oil exports for July. The state company issued a statement in response to the article “Iraqi oil exports in July above OPEC+ target within 20 days only” published by “Attaqa website”. “The Oil Marketing Company …

Oil prices edged lower on Wednesday as government data showed a surprise rise in U.S. crude inventories and as tensions escalated between the United States and China. Brent crude futures settled down 3 cents at $44.29 a barrel, while U.S. West Texas Intermediate crude settled down 2 cents at $41.90 …

OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said on Wednesday. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting …

Oil prices fell on Wednesday as industry data showed a bigger than expected inventory build in the United States, where a surge in coronavirus cases could further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 60 cents, or 1.4%, to $43.72 a barrel by 0912 GMT. …

Iraq’s Gharraf oil field has restarted production at a rate of 50,000 b/d after output was suspended in mid-March as part of measures to contain the coronavirus pandemic, a Japan Petroleum Exploration spokesman told S&P Global Platts July 22. Production was restarted July 21 after Malaysia’s Petronas, the operator of …