U.S. crude oil production broke another record in September, putting additional pressure on the OPEC+ group, which looks to keep oil prices above $80 per barrel by controlling “market stability.”
The underwhelming OPEC+ meeting last week showed that …
Last week, OPEC and its partners from OPEC+ agreed to deepen and extend their production cuts into the first quarter of 2024. The move, almost unanimously seen as a means to propping up oil prices, did not have …
LONDON :OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday.
Several analysts have said they expect OPEC+ to …
(Bloomberg) – Ahead of the delayed OPEC+ meeting on Thursday, there are indications oil supply is running ahead of demand, highlighting the thorny challenge facing the group as it prepares to set production policy for 2024.
With futures
LONDON – An OPEC technical panel invited a top financial market dealer to give a presentation this week which painted a bearish outlook for the oil market, according to materials from the presentation seen by Reuters.
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LONDON – Oil prices tanked 4% on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts.
Brent crude futures was down $3.39, or 4.1%, to …
MOSCOW – As the world’s most powerful oil producers ponder further supply cuts, Russia has little incentive for a radical change as its energy revenue is strong, oil prices are higher than its forecasts and its budget deficit is …
Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, …
(Bloomberg) — OPEC is seeking to expand its legal team as the oil producer group prepares for challenges posed by the global shift away from fossil fuels. The Organization of Petroleum Exporting Countries wants to hire a new …
OPEC’s crude oil production rose in October by 80,000 barrels per day (bpd) compared to September, but the output at the countries bound by the OPEC+ pact continued to be well below the levels agreed, OPEC said on …
(Bloomberg) – OPEC+ still has a positive outlook for growth in oil demand, despite the headwinds faced by the global economy, as it prepares for its next ministerial meeting. “The economy, despite the challenges, is still doing quite …
LONDON – OPEC oil output has risen for a third straight month in October, a Reuters survey found on Tuesday, led by increases in Nigeria and Angola and despite ongoing cuts by Saudi Arabia and other members of the …
Global oil demand is set to rise by 2.4 million barrels per day (bpd) this year and by another 2.2 million bpd next year amid improving Chinese economy, OPEC said on Thursday, leaving its demand forecast for both …
Representatives from the oil industry and from OPEC will attend the COP28 climate summit in Dubai next month, OPEC Secretary General Haitham Al Ghais said on Tuesday. “The oil industry will be at COP and we will be …
LONDON/DUBAI – OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group’s more bullish view compared to other forecasters.
The …
(Bloomberg) – Saudi Arabia Energy Minister Prince Abdulaziz bin Salman said OPEC is working to keep oil markets stable and improve global energy security, without targeting any specific price level for crude.
“Proactive, preemptive and precaution — these …
(Bloomberg) – Global oil markets are on track for a sharp supply deficit of more than 2 MMbpd this quarter as Saudi Arabia slashes production, OPEC data indicate. Output from the Organization of Petroleum Exporting Countries tumbled last …
(Bloomberg) – OPEC signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets. A monitoring committee comprising the kingdom and other key OPEC nations recommended no …
LONDON – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey …
LONDON – OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market, …
LONDON – Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman earlier this month outlined one of the biggest reforms at OPEC in recent years and presented it as a reward for countries that invest in their oil industry.
The …
NEW YORK – Oil prices fell by about 4% on Tuesday on concerns about whether the U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of
LONDON – The number of short positions in oil essentially betting that prices will fall has risen ahead of the next OPEC+ policy meeting on June 4, analysts said, making a surprise decision by producers at those talks more …
(Bloomberg) – OPEC invited Ecuador to rejoin the oil producers’ group just over three years after its departure, according to a letter received by the country’s Energy Ministry.
Secretary-General Haitham Al-Ghais wrote that readmission of the Latin …
Crude oil prices have been on a losing streak for four consecutive weeks now, erasing all the gains they booked after OPEC’s latest supply cut announcement as economic fears take precedence over demand expectations.
When the cartel announced …
LONDON – OPEC on Thursday further raised its forecast for Chinese oil demand growth in 2023 following the relaxation of the country’s COVID-19 curbs, although it left the global total steady citing potential downside risks for growth in other …
