Tag Archives: OPEC

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Thursday announced further production cuts for next year to bolster oil prices that have recently tumbled amid a weakening economic backdrop. Following a virtual meeting of OPEC+ oil …

Kampala, Uganda | THE INDEPENDENT | Petrol prices and global inflation are likely to tick higher again as the OPEC+ group of oil-producing countries will hold production at nine million barrels a day for the rest of the year. In Kampala, a liter of Diesel was at some pump station nearing …

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Sunday agreed to adjust their overall production level to 40.46 million barrels per day (bpd) next year. The oil-producer alliance announced the decision in a statement released after …

Houston, U.S. | Xinhua | Oil prices are falling. Now many experts expect the trend to continue over the next two years, with significant uncertainties ahead. PROJECTED FALLING PRICES The U.S. Energy Information Agency (EIA) forecast earlier this month that the average Brent crude oil price would decrease from 100.94 U.S. …

Russia has made it clear that it will not export oil to countries that enforce price caps Rome, Italy | Xinhua | A price cap on Russian seaborne crude recently agreed by the European Union (EU), the Group of Seven (G7) nations and Australia came into effect on Monday. Whether the …

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) on Monday further revised down its forecasts for global oil demand in 2022 and 2023, citing economic challenges and geopolitical uncertainties. The latest forecasts were released in OPEC’s monthly report. The oil-producer alliance had already made several downward …

Luanda, Angola | Xinhua | Angola has announced support for the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, to ensure the producing countries’ fair revenues and continuous crude oil supply. Angola will remain in line with the decisions of OPEC+, said the country’s Ministry …

New York, U.S. | Xinhua | Oil prices fell on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand growth estimates for both 2022 and 2023. The West Texas Intermediate for November delivery decreased 2.08 U.S. dollars, or 2.3 percent, to settle at 87.27 dollars …

Overall oil production to reduce by two million barrels per day starting November Lagos, Nigeria | Xinhua | The African Petroleum Producers’ Organization (APPO) announced Thursday it supports the recent decision by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil-producing countries to cut overall oil production by two …

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a major production cut of 2 million barrels per day (bpd) starting November to bolster oil prices that have recently tumbled over recession fears. The oil alliance …