Tag Archives: OPEC

Vienna, Austria | Xinhua | World oil demand is projected to grow further next year, albeit at a slower pace than in 2022, according to a report published on Tuesday by the Organization of the Petroleum Exporting Countries (OPEC). OPEC said in its monthly report that it expects the global oil …

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, said on Thursday that they would stick to a previously decided output boost in August despite calls for bigger increases to rein in crude prices. At its last meeting in …

Baghdad, Iraq | Xinhua | Iraq seeks to raise its crude oil production to 8 million barrels per day (bpd) by the end of 2027 to fulfil its commitment to export quota within the Organization of the Petroleum Exporting Countries (OPEC), Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said Sunday. “Iraq is …

Oil production to increase by 648,000 barrels per day (bpd) in July Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Thursday agreed to significant oil output increases in July amid calls for the alliance to help contain …

OPEC Secretary-General Mohammad Barkindo says prices as being driven not by fundamentals but primarily by political factors at present New York, U.S. | Xinhua | Oil prices surged on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) warned of severe supply risks if Russian oil is fully banned. The West …

Vienna, Austria | Xinhua | The head of the Organization of Petroleum Exporting Countries (OPEC) on Wednesday called on global leaders to uphold multilateralism to ensure “unhindered, stable and secure” energy flow to the global market. OPEC Secretary-General Mohammad Sanusi Barkindo made the remarks at a virtual meeting of the joint …

Since 2017, the Gulf states and Russia have forged a stable energy alliance under the umbrella of OPEC+ Cairo, Egypt | Xinhua | Saudi Arabia, the United Arab Emirates (UAE) and Qatar, key members of the Organization of the Petroleum Exporting Countries (OPEC), have remained hesitant to increase oil and gas …

Planned increases by the OPEC+ countries are sufficient to address any shortages that may occur in the crude oil supplies to the world markets Baghdad, Iraq | Xinhua | Iraq said on Wednesday that its crude oil exports are in line with the consumption in the world oil market, ruling out …

Houston, U.S. | Xinhua | The head of the Organization of Petroleum Exporting Countries (OPEC) warned on Tuesday that the world cannot replace Russia’s share of oil exports, calling for energy depoliticization. “The issue at stake here is the capacity of the world to meet these perceived shortages,” OPEC Secretary General …

Volatility in the oil market is caused by geopolitical developments rather than changes in market fundamentals New York, U.S. | Xinhua | Oil prices surged again on Wednesday after major oil producers decided to stick to modest output increase despite supply fears amid the Russia-Ukraine conflict. The West Texas Intermediate (WTI) …