Tag Archives: OPEC

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) …

Brazzaville, Congo | Xinhua | Republic of Congo’s Minister of Hydrocarbons Bruno Jean Richard Itoua, current chairman of the ministerial conference of the Organization of the Petroleum Exporting Countries (OPEC), announced Wednesday that OPEC will increase oil production to 400,000 barrels per day. According to Itoua, this decision is aimed at …

New York, U.S. | Xinhua | Oil prices climbed on Tuesday after the world’s major oil producers pledged to stick to their plan to gradually boost output next month. The West Texas Intermediate for February delivery added 91 cents, or 1.2 percent, to settle at 76.99 U.S. dollars a barrel on …

New York, U.S. | Xinhua | Crude oil prices could soften in the coming months as looming oversupply is turning oil producers’ fortunes around, according to industry institutions and analysts. Meanwhile, a possible failure to revive the Iran nuclear deal by the first quarter of 2022 together with expected return of …