Tag Archives: OPEC

New York, U.S. | Xinhua | Oil prices rose on Tuesday, extending the gains they had scored in the prior session, as fears over the COVID-19 Omicron variant retreated. The West Texas Intermediate for January delivery added 2.56 U.S. dollars, or 3.7 percent, to settle at 72.05 dollars a barrel on …

New York, U.S. | Xinhua | Oil prices surged on Monday, reclaiming the losses they had suffered in the prior week. The West Texas Intermediate for January delivery added 3.23 U.S. dollars, or 4.9 percent, to settle at 69.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for …

New York, U.S. | Xinhua | Oil prices rose on Monday, building on the gains they had scored in the prior week. The West Texas Intermediate (WTI) for November delivery added 1.17 U.S. dollars, or 1.5 percent, to settle at 80.52 dollars a barrel on the New York Mercantile Exchange, the …

Brazzaville, Congo | Xinhua | The Republic of the Congo will succeed Angola as OPEC’s rotating president in 2022, said Mohammed Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) on Monday. “Congo will take over the presidency of OPEC in 2022,” he said after an exchange with Congolese …

Houston, U.S. | Xinhua | The U.S. Energy Information Administration (EIA) forecast in a report on Tuesday that global crude oil prices will remain near current levels for the remainder of 2021 and will decline next year. In its August’s Short-Term Energy Outlook (STEO), EIA said Brent crude oil spot prices …

  Valletta, Malta | Xinhua | Global oil demand is rising following an accelerated vaccination campaign and an economic recovery, pushing oil prices to two-and-a-half-year highs amid an output deficit. Although an agreement for more output reached among the Organization of the Petroleum Exporting Countries (OPEC) and its allies on July …

  Tehran, Iran | Xinhua | Iran will increase its oil production to pre-sanctions level “as soon as possible,” the country’s Minister of Oil Bijan Zanganeh said Friday, official news agency IRNA reported. “Whenever the sanctions are lifted, we will return to the market in the shortest possible time and …

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) revised down its forecast of global oil demand for 2021, predicting a year-on-year expansion of 5.8 million barrels per day (b/d) in its monthly report published on Thursday. This is about 0.1 million b/d lower than last month’s …

Riyadh, Saudi Arabia | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries decided at a meeting on Thursday to increase oil production by 500,000 barrels per day (bpd) in January 2021. In light of the current oil market fundamentals and the outlook for 2021, OPEC+ agreed …

New York, US | Xinhua | Global oil market will rely more on the Middle East as U.S. shale oil production is expected to continue to fall, according to industry experts. U.S. shale oil production will fall by 900,000 barrels per day in 2020 and drop another 1.1 million barrels per …