Tag: OPEC

OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising consumption in the developing world, and said there was no sign oil use had reached its peak.

OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates’ move to a larger quota, five sources said.

The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower.

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.

OPEC+, made up of the Organization of the Petroleum Exporting Countries and its allies, including Russia, will extend voluntary production cuts into the second quarter, Saudi Arabia’s official press agency said Sunday.

Oil prices were rising early Friday after a report saying the Organization of the Petroleum Exporting Countries will keep its voluntary output reductions in place.

Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC) because membership is not serving its interests, oil minister Diamantino Azevedo said on Thursday.

MOSCOW, Dec 7 (Reuters) – Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy just days after a fractious meeting of the producers’ club.

LONDON/MOSCOW/DUBAI, Nov 30 (Reuters) – OPEC+ oil producers are likely to agree output cuts of at least 1 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its voluntary additional cut and smaller curbs by others, two delegates told Reuters ahead of a virtual OPEC+ meeting on Thursday.

The Organization of the Petroleum Exporting Countries raised its expectations for global oil demand this year, saying that weak sentiment is exaggerated and that the economy is more resilient than originally appeared, as the group’s own output crept higher.

An OPEC+ ministerial panel that met on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.

Oil prices fell on Wednesday as the Organization of the Petroleum Exporting Countries prepared to meet to discuss output.

LONDON, Aug 11 (Reuters) – OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday.

The Organization of the Petroleum Exporting Countries on Thursday left its forecasts for growth in 2023 and 2024 world oil demand unchanged. In its monthly report, OPEC said it expects demand this year to grow by 2.4 million barrels a day, followed by 2.2 million barrels a day, or mbd, in 2022. 

Global oil demand will rise to 110 million barrels a day in about 20 years, pushing the world’s energy demand up by 23%, said OPEC on Monday.

Oil prices rose following OPEC kingpin Saudi Arabia’s decision to cut production by another million barrels per day.

OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.

Saudi oil minister Prince Abdulaziz bin Salman on Tuesday told market speculators to “watch out,” reiterating his warning that they could face pain ahead.