OPEC fails to boost output as members face capacity woes
2 years, 8 months ago

OPEC fails to boost output as members face capacity woes

Al Jazeera  

Even group leader Saudi Arabia didn’t increase output by as much as permitted by the agreed quota. The OPEC cartel — which has struggled for many months to revive oil supplies halted during the pandemic — effectively failed to increase output at all last month, as members remained plagued by capacity constraints. While Iraq bolstered output by 170,000 barrels a day to 4.46 million, Libya countered this with yet another stumble, slipping by 150,000 a day amid port and field closures. Saudi Arabia added just 70,000 barrels a day, about two thirds of the permitted increment, leaving their production at 10.34 million a day — or roughly 100,000 a day below the kingdom’s target.

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History of this topic

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
1 month ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
1 month ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
1 month, 2 weeks ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
6 months, 4 weeks ago

OPEC still sees strengthening oil demand in emerging markets, plans supply hike

Hindustan Times  

OPEC has maintained its forecast that oil demand worldwide is strengthening for the second half of the year, due to which, supply would be hiked, Bloomberg reported. Representational World oil consumption will see a year-on-year increase of 2.3 million barrels a day in the second half, about 150,000 a day more than during the first, due to continued economic growth …

Oil producers led by Saudis extended supply cuts amid slack prices
7 months, 1 week ago

Oil producers led by Saudis extended supply cuts amid slack prices

Associated Press  

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended …

Opec cartel to extend cuts to oil output in bid to prop up prices
7 months, 1 week ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
8 months, 4 weeks ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants
10 months, 1 week ago

OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants

Associated Press  

NEW YORK — Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter. Despite the recent increase, Brent’s going price is still modest — …

Higher global oil supply set to satisfy demand increase, IEA says
10 months, 3 weeks ago

Higher global oil supply set to satisfy demand increase, IEA says

Live Mint  

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency said. On Wednesday, the Organization of the Petroleum Exporting Countries reiterated that it anticipates global oil-demand growth at 2.2 million barrels a day this …

Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders
11 months, 1 week ago

Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's oil giant Saudi …

Some OPEC+ members will cut the oil that they send to the world to try to boost prices
1 year, 1 month ago

Some OPEC+ members will cut the oil that they send to the world to try to boost prices

Associated Press  

LONDON — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold. But it’s bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks …

An unruly OPEC is causing problems for Russia and Saudi Arabia
1 year, 1 month ago

An unruly OPEC is causing problems for Russia and Saudi Arabia

Live Mint  

The November meeting of the Organisation of the Petroleum Exporting Countries and its partners was meant to be a staid affair. After acquiescing to lower output quotas at their previous meeting in June, Opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. Saudi Arabia and Russia …

Oil price climbs as Saudi-led cartel agrees to cut production
1 year, 1 month ago

Oil price climbs as Saudi-led cartel agrees to cut production

The Telegraph  

The price of crude oil fell after a cartel of oil-producing nations led by Saudi Arabia surprised the market by issuing a statement that failed to include an expected pledge to cut production by another million barrels per day. The online gathering of producers aimed to prop up the declining price of oil and has ended with an agreement to …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 3 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

OPEC Plus will continue oil output cuts as prices remain unchanged
1 year, 7 months ago

OPEC Plus will continue oil output cuts as prices remain unchanged

India TV News  

The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia. In April, Saudi …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 7 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
1 year, 7 months ago

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

The Hindu  

Saudi Arabia said on June 4 that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. “This is a grand day for us, because the quality …

Saudi Arabia announces fresh output cut to boost oil price
1 year, 7 months ago

Saudi Arabia announces fresh output cut to boost oil price

New Indian Express  

The announcement came following a meeting of the 13-member Organization of the Petroleum Exporting Countries headed by Saudi Arabia and its 10 partners, led by Russia. In April, several OPEC+ members agreed to cut production voluntarily by more than one million bpd -- a surprise move that briefly buttressed prices but failed to bring about lasting recovery. 'No disagreement' Russia's …

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
1 year, 7 months ago

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

LA Times  

Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. “This is a grand day for us, because the quality of the …

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets
1 year, 9 months ago

Oil Surges As OPEC+ Surprise Output Cuts Shake Markets

News 18  

Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. “It’s hard to buy the ‘pre-emptive’ and ‘precautionary’ reasoning – especially now, when the banking crisis had tailed off and Brent had crawled back up towards $80 from its 15-month lows earlier in March,” …

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries – Firstpost
1 year, 9 months ago

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries – Firstpost

Firstpost  

OPEC+, the group of oil producers led by Saudi Arabia, announced a cut of more than one million barrels per day from May until the end of the year. While it said the move was aimed at maintaining stability, many experts believe it is a sign of Riyadh’s independence from Washington Its Manic Monday in the oil markets a day …

Oil powers, including Saudi Arabia, announce cuts that amount to more than 1 million barrels per day
1 year, 9 months ago

Oil powers, including Saudi Arabia, announce cuts that amount to more than 1 million barrels per day

ABC  

Major oil powers led by Saudi Arabia have announced a surprise production cut of more than 1 million barrels per day, calling it a "precautionary" move aimed at stabilising the market. Key points: Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will top one million barrels per day Russia is extending its existing cut of 500,000 barrels per …

OPEC+ makes over 1 million-barrel oil production cut - Here’s a detailed list
1 year, 9 months ago

OPEC+ makes over 1 million-barrel oil production cut - Here’s a detailed list

Live Mint  

OPEC+ announced a surprise oil production cut on Sunday, ignoring previous assurances that it would hold supply steady to maintain a stable market. The reduction is slated to exceed 1 million barrels a day, and according to analysts, may mean a rise in global oil prices by $10 per barrel. Meanwhile, war-hit Russia has said that it would continue the …

OPEC cuts oil demand outlook as it starts to curb production
2 years, 1 month ago

OPEC cuts oil demand outlook as it starts to curb production

Live Mint  

OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance. This means the supply cut of 2 million barrels a day agreed by the group and its allies last month -- drawing fierce criticism from US President Joe Biden -- should bring output down to levels that balance markets, …

Oil soars as OPEC+ mulls largest output cut since 2020
2 years, 3 months ago

Oil soars as OPEC+ mulls largest output cut since 2020

Al Jazeera  

The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, significantly halted oil production at the start of the coronavirus pandemic as economies came to a standstill. Oil prices jumped $3 a barrel on Monday as OPEC+ considered reducing output by more than one million barrels per day to buttress prices with what would be its …

OPEC+ to cut output by 100,000 bpd in October; oil prices soar
2 years, 4 months ago

OPEC+ to cut output by 100,000 bpd in October; oil prices soar

Live Mint  

In an anticipated move OPEC+, the alliance of Organization of the Petroleum Exporting Countries and other oil major oil exporters decided to reduce oil output by 100,000 barrels per day in October. In a statement OPEC said that the ministerial meeting decided to “revert to the production level of August 2022 for OPEC and non-OPEC participating countries for the month …

OPEC+ boosts oil output by slower pace than previous months
2 years, 5 months ago

OPEC+ boosts oil output by slower pace than previous months

Associated Press  

The OPEC oil cartel and its allies decided Wednesday to boost production in September by a much slower pace than in previous months at a time of high gasoline prices and unstable energy supplies exacerbated by Russia’s war in Ukraine. It comes after U.S. President Joe Biden visited Saudi Arabia last month, aiming to improve relations and encourage more oil …

OPEC+ oil boost likely not much help to high gasoline prices
2 years, 6 months ago

OPEC+ oil boost likely not much help to high gasoline prices

Associated Press  

NEW YORK — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. Before that, it had been adding about 432,000 barrels per day monthly to put oil back on the market …

Opec Plus | The cartel and its allies that keep oil on the boil
2 years, 7 months ago

Opec Plus | The cartel and its allies that keep oil on the boil

The Hindu  

OPEC Plus countries, an alliance between the Organization of the Petroleum Exporting Countries and other major oil producers, are in the limelight as global oil prices soared above $120 a barrel last week as supplies failed to keep up with rising demand. OPEC Plus countries, which control more than 50% of the world’s crude supplies, had joined hands to cut …

OPEC+ alliance boosts oil production as energy prices soar
2 years, 7 months ago

OPEC+ alliance boosts oil production as energy prices soar

Associated Press  

LONDON — The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices. “The United States will continue to use all tools at our disposal to address energy prices pressures.” Biden administration officials have recently visited Saudi …

OPEC+ agrees on bigger oil-output hikes for coming months
2 years, 7 months ago

OPEC+ agrees on bigger oil-output hikes for coming months

Al Jazeera  

The group has finally bowed to months of pressure from major consumers to help ease the pain of high energy prices. OPEC+ will increase the size of its oil-supply hikes by about 50%, bowing to months of pressure from major consumers including the US to help ease the pain of high energy prices. The group, led by Saudi Arabia, has …

OPEC+ refuses to heed consumers’ call for more oil
2 years, 9 months ago

OPEC+ refuses to heed consumers’ call for more oil

Al Jazeera  

The relationship with Moscow has been significant both economically and politically for the group as a whole, but especially for key members Saudi Arabia and the United Arab Emirates. OPEC and its allies stood back from the crisis engulfing oil markets, refusing to deviate from their schedule of gradual production increases as the U.S. considered an unprecedented release from emergency …

OPEC sticks to plan of gradual output hikes as crude soars
2 years, 10 months ago

OPEC sticks to plan of gradual output hikes as crude soars

Associated Press  

NEW YORK — The leaders of OPEC and its oil-producing allies are sticking with their plan to gradually increase oil production while Russia’s invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing. The OPEC+ coalition of oil producers — made up of OPEC members led by Saudi Arabia and non-cartel members led by …

OPEC+ sticks to planned output hikes despite surging oil prices
2 years, 11 months ago

OPEC+ sticks to planned output hikes despite surging oil prices

Al Jazeera  

The Organization of the Petroleum Exporting Countries and allies has faced calls from the US and India to pump more oil. OPEC+ agreed on Wednesday to stick to moderate rises in its oil output, with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to …

OPEC, allies stick to modest output boost despite omicron
3 years, 1 month ago

OPEC, allies stick to modest output boost despite omicron

Associated Press  

NEW YORK — OPEC and allied oil-producing countries decided Thursday to stick to their plans to boost oil production even as the new omicron variant cast a shadow of uncertainty over the global economic recovery from the coronavirus pandemic. “It also really signals that OPEC+ needs a bit more time to really dig into the numbers on the omicron variant.” …

OPEC+ snubs Biden’s plea to pump more oil
3 years, 2 months ago

OPEC+ snubs Biden’s plea to pump more oil

Al Jazeera  

The cartel agreed to stick to its original plan to hike output by 400,000 bpd, rejecting calls to loosen the taps to cool prices. OPEC and its allies on Thursday decided to stick to their original plan to boost output by 400,000 barrels per day, rejecting pleas by United States President Joe Biden to pump more oil to cool red-hot …

More oil now: Why the US is calling on OPEC+ to boost production
3 years, 5 months ago

More oil now: Why the US is calling on OPEC+ to boost production

Al Jazeera  

US government data show petrol prices climbed 2.4 percent in July from the previous month, leading the White House to urge OPEC+ to boost production more quickly. “President Biden has made clear that he wants Americans to have access to affordable and reliable energy, including at the pump,” US National Security Advisor Jake Sullivan said in a statement Wednesday urging …

Oil falls more than $2 after OPEC+ producers agree to raise output
3 years, 5 months ago

Oil falls more than $2 after OPEC+ producers agree to raise output

Live Mint  

Oil prices fell sharply on Monday after OPEC+ overcame internal divisions and agreed to boost output, sparking concerns about a crude surplus as COVID-19 infections rise in many countries. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that this month hit their highest level in more than two years as the global economy recovers …

Oil Falls $1 After OPEC+ Agreement on Boosting Supply
3 years, 5 months ago

Oil Falls $1 After OPEC+ Agreement on Boosting Supply

News 18  

TOKYO: Oil prices fell more than $1 a barrel on Monday, after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as COVID-19 infections continue to rise in many countries. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that earlier this month climbed …

OPEC, allies raise limits for 5 countries to end oil dispute
3 years, 5 months ago

OPEC, allies raise limits for 5 countries to end oil dispute

Associated Press  

DUBAI, United Arab Emirates — OPEC and allied nations agreed Sunday to raise the production limits imposed on five countries next year and boost their production by 2 million barrels per day by the end of this year, ending a dispute that roiled oil markets. “We differ here and there but we bond.” Prince Abdulaziz declined to elaborate on how …

Top oil producers agree on modest output boost from August
3 years, 5 months ago

Top oil producers agree on modest output boost from August

The Hindu  

July 18, 2021 05:35 pm | Updated 05:35 pm IST - Vienna The world’s leading oil producers agreed on Sunday to continue to modestly boost output from August, after the United Arab Emirates blocked a deal earlier this month. An OPEC+ meeting agreed to raise output by 400,000 barrels per day each month from August to help fuel a global …

OPEC sticks to 2021 oil demand growth forecast despite Indian COVID crisis
3 years, 8 months ago

OPEC sticks to 2021 oil demand growth forecast despite Indian COVID crisis

Live Mint  

OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group's plan to gradually ease output cuts. "India is currently facing severe COVID-19-related challenges and will therefore face a negative impact on its recovery …

OPEC+ confirms small supply hike as demand for oil rebounds
3 years, 8 months ago

OPEC+ confirms small supply hike as demand for oil rebounds

Al Jazeera  

World oil consumption will rebound by a vigorous six million barrels a day this year, according to OPEC+ estimates, though the recovery remains at risk from virus outbreaks in India and Brazil. World oil consumption will rebound by a vigorous 6 million barrels a day this year, according to OPEC+ estimates, though the recovery remains at risk from virus outbreaks …

OPEC+ silence has oil market second-guessing next supply move
3 years, 10 months ago

OPEC+ silence has oil market second-guessing next supply move

Hindustan Times  

OPEC and its allies kept oil-watchers guessing about their next move, after a day of preliminary talks offered few clues as to whether the market will get the April supply increase it’s been expecting. While OPEC+ is still widely expected to revive some of the 7 million barrels a day they’ve idled, a preliminary meeting of ministers earlier in the …

Oil prices surge as OPEC and its allies extend production cuts
3 years, 10 months ago

Oil prices surge as OPEC and its allies extend production cuts

CNN  

London CNN Business — A group of major oil producers has agreed to extend production cuts for another month despite a recent price surge, choosing to limit supply until the global economic recovery is more firmly established. At that time, Saudi Arabia surprised markets by pledging to cut its production by an extra 1 million barrels per day, a move …

Stocks week ahead: $3 gasoline could be around the corner – unless OPEC and Russia start pumping more oil
3 years, 10 months ago

Stocks week ahead: $3 gasoline could be around the corner – unless OPEC and Russia start pumping more oil

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. New York CNN Business — OPEC and Russia’s unprecedented production cuts last spring lifted oil prices out of a death spiral. Indeed, sources within OPEC+ told Reuters last week that an output increase of half a million barrels per day beginning in April is possible without …

Saudi oil keeps flooding market with output pact yet to begin
4 years, 8 months ago

Saudi oil keeps flooding market with output pact yet to begin

Live Mint  

Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then -- swelling stockpiles for at least a few more weeks. The kingdom’s crude exports so far in April stand at 9.3 million barrels a day, according to tanker-tracking data …

OPEC, oil nations agree to nearly 10M barrel cut amid coronavirus
4 years, 8 months ago

OPEC, oil nations agree to nearly 10M barrel cut amid coronavirus

India TV News  

OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. “This could be the largest reduction in production from OPEC for perhaps a decade, maybe longer,” said U.S. Energy Secretary …

Oil prices bounce higher after record OPEC+ deal to lower supply
4 years, 8 months ago

Oil prices bounce higher after record OPEC+ deal to lower supply

Al Jazeera  

But investors remain wary as the demand for oil continues to be dented by the coronavirus pandemic. After four days of wrangling, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, agreed on Sunday to cut output by 9.7 million barrels per day to support oil prices, sources said, representing about 10 percent …

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