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Articles for Opec Oil

Oil Little Changed in Thin Trading After OPEC Delays Meeting
Trending News
3 weeks, 5 days ago

Oil Little Changed in Thin Trading After OPEC Delays Meeting

Live Mint  

-- Oil was steady as traders watched for any further clues to OPEC ’s production plans after it delayed a key virtual meeting by four days. Prices have been buffeted by fluctuating geopolitical tensions in the Middle East, waning demand in top importer China and concerns whether President-elect Donald Trump’s upcoming policies could affect supply from Russia and Iran. “The …

Opec
Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell
3 weeks, 6 days ago

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Nov 28 - Asia's imports of crude oil ticked up slightly in November, led by a recovery by top importer China, but arrivals are still on track to be weaker this year than in 2023. For the first 11 months of the year, Asia's crude imports were 26.52 million bpd, down 370,000 bpd from the …

China 2024 Demand Million Group Reuters Crude
Petroleum minister discusses ongoing market volatility with Opec secretary-general
8 months ago

Petroleum minister discusses ongoing market volatility with Opec secretary-general

Live Mint  

New Delhi: Hardeep Singh Puri, India’s Union minister for petroleum and natural gas, on Friday discussed with Haitham Al-Ghais, the secretary-general of the Organization of the Petroleum Exporting Countries, the ongoing volatility in the energy market due to the Iran-Israel conflict. “As one of the world’s fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy …

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OPEC+ producers announce voluntary oil output cuts from May to end of 2023
1 year, 8 months ago

OPEC+ producers announce voluntary oil output cuts from May to end of 2023

The Hindu  

Saudi Arabia and other OPEC+ oil producers on Sunday announced further cuts in their production amounting to around 1.16 million barrels per day in a surprise move they said was aimed at supporting market stability. Last October, OPEC+ had agreed to an output cut of 2 million bpd from November until the end of the year, a move that angered …

Russia Saudi Arabia Oil Prices Cuts Announce Bpd Opec Oil
OPEC+ agrees to keep output levels unchanged
2 years ago

OPEC+ agrees to keep output levels unchanged

The Hindu  

Major oil-producing countries led by Saudi Arabia and Russia agreed on December 4 to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week. OPEC+ described its October decision to cut as one "which was purely driven by market considerations", adding that it had been "the necessary and …

Russia Oil Russian Moscow Opec Output Levels
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, …

China Opec Barrels
Saudis say US sought 1 month delay of OPEC+ production cuts
2 years, 2 months ago

Saudis say US sought 1 month delay of OPEC+ production cuts

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia said Thursday that the U.S. had urged it to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Rising oil prices — and by extension higher gasoline prices — have been a key driver of inflation in the U.S. and around the world, …

Ukraine Russia Oil Economic Prices Production Saudi Arabia
‘Enough is Enough’: Menendez, Ro Khanna Call for Reevaluation of US-Saudi Ties, Target Arms Sales
2 years, 2 months ago

‘Enough is Enough’: Menendez, Ro Khanna Call for Reevaluation of US-Saudi Ties, Target Arms Sales

News 18  

Relations between Saudi Arabia and the US could undergo crucial changes as a section of Congress members want to restrict weapons supply to the West Asian nation. Ro Khanna and Blumenthal penned a piece in Politico magazine where they explained: “The Saudi decision was a pointed blow to the US, but the US also has a way to respond: it …

Saudi Arabia Democrat Saudi Biden Menendez Arabia Opec
Is OPEC ‘aligning with Russia’ after production cuts?
2 years, 2 months ago

Is OPEC ‘aligning with Russia’ after production cuts?

Al Jazeera  

The United States has accused OPEC oil-producing nations of siding with Russia after a decision to cut oil output. White House press secretary Karine Jean-Pierre told reporters on Wednesday that the OPEC+ decision was “short-sighted” as the global economy was still languishing from “the continued negative impact of Putin’s invasion of Ukraine”. A gamble on high prices Kuwait’s acting oil …

Ukraine Russia Prices Saudi Arabia Gulf Biden Group
OPEC+ plans major oil production cut despite US pressure
2 years, 2 months ago

OPEC+ plans major oil production cut despite US pressure

Al Jazeera  

OPEC+ producers expected to agree to deep cut in their output target, curbing supply in already tight market despite US pressure to pump more. Such a production cut “would undoubtedly signal to the market the determination and resolve of the cartel to support oil prices,” UniCredit economist Edoardo Campanella said. “If the group cuts target production by 1 million barrels …

Russia Oil Prices Production Saudi Arabia Oil Prices Press
Oil prices fall further as China extends COVID-19 curbs
2 years, 3 months ago

Oil prices fall further as China extends COVID-19 curbs

The Hindu  

Oil prices fell on Thursday, extending sharp losses from the previous session, as China's extension of lockdown measures to curb the COVID-19 spread exacerbated concerns that a slowdown in economic activity globally would hit fuel demand. Saxo Bank analyst Ole Hansen said the decline was "driven by continued demand worries related to the risk of growth-killing rate hikes from central …

China Russia Prices Covid
Kuwait oil veteran takes over as secretary general of OPEC
2 years, 4 months ago

Kuwait oil veteran takes over as secretary general of OPEC

Associated Press  

DUBAI, United Arab Emirates — A veteran of Kuwait’s national oil company took over Monday as secretary general of the OPEC oil cartel, just three weeks after his Nigerian predecessor died, only hours after giving a speech in defense of the energy industry. A statement from the Vienna-based OPEC said al-Ghais “brings a great wealth of experience from both his …

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OPEC was waning. Soon it may be more powerful than ever
3 years ago

OPEC was waning. Soon it may be more powerful than ever

CNN  

London CNN Business — The year before Covid-19 hit, the United States became a net exporter of energy for the first time since 1952, sending a strong message to the rest of the world: The country would not be beholden to foreign oil producers. The group’s refusal to accede to US President Joe Biden’s calls to boost output — a …

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Biden Asked OPEC To Pump More Oil. Is That Climate Denial?
3 years, 4 months ago

Biden Asked OPEC To Pump More Oil. Is That Climate Denial?

Huff Post  

LOADING ERROR LOADING On Wednesday, the White House asked the Organization of the Petroleum Exporting Countries to pump more oil in hopes of stemming the rise in gas prices in the United States. President Joe Biden administration’s request to increase production of a major source of planet-heating pollution came just days after the United Nations issued a dire new report …

Energy Climate Gas Prices Price Biden Fossil Fuels
UAE and OPEC+ have made up, but it won’t last
3 years, 5 months ago

UAE and OPEC+ have made up, but it won’t last

Live Mint  

The United Arab Emirates patched things up with OPEC+. Observing that OPEC+ had stepped in to stabilize oil prices last year, Spencer Dale, the company’s chief economist, added:. The last set from the International Energy Agency projected demand at 101 million barrels a day by 2040 — unless the world goes full net-zero, in which case demand gets cut in …

World Oil Saudi Arabia Demand Uae Opec
Shell Dutch ruling: OPEC and Russia seen gaining more power, business
3 years, 6 months ago

Shell Dutch ruling: OPEC and Russia seen gaining more power, business

Business Standard  

Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. That's good news for the likes of Saudi Arabia's national oil company Saudi Aramco, Abu Dhabi National Oil Company and Russia's Gazprom and Rosneft. Climate activists scored a major victory with a Dutch court ruling …

Russia Dutch Gas West Saudi Arabia Saudi Demand
Oil price rises put Opec under pressure
3 years, 9 months ago

Oil price rises put Opec under pressure

The Telegraph  

"Despite the turbulence, we project Brent to average $50 to $70 out to 2026, and we believe prices could spike to $100 over this period," wrote Bank of America’s Francisco Blanch in a recent note. It's not oil over "It's tempting to join this bandwagon of oil supercycle predictions, but so far our supply data, Covid lockdowns and vaccine assumptions …

Oil Price
Oil Inches Lower as Bleaker Demand Outlook Weighs Ahead of Key OPEC Meeting
4 years, 3 months ago

Oil Inches Lower as Bleaker Demand Outlook Weighs Ahead of Key OPEC Meeting

News 18  

Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic’s ongoing assault on the …

Oil Opec Demand Outlook
Crude oil is getting crushed as demand fears resurface
4 years, 3 months ago

Crude oil is getting crushed as demand fears resurface

CNN  

New York CNN Business — Demand fears are once again rippling through the oil patch. “OPEC kind of panicked today by putting out a bad signal to the energy community.” ‘Avalanche of sell orders’ The latest turmoil in the oil market comes during major turbulence in the stock market. That’s why Bank of America warned in a report late last …

Energy Russia Market Oil Prices Demand Crude