Oil Prices Rise as OPEC Prepares for Key Decision
Oil prices reached a three-week high on Thursday as the market awaited a crucial decision from the OPEC group. Industry analysts are predicting that a production limit agreement will be…
Oil Futures Make Modest Gain as Demand Outlook Worries Persist
Price Action West Texas Intermediate crude for December delivery rose 0.3% to $77.37 a barrel on the New York Mercantile Exchange. January Brent crude, the global benchmark, was up 0.3%…
OPEC maintains oil demand forecast despite supply cuts
The Organization of the Petroleum Exporting Countries (OPEC) has left its forecast for the global oil market mostly unchanged. Despite supply cuts from Saudi Arabia and Russia, which are set…
OPEC: Trillions of Dollars Needed to Meet Rising Energy Demand
OPEC's annual report on long-term energy trends reveals the pressing need for trillions of dollars to be invested in fossil fuel exploration and development over the next two decades. In…
OPEC+ Could Reportedly Hike Its Planned Oil Output by 50%
(Bloomberg) A panel of ministers of the oil cartel OPEC+ has reportedly recommended adding 648,000 barrels a day of oil in the market in July and August. The intended boost…
OPEC to Maintain Output Policy, Sees Balanced Impact from Missing Russian Output
(OPEC) OPEC has indicated sticking with its output increase policy, as the cartel sees any reduced supply due to the Russian-Ukraine conflict being offset by dampened global demand. OPEC+ expects…
Russia’s 7M Oil Barrels Cannot Be Replaced, OPEC Chief Warns Amid Looming Ban
(Reuters) OPEC+ chief Mohammed Barkindo has warned that the world lacks the capacity to replace 7 million barrels a day of oil from Russia as countries move to ban imports.…
IEA Warns of Tightness in Oil Markets as OPEC+ Pump Below Capacity
(IEA) The International Energy Agency says oil markets are still tight, warning that OPEC+ members produced 900,000 barrels per day in January, below target. The oil organization raised the demand…
OPEC+ Sticks With 400k bpd Crude Supply Increase for March Amid Output Struggle
(Bloomberg) OPEC+ has agreed to pump the market with additional 400,000 barrels a day of crude for March, despite some members struggling to meet monthly hikes. The expected move by…
OPEC+ to Proceed With 400,000 bpd Oil Output Hike, Says Outlook Is Bright
(OPEC+) OPEC+ has approved the 400,000 barrel a day increase in oil output scheduled for February, citing improved global outlook. OPEC+ cite rising traffic and factory activity in major Asian…
OPEC+ Boosts Oil After Agreeing to Potentially Raid on $400,000 bpd Output Increase
(Bloomberg) The West Texas Intermediate crude topped $68 on Friday after OPEC+ said it could alter the $400,000 barrels a day production boost set for January. OPEC+, which put a…
OPEC+ Dims Oil Outlook after Projected Ramp Up in Production
(Bloomberg) The West Texas Intermediate crude fell up to 4.8% on Thursday as investors expect OPEC+ to increase oil production in January. Bets against oil rose as Russia proposed a…