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Tag: OPEC

Oil and Gas

OPEC+ to increase oil output by 137,000 barrels daily

The Organisation of the Petroleum Exporting Countries and its allies, a group known as OPEC+, has decided to ramp up oil output by 137,000 barrels per day in October. OPEC made the announcement in a statement on its website after a virtual meeting with members. The participating countries, including Saudi Arabia, Russia, Iraq, the United […]

OPEC+ lacks capacity to raise oil prices, says expert
Business

OPEC+ to raise oil output by 547,000bpd in September

OPEC+ announced on Sunday that it will increase oil production by 547,000 barrels per day in September, accelerating its efforts to reclaim global market share amid growing fears of supply disruptions linked to Russia. The decision represents a complete and early rollback of the alliance’s largest production cuts, along with an additional output boost for […]

Oil and Gas

Oil prices fall amid OPEC+ output hike hopes

Oil prices declined 1 per cent on Monday, driven by reduced geopolitical tensions in the Middle East and expectations of increased OPEC+ production in August. Brent crude futures dropped 66 cents, or 0.97 per cent, to $67.11 per barrel with the August contract nearing expiry. The September contract fell 83 cents to $65.97. U.S. West […]

OPEC+ weighs 2027 production baselines, potential hike
News

OPEC+ weighs 2027 production baselines, potential hike

Members of the OPEC+ alliance are expected to address key questions around future oil production levels and potential near-term output hikes in a series of meetings scheduled for this week, according to two delegates familiar with the matter.* The group, which includes the Organization of the Petroleum Exporting Countries and allied producers such as Russia, […]

OPEC+ weighs 2027 production baselines, potential hike
Oil and Gas

OPEC+ moves crucial July output decision to May 31

OPEC+ has rescheduled a critical video-conference to determine July oil production levels for eight key members, moving it forward by one day to May 31, according to delegates. The decision follows preliminary discussions last week, where the sub-group, led by Saudi Arabia and Russia, explored a third consecutive monthly output increase of approximately 411,000 barrels […]

Oil and Gas

Global crude price slumps after OPEC+ raised output

The global crude oil prices plunged further on Sunday following OPEC+’s decision to raise production for a second consecutive month. U.S. crude dropped $2.49, or 4.27%, to $55.80 a barrel shortly after markets opened, while global benchmark Brent slid $2.39, or 3.9%, to $58.90 per barrel. Overall, oil prices have declined by more than 20% […]

OPEC+ weighs 2027 production baselines, potential hike
News

OPEC trims oil demand as US tariff tensions rattle global market

The Organization of the Petroleum Exporting Countries has slightly lowered its forecast for global oil demand growth in 2025, citing rising economic uncertainties triggered by recent United States trade actions. In its April Monthly Oil Market Report, OPEC revised its 2025 demand growth estimate down to 1.3 million barrels per day, a 100,000 bpd drop […]

News

OPEC+ considers delay of April supply increase

OPEC+ is reportedly considering delaying its planned monthly supply increases set to start in April, despite pressure from U.S. OPEC+ is weighing a potential delay in its planned production increases, as some delegates argue the global oil market is still too fragile, said a delegate, who requested anonymity. The group remains divided on the issue, […]

Dangote Refinery loses N32.5bn after petrol price cut
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Dangote refinery’s petrol production impacts Europe – OPEC

The Organisation of the Petroleum Exporting Countries has noted that the Dangote Petroleum Refinery is influencing the Premium Motor Spirit market in Europe. The refinery, with a production capacity of 650,000 barrels per day, began its operations in January of the previous year and began producing PMS in September. This marks a major shift, as […]

News

OPEC crude output falls as UAE strengthens production cuts

The Organisation of Petroleum Exporting Countries crude production decreased by 120,000 barrels per day in the previous month, reaching 27.05 million barrels daily. The United Arab Emirates contributed the most to this decline as it intensified its supply cutbacks to support global oil prices. While Libya and Nigeria saw small increases in production, these were […]

News

OPEC’s influence on global oil prices significantly weakened – Expert

OPEC’s market-shaping influence over global oil prices may be waning, according to the Head of Petroleum Analysis at GasBuddy, Patrick De Haan, during his appearance on CNBC’s Fast Money. De Haan highlighted the challenges facing OPEC, particularly its ongoing struggle to maintain higher oil prices. “OPEC’s relevance likely has been reduced. They are continuously fighting […]

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