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Tag: OPEC

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 […]

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

OPEC+ lacks capacity to raise oil prices, says expert

OPEC+ may have managed to stay united despite market speculation, but it does not have the ability to push oil prices much higher, according to Vandana Hari, founder of Vanda Insights and global energy market expert. In an interview with CNBC, Hari discussed OPEC+’s strategy and the limits of its influence on the global oil […]

Oil and Gas

OPEC+ delays plans to ease crude production cuts

OPEC+ has postponed plans to ease its formal and voluntary crude production cuts until 2026, citing a subdued outlook for global oil demand. Internal documents and sources familiar with the discussions indicate the decision aims to address market uncertainties and maintain price stability. In its formal output strategy, OPEC+ has extended its production cap of […]

News

Oil prices stable as traders await OPEC+ decision

Oil prices held steady on Wednesday as traders awaited an expected OPEC+ decision to extend supply cuts, while geopolitical tensions remained a key factor shaping market sentiment. Brent crude futures were up 19 cents, or 0.26%, at $73.81 per barrel, while U.S. West Texas Intermediate crude futures increased 13 cents, or 0.19%, to $70.07. On […]

News

OPEC+ delays meeting on oil output strategy 

The OPEC+ oil alliance has rescheduled its meeting to finalize its crude production strategy to December 5, according to two delegate sources who spoke on condition of anonymity due to the sensitive nature of the discussions. The coalition, comprising the Organization of the Petroleum Exporting Countries and its allies, was originally scheduled to meet on […]

News

OPEC+ considers postponing oil production increase

Key OPEC+ nations are discussing delaying the planned oil production restart in January, possibly for several months, according to delegates. Key OPEC+ nations are uncertain about proceeding with the 180,000 barrel-a-day increase scheduled for January, and may delay additional hikes planned for subsequent months due to concerns over a global oil oversupply, according to anonymous […]

Oil and Gas

Nigeria’s crude output rises over 1m barrels daily

Nigeria’s crude oil production rose by 35,000 barrels per day in October, reaching approximately 1.085 million bpd, as reported by the Organisation of Petroleum Exporting Countries. According to OPEC’s Monthly Oil Market Report, secondary sources indicated that Nigeria’s output for the month was 1.434 million bpd, up from 1.399 million bpd in September. However, direct […]

News

Oil prices surge amid OPEC+ output delay

Oil prices surged on Monday, with Brent futures rising by $1.18, or 1.61%, to $74.28 per barrel, and U.S. West Texas Intermediate crude increasing by $1.21, or 1.74%, to $70.70 per barrel. This uptick followed OPEC+’s decision to postpone plans to increase output by a month, extending an output cut of 2.2 million barrels per […]

News

OPEC+ intensifies compliance measures amid oil output cuts

The OPEC+ alliance is intensifying efforts to enforce compliance with oil output cuts, implementing a three-pronged strategy of both formal and voluntary production reductions. Anonymous delegates revealed that the focus on adherence has heightened due to overproduction from major members like Iraq and Kazakhstan, as well as Russia occasionally exceeding its quota, according to CNBC. […]

News

Fuel price hike driven by high taxes – OPEC

The Secretary General of the Organisation of Petroleum Exporting Countries, Haitham Al Ghais, has stated that taxes imposed by major oil-consuming nations are the main contributors to rising fuel costs, rather than the price of crude oil itself. Al Ghais explained that consumer prices at the pump are influenced by several factors, including crude oil […]

News

Nigeria’s oil production hit 1.35 mbpd in August – OPEC

Nigeria’s crude oil production saw a modest increase in August, rising from 1.307 million barrels per day (mbpd) in July to 1.352 mbpd, according to the latest report from the Organisation of the Petroleum Exporting Countries. The increase of 45,000 barrels per day was revealed in OPEC’s September Monthly Oil Market Report, based on direct […]

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