OPEC

OPEC

OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization oil demand supply market upstream downstream Vienna Austria

  • OPEC+ Crude Output Rises
    A resurgent Iran pumped its largest volume of crude in almost two years in April, while an increasingly compliance-challenged Russia also boosted its output yet again, bringing total production by...
  • Russian Oil Output Rises 2% in April Following OPEC+ Deal
    Russian oil and gas condensate output rose 2% to 10.46 million barrels per day in April, from 10.25 million bpd in March, according to Reuters calculations based on an Interfax report on Sunday...
  • OPEC+ Confirms Plan to Gently Hike Supply
    OPEC and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.  
  • OPEC, Allies to Boost Production
    The Organization of the Petroleum Exporting Countries and allied producers have agreed to gradually increase their output over the next three months. The move follows a sharp increase in oil prices...
  • Oil Soars to Near 14-Month High as OPEC+ Extends Output Cuts
    Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more...
  • OPEC+ Compliance With Oil Output Cuts Jumps to 103%
    The OPEC+ group of producers’ compliance with the oil output cuts in January hit 103%, higher than the estimated compliance in December.  
  • Saudis, Russia at Odds Before OPEC Meeting
    Saudi Arabia and Russia are once again heading into an OPEC+ meeting on opposite sides of a crucial debate about the oil market.  
  • Oil Loses More Steam After OPEC Cuts Demand Forecast
    Oil prices dropped for a second day on Friday, pulling further back from a one-year high after OPEC again lowered its demand forecast and the International Energy Agency said the market was still...
  • OPEC Warns Against Rushing Crude Production Hike in 2021
    The president of OPEC reiterated that the oil producers’ organization shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across...
  • OPEC+ Output Cut Ease Unlikely to Unbalance Int’l Oil Markets
    The OPEC+ decision Dec. 3 to ease its output cut by an initial 500,000 bpd in January is unlikely to unbalance oil markets amid hopes for oil demand recovery from the early introduction of...
  • Oil Prices Jump After OPEC+ Inks Supply Compromise
    Oil prices jumped around 2% on Friday, heading for a fifth week of gains, as major producers agreed on a compromise to continue some cuts to production to cope with coronavirus-hit demand even...
  • Oil Falls After OPEC+ Delays Talks
    Oil prices fell on Tuesday as concerns over mounting supply returned to the fore after leading producers delayed talks on 2021 output policy, while the coronavirus pandemic continues to sap fuel...
  • Goldman Voices Concern About OPEC+ Future
    As the OPEC+ group’s decision on oil production cuts nears, there are renewed concerns about the future of the organization as it tries to rebalance the market while securing higher revenue and...
  • OPEC+ Panel Sees Weaker Oil Demand in 2021
    OPEC and its allies have revised oil demand scenarios for 2021 with demand seen weaker than previously anticipated, a confidential document seen by Reuters shows, supporting the case for a tighter...
  • OPEC Would Wary of Strains Under Biden
    Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as US president, sources close to the organization said, and would miss the outgoing president, Donald...
  • OPEC’s Barkindo: Rising Infections May Delay Oil Market Recovery
    OPEC’s secretary general said an oil market recovery may take longer than hoped as coronavirus inflections rise around the world, and OPEC and its allies would “stay the course” in balancing the...
  • Worried About Declining Oil Demand, OPEC Pledges Action
    OPEC and allied producers have pledged action to support the oil market as concerns mounted that a second wave of the Covid-19 pandemic will hobble demand and an earlier plan to raise output from...
  • OPEC Failed in Defending Iran’s Legitimate Interests
    So long as the Organization of the Petroleum Exporting Countries defends Iran’s legitimate interests alongside other members, Tehran will support the group, Iran's OPEC governor said. "All OPEC...
  • UAE Fails to Comply With Output Cuts
    The United Arab Emirates, currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining...
  • Iraq Wants Exemption From OPEC+ Cuts in Q1 2021
    Iraq is seeking exemptions from OPEC+ cuts in Q1 of 2021 and has discussed the issue with key producers in the 23-member coalition during three consecutive meetings, state-owned al-Sabaah newspaper...
  • OPEC+ to Balance Market Share Gains
    OPEC and its allies have achieved the oil-market equivalent of a high-wire act: increasing supply even as demand remains depleted, without crashing prices.  
  • OPEC+ Pressures Iraq to Take Deeper Cuts
    Iraq made its strongest commitment yet to implement deep cuts in crude production after the country’s oil minister and his Saudi counterpart held a phone call late Saturday.  
  • OPEC+ to Pump More Crude
    From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus.  
  • End Game for Oil?
    The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC.  
  • Global Oil Demand Set for Record Rise in 2021
    Global oil demand will soar by a record 7 million barrels per day in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly...

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