OPEC

OPEC

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

  • OPEC Sees Higher Oil Demand in 2019
    OPEC said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including US shale producers slows, pointing to a tighter market if the...
  • Oil Supply Crunch Will Test OPEC Spare Capacity
    Oil production capacity could fall to under one percent of global oil demand by the end of the year if OPEC compensates falling production from Iran and Venezuela, leaving oil prices exposed to...
  • OPEC in the Dark on Supply Outlook
    OPEC is in the dark on the oil supply outlook for the second half of this year, with Iranian and Russian outages looking increasingly significant but Saudi Arabia reluctant to pump more due to...
  • Iraq to Uphold OPEC Production Cuts
    Iraq will remain committed to the OPEC+ deal struck in December 2018 to cut production by 1.2 million barrels per day, according to the nation's oil ministry.  
  • Iran Oil Export to Decrease in May
    Iran’s oil exports will slide in May as the United States tightens the screws on Tehran’s main source of income, industry sources said, deepening global supply losses caused by US sanctions on...
  • OPEC's Barkindo: Unilateral Measures Against Iran Oil Will Not Pass
    Unilateral measures to cut Iranian oil exports to zero will not produce the results desired by the Trump White House.   
  • OPEC Oil Output at 4-Year Low in April
    OPEC oil supply hit a four-year low in April due to further involuntary declines in sanctions-hit Iran and Venezuela and output restraint by top exporter Saudi Arabia.  
  • OPEC+ Oil Cuts Jeopardized by Iran Waiver Termination
    As the US ends waivers that let countries buy Iranian crude, this threatens to squeeze oil supplies in an already tight market.   
  • OPEC, Russia Alliance ‘Here to Stay’
    The pact between OPEC, Russia and its allies is "here to stay," a longtime adviser at Saudi Arabia's energy ministry said, playing down concerns that the alliance could end given Russia's lukewarm...
  • OPEC to Keep Oil Cuts in Place
    OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of US sanctions on Iran and...
  • OPEC’s Mohammad Barkindo: Rebound in Oil Investments Minimal
    Investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed Barkindo said.  
  • OPEC Urges Producers to Avoid Surplus
    OPEC’s secretariat urged oil producers to keep going with efforts to prevent a surplus this year as supplies from their rivals increase faster than world demand.  
  • Goldman Sachs: OPEC, Allies Will Achieve Their Goal by April
    OPEC and its allies will probably achieve their goal of draining oversupply from the oil market and boosting prices by next month, says Jeff Currie, global head of commodities research at Goldman...
  • OPEC Output Drops Further in February
    OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Persian Gulf Arab allies over-delivered on the group’s supply pact while Venezuelan...
  • Barkindo: OPEC Rescued Oil From Collapse
    Oil producing group OPEC is responsible for salvaging the entire oil industry with its deal to curb output, OPEC's secretary general told CNBC, but the US shale revolution has helped to prevent "...
  • Crude Oil Prices Dip After Trump Warns OPEC
    Oil inched lower on Tuesday to extend losses of more than 3 % from the previous session, easing after US President Donald Trump called on OPEC to rein in its efforts to boost prices.  
  • Barkindo Says OPEC is No Cartel
    OPEC Secretary-General Mohammad Barkindo said the exporting group was not in the business of fixing oil prices, when asked to comment on a US House committee passing a bill targeting OPEC oil...
  • Iran Heavy Crude Price Ticks Up
    Iran's heavy crude oil gained $1.45 or 2.6% per barrel in January compared to December when it was traded at $54.84 per barrel.  Iran Heavy, one of the country's main grades for export, settled at...
  • US House Committee Approves Anti-OPEC Bill
    A committee from the US House of Representatives has approved a bill aimed at making OPEC members liable to US antitrust legislation, Reuters reported, adding the prospects of the bill ending up as...
  • OPEC Output Drops Most in 2 Years
    OPEC crude output fell the most in two years last month as the group implemented almost 80% of its new production cuts deal. 
  • OPEC to Trump: Production Cuts Helping US Oil Companies
    The head of a US shale oil company on Thursday sang the praises of OPEC for its price-bolstering production cuts of the last two years, a message the organization's secretary general Mohammed...
  • Mohammad Barkindo: OPEC Focus on Averting New Oil Glut
    OPEC and its allies do not rule out taking further action at their next meeting in April should oil inventories build up in the first quarter, OPEC’s secretary general told Reuters.
  • OPEC Oil Output to Fall in 2019
    Crude oil production from members of OPEC is expected to fall to below 30.73 million barrel per day by the end of this year, the group's lowest monthly output since February 2015, the US Energy...
  • OPEC to Publish Quotas for New Production Cut Deal
    OPEC plans to publish this week quotas for individual countries under the new OPEC/non-OPEC production cut deal agreed upon on December 7 and in force since January 1, an OPEC source told Russian...
  • OPEC Cuts Have Oil Market on Path
    The oil market is on its way to rebalancing, and the 1.2 million barrels per day in supply cuts by OPEC and its allies will be enough to finish the job in the first half of this year, UAE Energy...

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