OPEC

OPEC

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

  • 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...
  • OPEC+ Set to Roll Back Some Production Cuts
    OPEC+ production cuts have brought oil prices back from the brink, but the group will have to tread carefully to avoid triggering a new price collapse when it begins to reverse those reductions.  
  • OPEC Cuts Production to 1991 Levels to Revive Markets
    OPEC slashed oil production to the lowest level since the Persian Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand...
  • US Oil Gaining Appeal in Asia
    As the OPEC+ alliance sticks to its guns in trying to curb oil output to shore up prices, Asian buyers are increasingly looking to the US for a cheaper source of supply.  
  • Oil Demand Not Roaring Back Yet
    It was too good to be true. Last weekend’s OPEC+ meeting took a decision in record time to extend deep output cuts that had halted a dramatic slide in prices — and members even agreed to abide by...
  • OPEC+ Delivers 85% Compliance on Cuts in May
    OPEC and its allies slashed almost one-fifth of their crude oil production in May, the first month of their landmark supply accord, according to the latest S&P Global Platts survey of the group...
  • Iraq Will Be Committed to OPEC+
    Iraq wants OPEC+ to take into consideration the economic and living conditions of countries when assigning quotas in oil production cuts, the country's finance minister said, as OPEC's second-...
  • OPEC, Allies Agree to Extend Record Production Cut
    OPEC and its oil-producing allies agreed on Saturday to extend the group’s historic production cut for an additional month in an ongoing effort to balance the global oil market. The agreement was...
  • OPEC+ Extends Production Cuts Through July
    OPEC+ is set to extend production cuts to prop up the oil market after a breakthrough in high-stakes negotiations, and the organization could meet as soon as this weekend to sign off on the deal...
  • OPEC Compliance With Output Cuts 74% in May
    Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual,...
  • OPEC Chief Optimistic the Worst of Oil Crisis Is Over
    OPEC is cautiously optimistic that the worst of the oil crisis triggered by the coronavirus pandemic is over, said the group’s top official.  
  • OPEC Crude Output at 30-Year High in April
    OPEC’s crude production surged by the most in almost 30 years last month as its biggest members fought to dominate a global market devastated by the coronavirus crisis.  
  • Saudis Join Other OPEC+ Nations Cutting Output Early
    Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter.  
  • Kuwait Begins OPEC+ Cuts Ahead of Schedule
    Kuwait said it has started cutting oil output ahead of May 1, the date when suppliers worldwide plan to start slashing production to counter a devastating glut.  

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