OPEC
OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization oil demand supply market upstream downstream Vienna Austria
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June 12,2021OPEC predicted that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output. -
June 02,2021OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace with the...
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June 01,2021A year after shuttering unprecedented volumes of crude, the OPEC+ alliance is expecting world oil markets to get acutely tight.
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May 10,2021A 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...
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May 02,2021Russian 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...
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April 28,2021OPEC and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.
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April 02,2021The 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...
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March 05,2021Oil 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...
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February 28,2021The OPEC+ group of producers’ compliance with the oil output cuts in January hit 103%, higher than the estimated compliance in December.
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February 22,2021Saudi Arabia and Russia are once again heading into an OPEC+ meeting on opposite sides of a crucial debate about the oil market.
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February 12,2021Oil 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...
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December 16,2020The 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...
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December 07,2020The 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...
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December 04,2020Oil 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...
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December 01,2020Oil 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...
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November 24,2020As 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...
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November 17,2020OPEC 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...
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November 08,2020Key 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...
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October 27,2020OPEC’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...
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October 20,2020OPEC 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...
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September 16,2020So 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...
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September 13,2020The 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...
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September 02,2020Iraq 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...
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August 18,2020OPEC and its allies have achieved the oil-market equivalent of a high-wire act: increasing supply even as demand remains depleted, without crashing prices.
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August 10,2020Iraq 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.
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