Tag: OPEC

April 11, 2024

Oil will need to be closely watched in the coming months to ensure “a sound and sustainable market balance” during an expected surge in demand, OPEC said in its monthly oil market report. The producers group maintained its bullish forecasts […]

November 27, 2023

Ahead of the delayed OPEC+ meeting on Nov. 30, there are indications oil supply is running ahead of demand, highlighting the thorny challenge facing the cartel as it prepares to set output policy for 2024. With futures well down from […]

September 5, 2022

Russia is using natural gas to punish Europe. Oil hasn’t yet been similarly weaponized, but talk of buyers imposing a price cap raises the risk that it could be. The Organization of the Petroleum Exporting Countries and Moscow-led allies decided […]

August 23, 2022

Saudi Arabia and some of its oil-producing allies have suggested cutting crude production, disappointing U.S. officials who predicted the kingdom would be instrumental in cooling the market after President Biden met Crown Prince Mohammed bin Salman for the first time […]

June 30, 2022

The OPEC oil cartel and allied producing nations decided June 30 to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. The […]

January 25, 2022

OPEC and its Russia-led partners have promised to increase oil production to pre-pandemic levels this year but are falling short of those public commitments, stoking fast-rising global crude markets. Last month, the Organization of the Petroleum Exporting Countries and its […]

November 11, 2021

Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday. In a closely watched monthly market report, OPEC said global demand for […]

September 21, 2021

OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike. “The plan is working, we’re gradually increasing and the market is absorbing it,” United […]

August 27, 2021

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia gradually is restoring […]

March 2, 2021

OPEC’s crude production plunged in February as Saudi Arabia delivered extra cutbacks intended to clear the remnants of a global supply glut. Output from the group fell by 920,000 barrels a day — the biggest drop in eight months — […]

January 6, 2021

The U.S. didn’t import any Saudi crude the week of Dec. 28 for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of […]

December 28, 2020

A brief rally in crude oil deflated Dec. 28 as investors ignored a broader market surge that pushed equities to an all-time high and focused instead on looming new supply from OPEC+. Futures in New York were little changed in […]

December 7, 2020

Oil fell from its strongest close in nine months, hampered by weaker risk sentiment in global markets. Crude futures were down 0.9% in New York, with the dollar rising and European equities and U.S. stock futures declining. Oil rallied last […]

November 30, 2020

OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market. The coalition that pumps half the world’s crude is debating […]

February 20, 2018

Increasing adoption of electric vehicles threatens oil demand, which could plausibly peak before 2030, according to a new report. In a note to its clients, Fitch Ratings said developments in 2017 show how technological changes and greater product awareness could […]