OPEC maintained its predictions for strong growth in global oil demand in 2022 and 2023, citing indications that major economies were performing better than anticipated despite challenges including rising inflatio ...
Sources talking to the Wall Street Journal stated that Russia does not favor a reduction in oil production at this time and that it is probable OPEC+ will maintain its output.
According to data from the state-owned marketer SOMO seen by Reuters on Wednesday, Iraq produced 4.584 million barrels of crude oil per day (mmbbl/d) in July, up 69,000 from June.
At a time when high oil prices and unstable energy supplies have been exacerbated by Russia's war on Ukraine, OPEC and its allies decided to slow production growth in September.
OPEC's new secretary general stated that Russia's membership in OPEC+ is vital to the agreement's success, Kuwait's Alrai newspaper reported on Sunday.
OPEC+ will continue to assess market conditions and do what is necessary as a result of a US-Arab summit on Saturday, according to Saudi Arabia's foreign minister, Reuters reported.
Nigerian authorities announced on Wednesday that the Secretary-General of the Organization of Petroleum Exporting Countries had passed away.
There are more than half a billion barrels of oil left unsupplied by OPEC+, raising concerns about the group's ability to balance the global market. OPEC+ members produced 2.7 million barrels a day less than thei ...
According to OPEC delegates and industry insiders, global oil demand growth will decelerate in 2023, as rising crude and fuel prices help push up inflation and act as a drag on the global economy.
OPEC+ is trying to make up for the economic fallout of plummeting Russian oil production due to Western sanctions against Moscow over Ukraine, according to two OPEC+ sources.
