Crude futures rallied Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies, OPEC+, agreed to trim their production levels amid growing global recession fears. The cartel plans to reduce output targets by approximately 100,000 barrels per day (bpd) beginning in October. Officials purported that it was necessary to stabilize market…
OPEC Slashes Oil Output Weeks After Biden’s Fist Pump With Saudi Crown Prince
OPEC Slashes Oil Output Weeks After Biden’s Fist Bump With Saudi Crown Prince
Crude futures rallied Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies, OPEC+, agreed to trim their production levels amid growing global recession fears. The cartel plans to reduce output targets by approximately 100,000 barrels per day (bpd) beginning in October. Officials purported that it was necessary to stabilize market…
Oil Jumps as Saudi Prince Suggests Shift in OPEC+ Strategy Amid ‘Harmful Volatility’ in Markets
OPEC+ is prepared to reduce its oil output in order to deal with a recent decline in the price of crude, due to weak futures market liquidity and macroeconomic fears, while the physical global crude supply remains extremely tight, said Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, to Bloomberg on Aug. 22. (OPEC+ refers to…
OPEC, in Contrast to IEA, Sees Lower 2022 Oil Demand Growth
August 11, 2022
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Business & Marketseconomic policieseconomyenergyEuropeGold and CommoditiesIEAInternationalMarketsOilOPECRussia-Ukraine WarWorld
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LONDON—OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation, and efforts to contain the coronavirus pandemic. The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency,…
OPEC+ Approves Tiny Oil Output Rise in Rebuff to Biden
NUR-SULTAN/LONDON—OPEC+ is set to raise its oil output goal by 100,000 barrels per day, an amount analysts said was an insult to U.S. President Joe Biden after his trip to Saudi Arabia to ask the producer group’s leader to pump more to help the United States and the global economy. The increase, equivalent to 86…
Oil Prices Dip Ahead of OPEC+ Meeting
LONDON—Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand. Brent crude futures were down $1.34, or 1.3 percent, at $99.20 a barrel at…
OPEC Secretary General Says Russia’s Membership in OPEC+ Is Vital for Success of Agreement
August 1, 2022
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Business & Marketseconomic policieseconomyenergyEuropeGold and CommoditiesHaitham al-GhaisinflationMarketsOilOPECrecessionRussiaRussia-Ukraine WarWorld
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OPEC’s new secretary general said that Russia’s membership in OPEC+ is vital for the success of the agreement, Kuwait’s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham al-Ghais. He said OPEC is not in competition with Russia, calling it “a big, main and highly influential player in the world energy map,” Alrai…
Top US Energy Envoy Expects Further Steps From OPEC Producers on Supplies
July 18, 2022
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Amos HochsteinBusiness & MarketseconomyExecutive BranchGold and CommoditiesInternationalMarketsMiddle EastOilOPECPoliticsUSUS NewsWorld
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WASHINGTON—Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the Middle East, a senior U.S. energy envoy said on Sunday. Speaking on CBS’ “Face the Nation,” Amos Hochstein, senior U.S. State Department adviser for energy security, said: “Based on what we heard on the trip,…
Nigeria’s Barkindo, Who Led OPEC in Turbulent Times, Dies at 63
ABUJA—The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. Barkindo, 63, a veteran of the oil industry, was due to step down at the end of this month after six years in the top job at the Organization of the Petroleum…
OPEC+ Sticks to Oil Output Policy, Avoids Debate on September Plans
LONDON—OPEC+ said on Thursday it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards as prices have risen on tight global supplies and worries that the group has little ability to pump more crude. Thursday’s meeting of the group that includes Saudi Arabia, Russia, and other major…
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