LONDON—OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID-19 pandemic, while the number of its members’ active rigs posted a modest rebound and new completed wells declined, data from the group showed. The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached…
President Biden Asks the Saudis to Bail Him Out
Commentary President Biden will attend the Gulf Cooperation Council meeting in Saudi Arabia next month, with the explicit goal of convincing the GCC—that is, the Saudis—to increase production of crude oil as a tool with which reduce gasoline prices in the United States. From a recent press conference: Q: And my question on Saudi Arabia: Why not have the President go…
OPEC Keeps Forecast for 2022 Oil Demand to Exceed Pre-Pandemic Levels, Sees Risks
LONDON—OPEC has stuck with its forecast that world oil demand will exceed pre-pandemic levels in 2022, although the producer group said Ukraine’s conflict and developments around the coronavirus pandemic pose a considerable risk. In a monthly report released on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast that world oil demand…
Oil Slips After OPEC+ Hike, Tight Supply Limits Loss
LONDON—Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases COVID-19 restrictions limited the decline. The Organization of the Petroleum Exporting Countries and allies, or OPEC+, on Thursday, increased their output boost to 648,000 barrels per day (bpd) in…
Oil Prices Rise as OPEC+ Meets to Discuss Production
June 2, 2022
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Business & Economycommoditieseconomic policieseconomyEuropeMarketsOPECRussian Oil Tradesanctions on RussiaUSWorld
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Brent crude oil prices rose as OPEC+ members met Thursday to discuss production policy for July amid a decline in Russian output. The oil market kept a close eye on the meeting, which includes the 13 Organization of the Petroleum Exporting Countries (OPEC) nations and 10 non-OPEC partners, including Russia. August futures of Brent crude, the…
OPEC+ Agrees to Boost Production to Offset Russian Output Losses
Oil-producing countries allied under the OPEC+ banner have agreed to pump more oil in July and August, accommodating months of requests by the United States and others to boost production to cool soaring crude prices that have fed into a cost-of-living crisis amid sky-high inflation. The OPEC+ cartel said in a June 2 statement that…
Saudi Arabia Signals Backing for Russia in OPEC+
May 23, 2022
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Business & EconomycommoditieseconomyEuropeinflationInternationalMarketsOPECRussiaRussia-Ukraine WarSaudi ArabiaWorld
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Saudi Arabia has signaled its support for Russia as a continued member of the OPEC+ oil cartel, which comes amid ongoing Western pressure to sanction and isolate Moscow over the Ukraine invasion. Prince Abdulaziz bin Salman, the energy minister of Saudi Arabia, told the Financial Times in an interview published on May 22 that he sees…
Gulf State OPEC Members Sound Alarm About Dwindling Global Energy Capacity
Saudi Arabia and the United Arab Emirates warned on May 10, that their spare energy capacity is decreasing in all energy sectors as key producers reduce investment in fossil fuels, pushing oil, diesel, and natural gas to trade at near-record highs. Brent oil was trading at around $102 a barrel as of the afternoon of…
Oil Prices Near 3-Week High as Supply Worries Dominate Market Sentiment
Crude oil prices were trading close to a three-week high on April 18 amidst fears of supply disruption due to the ongoing Ukraine crisis. Brent crude oil futures hit a high of $113.80 per barrel, a level unseen since March 30. U.S. West Texas Intermediate futures hit $105.55 per barrel, which was also the highest…
Oil Rises on OPEC Warning and Easing of Shanghai COVID-19 Curbs
LONDON—Oil prices climbed on Tuesday as Shanghai’s relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia. Brent crude futures rose by $3.26, or 3.31 percent, to $101.74 a barrel at 1002 GMT while U.S. West Texas Intermediate was up…
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