The members of the Organization of the Petroleum Exporting Countries and their allies (the so-called OPEC+ group) decided today to leave the current production cut agreement unchanged, leaving it until March to decide whether or not to extend the current voluntary production cuts by some countries, which will thus remain in force for this first...
The Organization of the Petroleum Exporting Countries (OPEC) has extended its crude oil production cuts to 2024. Saudi Arabia alone will make a voluntary and deep cut of one million barrels a day from July, in an attempt to push up oil prices. Saudi Arabia and other producers in the...
The OPEC+ alliance confirmed today, after holding a tele-conference of the JMMC internal committee, that from May it will withdraw 1.16 million barrels a day from the market on the basis of "voluntary" cuts by several of its partners. This reduction, which after being announced on Sunday, has already led to a sharp rise in the price...
The OPEC+ alliance of oil producers, led by Saudi Arabia and Russia, decided Wednesday in Vienna to reduce its production by 2 million barrels per day, the biggest cut since the pandemic. The announcement was made by Iran's Deputy Oil Minister, Amir Hossein Zamaninia, at the end of a conference...
OPEC+ is preparing to substantially reduce production levels, and should announce at the October 5 meeting a cut between 500,000 and 1 million barrels per day to support prices, according to cartel sources quoted by Reuters. Earlier in the week, a source said that Moscow might suggest a reduction in...
OPEC+ decided, this Monday, to reduce oil barrel production by 100,000 barrels per day (bpd) to keep prices stable. This measure begins to take effect in October, but for now it has returned oil prices to near one hundred dollars per barrel. Next month, the group...
Oil rose nearly 1% on Monday as potential OPEC+ production cuts and conflict in Libya helped offset a strong US dollar and a negative outlook for US growth. Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries (OPEC) last week lifted...
The OPEC+ alliance decided on Wednesday to increase its oil supply by 100,000 barrels per day next month, a very limited increase compared to previous months. The very limited availability" of the capacity to pump more oil in a short period of time "requires that it be used very cautiously," stressed this Wednesday, the...
The OPEC+ alliance, led by Saudi Arabia and Russia, confirmed today that in August it will increase oil supplies by 648,000 barrels of crude oil per day to a total of 43.85 million barrels per day. "In light of current market fundamentals," OPEC+ (Organization of Petroleum Exporting Countries -...
Members of the Organization of the Petroleum Exporting Countries and their allies (OPEC+ group) will increase crude supply by about 50% in July and August. The agreement reached this Thursday is a yield to pressure from major oil consumers, namely the US, to ease the price escalation...