Saudi Arabia has said it will reduce how much oil it sends to the global economy by one million barrels per day (bpd), as the OPEC+ alliance of major oil-producing countries faces flagging oil prices […]
OPEC+ members in Vienna have agreed to extend crude production cuts into 2024. In a statement, the cartel said that it was acting ” to achieve and sustain a stable oil market,” and that it […]
Saudis offers new voluntary cuts of 1 mln bpd for July Russian, Nigerian, Angolan targets brought in line with output UAE allowed to raise production (Reuters) – Saudi Arabia will make deep production cuts in […]
Commentary by Ben Cahill Published June 2, 2023 There is growing speculation that the Organization of the Petroleum Exporting Countries and allied producers (OPEC+) will agree on June 4 to cut production. Brent crude prices fell below $73 […]
OPEC Lambasts Anti-Oil Sentiment, Warns of Underinvestment – OPEC+ compliance with its collective targets keeps on worsening with the 19 members underperforming by 2.6 million b/d, just as the oil alliance prepares for its June […]
Authored by Simon Watkins via OilPrice.com, OPEC has repeatedly warned of the danger of undermining oil industry investment and has cut production to ensure oil prices remain higher. Meanwhile, the United States has rigorously attempted […]
Saudi Arabia’s revenues are expected to increase this year due to the high oil prices that will be generated by the reduction in crude oil production by several OPEC countries and Russia from May onwards. Saudi […]
The Saudi-led oil producing group OPEC+ has signalled it would hold the oil supply steady to maintain a stable market. But in a surprise move, the alliance, which includes Russia, announced it would slash output […]
(Reuters) – Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC’s voluntary output cuts announcement. Brent crude futures gained 22 cents, or […]
OPEC’s surprise decision to slash oil production stands to enrich an unexpected cohort: US shale drillers. The shock announcement sent US oil prices up by as much as $6 a barrel, signaling a new round […]
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