Energy analysts believe deep production cuts from OPEC+ could yet backfire for U.S. ally Saudi Arabia. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by […]
VIENNA/LONDON, Oct 5 (Reuters) – OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United […]
Iraq (Federal Iraq and Kurdistan Regional Government) is the second-largest crude oil producer in OPEC after Saudi Arabia. It holds the world’s fifth-largest proved crude oil reserves, at 145 billion barrels, representing 17% of proved reserves […]
DUBAI, Sept 29 (Reuters) – Leading OPEC+ members have begun discussions about an oil output cut at the group’s next meeting on Oct. 5, three sources told Reuters. One OPEC source told Reuters a cut […]
Oil demand has remained resilient in the face of a multitude of challenges. OPEC+ has fallen behind more than 3.5 million bpd on its output goals. The DoE has no immediate plans to start refilling […]
Libya’s oil production rose by 3,000 barrels per day (bpd) to 1.186 million bpd on Thursday, according to the National Oil Corporation (NOC), as the African OPEC member exempted from the OPEC+ deal has seen a recovery […]
In an attempt to wrestle back China market share from Russia, Iran is reportedly gearing up to slash the price of its sanctioned crude oil stored offshore Singapore, The Straits Times reports, citing unnamed industry […]
OPEC+ fell a whopping 3.6 million bpd below its oil production target in August, with the gap widening from 2.9 million bpd in July. While OPEC members were 1.399 million bpd behind the quota, non-OPEC […]
LAUNCESTON, Australia, Sept 6 (Reuters) – It’s tempting to dismiss the decision by the OPEC+ group to cut crude oil production by 100,000 barrels per day (bpd) in October as a statistical insignificance that will […]
Saudi Arabia’s energy minister has said that all options are on the table for Opec-plus, as it seeks to calm a “yo-yo” oil market that he views as a threat to energy security and the […]
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