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Tag Archives: OPEC

OPEC further cuts global oil demand forecasts in 2022, 2023

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) on Monday further revised down its forecasts for global oil demand in 2022 and 2023, citing economic challenges and geopolitical uncertainties. The latest forecasts were released in OPEC’s monthly report. The oil-producer alliance had already made several downward …

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Angola to “remain in line” with OPEC+ for production cut

Luanda, Angola | Xinhua | Angola has announced support for the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, to ensure the producing countries’ fair revenues and continuous crude oil supply. Angola will remain in line with the decisions of OPEC+, said the country’s Ministry …

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Oil prices drop as OPEC cuts forecasts for demand growth

New York, U.S. | Xinhua | Oil prices fell on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand growth estimates for both 2022 and 2023. The West Texas Intermediate for November delivery decreased 2.08 U.S. dollars, or 2.3 percent, to settle at 87.27 dollars …

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Africa’s petroleum producers back OPEC+ production cut

Overall oil production to reduce by two million barrels per day starting November Lagos, Nigeria | Xinhua | The African Petroleum Producers’ Organization (APPO) announced Thursday it supports the recent decision by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil-producing countries to cut overall oil production by two …

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OPEC+ to cut oil output by 2 mln bpd from November

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a major production cut of 2 million barrels per day (bpd) starting November to bolster oil prices that have recently tumbled over recession fears. The oil alliance …

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Oil prices drop as demand worries prevail

New York, U.S. | Xinhua | Oil prices fell on Friday as traders worried about a deteriorating demand outlook. The West Texas Intermediate (WTI) for November delivery decreased 1.74 U.S. dollars, or 2.1 percent, to settle at 79.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for November …

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Oil prices edge higher ahead of OPEC+ meeting

New York, U.S. | Xinhua | Oil prices eked out modest gains on Friday as traders awaited a key meeting from major oil producers. The West Texas Intermediate for October delivery added 26 cents, or 0.3 percent, to settle at 86.87 U.S. dollars a barrel on the New York Mercantile Exchange. …

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OPEC to slightly raise oil output in September

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a slight production boost in September despite calls for speedier increases to rein in high crude prices. The oil alliance decided to increase production by 100,000 barrels …

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