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Tag Archives: OPEC

Angola announces exit from OPEC

LUANDA | Xinhua | Angola on Thursday announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC), according to the Angolan government’s Facebook page. The decision followed a session of the Council of Ministers, which took place on the same day at the Presidential Palace in the national …

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OPEC+ further cuts oil output amid falling prices

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Thursday announced further production cuts for next year to bolster oil prices that have recently tumbled amid a weakening economic backdrop. Following a virtual meeting of OPEC+ oil …

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OPEC+ adjusts output targets for 2024

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Sunday agreed to adjust their overall production level to 40.46 million barrels per day (bpd) next year. The oil-producer alliance announced the decision in a statement released after …

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What is behind projections of falling oil prices?

Houston, U.S. | Xinhua | Oil prices are falling. Now many experts expect the trend to continue over the next two years, with significant uncertainties ahead. PROJECTED FALLING PRICES The U.S. Energy Information Agency (EIA) forecast earlier this month that the average Brent crude oil price would decrease from 100.94 U.S. …

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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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