Tag Archives: OPEC

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. …

Russia has made it clear that it will not export oil to countries that enforce price caps Rome, Italy | Xinhua | A price cap on Russian seaborne crude recently agreed by the European Union (EU), the Group of Seven (G7) nations and Australia came into effect on Monday. Whether the …

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 …

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 …

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 …

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 …

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 …

Vienna, Austria | Xinhua | The OPEC+ oil cartel will meet in Vienna at the ministerial level on Oct. 5 to discuss future output strategy, according to a statement issued by the organization on Saturday. It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when COVID-19 …

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 …

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. …