Tag Archives: OPEC

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. …

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) on Thursday further revised down its forecasts for this year’s global economic growth and oil demand, following a previous downward revision in May. The oil alliance said in its monthly report that the world economy is expected to …

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 …

Vienna, Austria | Xinhua | World oil demand is projected to grow further next year, albeit at a slower pace than in 2022, according to a report published on Tuesday by the Organization of the Petroleum Exporting Countries (OPEC). OPEC said in its monthly report that it expects the global oil …

Vienna, Austria | Xinhua | The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, said on Thursday that they would stick to a previously decided output boost in August despite calls for bigger increases to rein in crude prices. At its last meeting in …

Baghdad, Iraq | Xinhua | Iraq seeks to raise its crude oil production to 8 million barrels per day (bpd) by the end of 2027 to fulfil its commitment to export quota within the Organization of the Petroleum Exporting Countries (OPEC), Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail said Sunday. “Iraq is …