Tag Archives: OPEC

Houston, U.S. | Xinhua | The head of the Organization of Petroleum Exporting Countries (OPEC) warned on Tuesday that the world cannot replace Russia’s share of oil exports, calling for energy depoliticization. “The issue at stake here is the capacity of the world to meet these perceived shortages,” OPEC Secretary General …

Volatility in the oil market is caused by geopolitical developments rather than changes in market fundamentals New York, U.S. | Xinhua | Oil prices surged again on Wednesday after major oil producers decided to stick to modest output increase despite supply fears amid the Russia-Ukraine conflict. The West Texas Intermediate (WTI) …

Brazzaville, Congo | Xinhua | Republic of Congo’s Minister of Hydrocarbons Bruno Jean Richard Itoua, current chairman of the ministerial conference of the Organization of the Petroleum Exporting Countries (OPEC), announced Wednesday that OPEC will increase oil production to 400,000 barrels per day. According to Itoua, this decision is aimed at …

New York, U.S. | Xinhua | Oil prices climbed on Tuesday after the world’s major oil producers pledged to stick to their plan to gradually boost output next month. The West Texas Intermediate for February delivery added 91 cents, or 1.2 percent, to settle at 76.99 U.S. dollars a barrel on …

New York, U.S. | Xinhua | Crude oil prices could soften in the coming months as looming oversupply is turning oil producers’ fortunes around, according to industry institutions and analysts. Meanwhile, a possible failure to revive the Iran nuclear deal by the first quarter of 2022 together with expected return of …

New York, U.S. | Xinhua | Oil prices rose on Tuesday, extending the gains they had scored in the prior session, as fears over the COVID-19 Omicron variant retreated. The West Texas Intermediate for January delivery added 2.56 U.S. dollars, or 3.7 percent, to settle at 72.05 dollars a barrel on …

New York, U.S. | Xinhua | Oil prices surged on Monday, reclaiming the losses they had suffered in the prior week. The West Texas Intermediate for January delivery added 3.23 U.S. dollars, or 4.9 percent, to settle at 69.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for …

New York, U.S. | Xinhua | Oil prices rose on Monday, building on the gains they had scored in the prior week. The West Texas Intermediate (WTI) for November delivery added 1.17 U.S. dollars, or 1.5 percent, to settle at 80.52 dollars a barrel on the New York Mercantile Exchange, the …

Brazzaville, Congo | Xinhua | The Republic of the Congo will succeed Angola as OPEC’s rotating president in 2022, said Mohammed Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) on Monday. “Congo will take over the presidency of OPEC in 2022,” he said after an exchange with Congolese …

Houston, U.S. | Xinhua | The U.S. Energy Information Administration (EIA) forecast in a report on Tuesday that global crude oil prices will remain near current levels for the remainder of 2021 and will decline next year. In its August’s Short-Term Energy Outlook (STEO), EIA said Brent crude oil spot prices …