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Tag Archives: OPEC

OPEC chief warns of global oil shortage due to sanctions on Russia

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 …

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OPEC to increase oil production to 400,000 barrels per day

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 …

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Oil prices rise as OPEC+ sticks to planned output increase

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 …

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Oil prices rally as Omicron concerns ease

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 …

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Oil prices jump following downbeat week

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 …

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Oil prices jump following upbeat week

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 …

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Republic of Congo to assume OPEC rotating presidency in 2022

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 …

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