OPEC News


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Oil Market Sentiment Has Improved Significantly
'Brent oil prices have risen to a four-month high'.
8:00 PM EST | March 17, 2024
EIA and Standard Chartered Offer Up Latest Oil Price Predictions
The U.S. Energy Information Administration and Standard Chartered revealed their latest oil price predictions this week.
8:00 PM EST | March 13, 2024
OPEC Voices Encouragement after IEA Affirms Support for Oil Security
OPEC expressed encouragement after a commentary from the IEA telling the globe to ensure petroleum supply while transitioning to a clean energy future.
8:00 PM EST | March 13, 2024
SEB Commodities Chief Analyzes Oil Price Moves
'Optimism for oil was tempered on Friday,' the commodities chief said.
8:00 PM EST | March 11, 2024
Rystad Says OPEC+ Production Rose Month on Month
According to Rystad Energy data and research, crude production in OPEC+ countries increased in February.
8:00 PM EST | March 11, 2024
Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
Rystad Energy and Skandinaviska Enskilda Banken AB (SEB) offer their views.
7:00 PM EST | March 06, 2024
Rystad, Macquarie Talk OPEC+ Cut Extension
Rystad Energy and Macquarie look at the latest OPEC+ developments.
7:00 PM EST | March 04, 2024
BofA Reveals Where it Sees The Oil Price Heading
In a BofA Global Research report sent to Rigzone this week, analysts revealed where they see the oil price heading in the near and mid-term.
7:00 PM EST | February 29, 2024
Is Peak Oil Demand Close?
Rigzone speaks to several oil analysts to get their take.
7:00 PM EST | February 26, 2024
Shortage of Oil Tankers at Hand as Red Sea Attacks Divert Trade
Just two new supertankers are due to join the fleet in 2024.
7:00 PM EST | February 25, 2024
World Oil Supply Posts Sharp Decline in January
The IEA said 'extreme weather conditions shut in more than 900,000 barrels per day of production across North America'.
7:00 PM EST | February 18, 2024
OPEC+ Oil-Cut Laggards Pledge Compliance With Targets
Iraq and Kazakhstan pledged compliance with new OPEC+ oil targets.
7:00 PM EST | February 14, 2024
OPEC Report Shows Uneven Delivery of New Oil Production Cuts
OPEC+ pledged significant output curbs this quarter in a bid to avert a surplus and shore up global prices.
7:00 PM EST | February 12, 2024
SEB Commodity Chief Says No Chance OPEC+ Will Fold Cards Now
'It is very unlikely that Saudi/OPEC+ will cave in and switch from 'price over volume' to 'volume over price''.
7:00 PM EST | February 08, 2024
Exxon, Chevron Ramp Up Permian Oil Growth in Threat to OPEC
Exxon Mobil Corp. and Chevron Corp. plan to aggressively ramp production from the Permian Basin this year.
7:00 PM EST | February 02, 2024
OPEC+ Nations Set to Decide on Extending Cuts in Early March
Oil prices have seen only limited gains this year.
7:00 PM EST | January 31, 2024
Delegates Say OPEC+ Doesn't Plan Any Changes to Oil Output Policy
Oil prices have so far shown a muted response to the additional 900,000 barrel-a-day supply reduction being undertaken by the Organization of Petroleum Exporting Countries and its partners.
7:00 PM EST | January 25, 2024
What Themes Will Dominate Global Oil Market in 2024?
Rigzone speaks to market experts to see what themes will dominate the global oil market this year.
7:00 PM EST | January 10, 2024
2024 Won't be Any Easier for Energy Investors
'We expect oil to remain volatile'.
7:00 PM EST | January 08, 2024
OPEC+ Reaffirms Commitment to Unity
'The unprecedented levels of cooperation, dialogue, mutual respect, and trust will continue to be the basis for these continued collaborative efforts going forward'.
7:00 PM EST | January 07, 2024
OPEC to Resume Regular Monitoring Meetings Next Month
The Joint Ministerial Monitoring Committee, which includes group leaders Saudi Arabia and Russia, will convene in the first week of February.
7:00 PM EST | January 02, 2024
Three Member States Affirm Support for OPEC as Angola Exits
Iraq, Nigeria and the Congo Republic affirmed their commitment to OPEC.
7:00 PM EST | December 25, 2023
Angola Announces Exit From OPEC Amid Spat Over Oil Quotas
Angola announced it's leaving OPEC following 16 years of membership.
7:00 PM EST | December 20, 2023
COP28 Outcome Dubbed a Win for Oil, Gas Producers
'Language affirming the long-called for 'phaseout' of oil, coal, and gas was rejected'.
7:00 PM EST | December 14, 2023
EIA Cuts 2023 and 2024 Brent Oil Price Forecasts
The U.S. Energy Information Administration cut its Brent oil price forecast for 2023 and 2024 in its latest short term energy outlook.
7:00 PM EST | December 13, 2023
COP28 President Said He Promised a Different Sort of COP
'When I spoke to you at the very start of COP, I promised a different sort of COP'.
7:00 PM EST | December 12, 2023
COP28 Ends With Deal on Transition Away From Fossil Fuels
The COP28 climate talks in Dubai ended in a deal that saw a commitment to transition away from all fossil fuels for the first time.
7:00 PM EST | December 12, 2023
Rapidan Says OPEC+ Faces 5-Year Fight to Avoid Price Meltdown
'For the next several years, at least, continually unified, vigilant, and effective OPEC+ supply management will be required to prevent a collapse in oil prices'.
7:00 PM EST | December 11, 2023
OPEC+ Declaration of Cooperation Turns 7
'The Declaration of Cooperation is a unique platform that facilitates cooperation between 23 oil-producing countries based on mutual respect, trust, and dialogue'.
7:00 PM EST | December 11, 2023
COP28 Delegates Engaged in Intense Negotiations
'Now is the time for maximum ambition and maximum flexibility'.
7:00 PM EST | December 11, 2023
OPEC+ Meeting Results Appear Supportive
'However, the market response to the meeting has been highly negative'
7:00 PM EST | December 10, 2023
OPEC Urges Members to Block COP28 Pronouncements vs Fossil Fuels
OPEC's top official urged member countries in a letter to reject any agreements that target fossil fuels at COP28.
7:00 PM EST | December 10, 2023
Market Gave Latest OPEC+ Outcome an Unexpectedly Bearish Reception
'It was an unusual type of decision as well as the form of the communication'.
7:00 PM EST | December 05, 2023
Saudis Cut Asia Oil Prices After OPEC+ Deepens Output Curbs
Saudi Arabia slashed its official crude oil selling prices to Asia by the most since February.
7:00 PM EST | December 04, 2023
Putin to Visit Saudi Arabia, UAE in Rare Trip Outside Russia
Russian President Vladimir Putin will travel to the United Arab Emirates and Saudi Arabia, according to people familiar with the plans.
7:00 PM EST | December 04, 2023
Saudi Energy Minister Says Won't Agree to Fossil Fuel Phase Down
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman says the kingdom won't agree to a text that calls for the phase down of fossil fuels at the COP28 summit in Dubai.
7:00 PM EST | December 03, 2023
OPEC+ Outcome a Bittersweet Victory for Saudis
'The inability to secure a group-wide decision on production cuts does not bode well for the group's unity and cohesion and limits the group's ability to balance the market'.
7:00 PM EST | November 30, 2023
OPEC+ Agrees on Deeper Output Cuts
OPEC+ agreed to deepen its production cuts following a slump in crude prices and predictions of a renewed surplus next year.
7:00 PM EST | November 29, 2023
What to Watch Out for at COP28
COP28 is taking place from November 30 to December 12 in the United Arab Emirates.
7:00 PM EST | November 29, 2023
Al Jaber Denies Using COP28 Presidency to Make Oil, Gas Deals
The head of global climate change talks starting in Dubai this week has strongly denied using his position to advance the United Arab Emirates' commercial interests.
7:00 PM EST | November 28, 2023
Strategists Look at Impending OPEC+ Meeting
'A tactical shift from KSA shouldn't be dismissed altogether'.
7:00 PM EST | November 28, 2023
OPEC+ Talks Hit Stalemate
The Organization of Petroleum Exporting Countries and its partners needs to finalize output policy for 2024.
7:00 PM EST | November 27, 2023
Saudi Arabia Seeks OPEC+ Oil Quota Cuts While Some Members Resist
The 23-nation OPEC+ alliance faces pressure to intervene in crude markets.
7:00 PM EST | November 26, 2023
OPEC Meeting Delay Put Downside Pressure on Oil
'Market participants had been hotly anticipating the meeting'.
7:00 PM EST | November 26, 2023
Oil Strategists Remain Structurally Bearish
'Bearish price action has been driven by macro concerns and large global supply growth while bullish moves are being driven by expectations for further OPEC+ cuts and positioning'.
7:00 PM EST | November 23, 2023
Analysts Examine Oil Price Swings
'Prices fell by $6 per barrel intra-week and then rebounded by $6 per barrel without any particularly significant flow of news'.
7:00 PM EST | November 22, 2023
Oil Markets Eagerly Awaiting Sunday OPEC+ Meeting
'Saudi Arabia's decision will have significant implications for oil markets'.
7:00 PM EST | November 20, 2023
High Level OPEC-India Meeting Takes Place
The sixth high-level meeting of the OPEC-India energy dialogue took place on November 9.
7:00 PM EST | November 13, 2023
OPEC+ Remains Positive on Oil Demand Growth Before Meeting
OPEC+ still has a positive outlook for growth in oil demand.
7:00 PM EST | November 06, 2023
Analysts Say $98 2024 Brent Forecast is Supported by Fundamentals
'We expect global demand to grow 1.5 million barrels per day in 2024'.
8:00 PM EST | November 01, 2023