OPEC News


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OPEC Squabbles Lose Relevance as Saudis and Russia Set the Agenda
Friday, September 21, 2018 OPEC and its allies seem poised for another contentious meeting in Algeria this weekend.

Russia Oil Output Is Said to Hit New Highs Before OPEC Talks
Thursday, September 20, 2018 Russia's crude production has jumped to a new post-Soviet record, boosting the nation's budget revenue as it prepares for talks with OPEC+ on further cooperation, according to a government official.

OPEC's Decade of Turmoil Leaves Cartel Seeking a New Way Forward
Thursday, September 20, 2018 OPEC's 60-year history has rarely confronted a more challenging period than the past decade.

OPEC Warns of Threats to Oil Supply from Iran and Other Producers
Tuesday, September 18, 2018 The Organization of Petroleum Exporting Countries is concerned by threats to crude supply from large producers such as Iran, according to the group's top official.

OPEC Sees Need to Keep Oil Supply Deal as Demand Faces Headwinds
Monday, September 17, 2018 OPEC needs to keep working with other oil producers to manage global supplies as demand for crude faces 'headwinds,' the head of the organization said.

Venezuela Hands China More Oil Presence, But No Mention Of New Funds
Friday, September 14, 2018 Venezuela gave China another stake in the OPEC member's oil industry and signed several other deals in the energy sector.

Iran Says Oil Market Is Too Tight For US Zero Exports Target
Friday, September 14, 2018 The US will find it difficult to cut Iran's oil exports completely as the oil market is already tight and rival producers cannot make up the shortfall, official says.

IEA Warns of Higher Oil Prices as Iran and Venezuela Losses Deepen
Thursday, September 13, 2018 The IEA warns that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela.

Saudis Hire Ex-Solicitor General Olson to Lobby Against NOPEC
Thursday, September 13, 2018 Saudi Arabia is taking no chances with the longshot NOPEC bill, hiring former Solicitor General Ted Olson as a lobbyist to campaign against the act.

OPEC Sees Slower 2019 Oil Demand Growth, Warns On Economy
Wednesday, September 12, 2018 OPEC further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside.

Qatar Calls For Increased Investment In Oil And Gas Markets
Thursday, September 06, 2018 Qatar's energy minister calls for oil-producing countries to boost investment in the oil and gas sector given a recovery in the price of oil.

OPEC's Barkindo: Oil Demand To Hit 100 MMbpd Sooner Than Projected
Wednesday, September 05, 2018 World oil consumption will reach 100 million barrels per day later this year, hitting that level much sooner than previously forecast, OPEC's Barkindo says.

Reuters Survey: OPEC August Oil Output Hits 2018 High Despite Iran Losses
Friday, August 31, 2018 OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq's southern exports hit a record, a Reuters survey found.

OPEC To Discuss Compensating For Iranian Supply Drop After US Sanctions
Wednesday, August 29, 2018 OPEC will discuss in December whether producers can compensate for a sudden drop in Iranian oil supply after US sanctions against Tehran start in November.

OPEC+ Committee: Oil Producers Cut July Output By 9% More Than Agreed
Monday, August 27, 2018 An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9% more than called for in their pact, sources say.

Iraq's Southern Oil Exports Head for Record High in August - Sources
Tuesday, August 21, 2018 Oil exports from southern Iraq are on course to hit another record high this month, two industry sources said.

Venezuela's Oil-linked Cryptocurrency Leaves Heads Spinning
Tuesday, August 21, 2018 Beaten-down Venezuela on Tuesday began confronting a 95 percent currency devaluation and a regimen of economic controls that, after years of hunger and hyperinflation, landed like a hassle rather than a cataclysm.

China Shipowners Shunning Iranian Oil as U.S. Sanctions Near
Tuesday, August 21, 2018 China's shipowners are shunning Iran's oil, while the OPEC producer is using its own tankers to supply top customers as impending U.S. sanctions threaten to disrupt global crude trade.

Emerging Markets Turmoil Revives Old OPEC Ghost
Monday, August 20, 2018 For more than two decades, OPEC has tried to avoid repeating a mistake that cost it dearly.

Saudi Cuts Oil Output As OPEC Points To 2019 Surplus
Monday, August 13, 2018 OPEC forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

OPEC Plus or OPEC Minus?
Wednesday, August 08, 2018 Since late 2016, the Organization of Petroleum Exporting Countries and other nations, including Russia, Kazakhstan and Mexico, have managed the oil market, giving birth to a group popularly known as OPEC+.

US Cuts 2018 Crude Oil Production Growth Forecast
Tuesday, August 07, 2018 U.S. crude oil production in 2018 was expected to grow at a slower rate than previously forecast amid lower crude prices according to a monthly U.S. government report.

WoodMac Sees 'Loosening' of Oil Market Towards Year-End
Tuesday, August 07, 2018 Wood Mackenzie sees a 'loosening' of the oil market towards the end of the year, Sushant Gupta, a director at the research and consultancy business, reveals in an interview with CNBC on Tuesday.

OPEC Sources: Saudis Cut July Production
Friday, August 03, 2018 Saudi Arabia, which recently pledged oil-supply increases to tame rallying crude prices, cut production last month, according to OPEC delegates.

OPEC Oil Output Climbs as Saudi Arabia Pumps Near Record
Thursday, August 02, 2018 OPEC's crude output increased last month as Saudi Arabia pumped near-record volumes.

Reuters Survey: OPEC July Oil Output Hits 2018 Peak, But Outages Weigh
Monday, July 30, 2018 OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found.

After Pumping More Oil for Trump, Saudis Doubt if it's Needed
Friday, July 20, 2018 Under pressure from U.S. President Donald Trump, Saudi Arabia has rushed to boost oil production, only to discover that global markets might not yet need it.

Saudi Arabia Says It Won't Oversupply Global Oil Market
Thursday, July 19, 2018 Saudi Arabia rejected concerns that it's planning to oversupply global oil markets and said it will actually trim crude exports next month.

OPEC Seeking Legal Strategy as U.S. Continues to Push Anti-Cartel Bill
Thursday, July 19, 2018 OPEC is consulting with lawyers to prepare a strategy to defend against proposed U.S. legislation that could open the cartel up to antitrust lawsuits, according to people familiar with the matter.

WoodMac: OPEC Will Continue to Play Important Role in Oil Market to 2040
Monday, July 16, 2018 OPEC will continue to play an important role in the oil market to 2040, according to a new report by Wood Mackenzie.

Russia Says May Step Up Oil Output to Tackle Deficit
Friday, July 13, 2018 Russia and other leading oil producers may boost oil output further if supply shortages hit the global oil market, Russia's energy minister said Friday.

Analysts Revise Oil Price Outlook to 2019
Thursday, July 12, 2018 BMI Research revises its oil price outlook for the next 2 years.

World's Oil Cushion Could Be Stretched To The Limit, IEA Warns
Thursday, July 12, 2018 The world's oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency says.

OPEC To Canada: Build Pipelines Or Watch Investment Flow South
Tuesday, July 10, 2018 The president of OPEC urges Canada to invest in infrastructure to move oil and gas, or risk watching investment flow away to the United States.

S. Arabia will be 'Reluctant to Exhaust' its 'Substantial' Spare Capacity
Tuesday, July 10, 2018 Saudi Arabia will be 'reluctant to exhaust' its 'substantial' spare capacity, according to oil and gas analysts at BMI Research.

Do Not Blame OPEC, Oil Producer Group Says Of Trump Criticism
Tuesday, July 10, 2018 The president of OPEC defends the oil producer group against President Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame.

Trump To OPEC: 'Reduce Pricing Now!' - Twitter
Thursday, July 05, 2018 U.S. President Donald Trump again accuses the Organization of Petroleum Exporting Countries of driving gas prices higher on Twitter on Wednesday.

Abu Dhabi Ready to Pump More Oil Under OPEC Deal
Tuesday, July 03, 2018 Abu Dhabi said it's ready to increase oil output in line with guidance set by OPEC and allied producers.

Saudis to Balance Chasing Buyers and Charging More
Tuesday, July 03, 2018 Saudi Arabia will have to navigate a particularly delicate balance between.

Trump Says Saudis Must Compensate For Drop In Iran Oil Supply
Monday, July 02, 2018 President Trump lashes out at OPEC with a warning to stop manipulating oil markets and piles pressure on US ally Saudi Arabia.

Unplanned Supply Outages 'Look Set to Rise', Pose 'Upside Risk' to Prices
Thursday, June 28, 2018 Unplanned supply outages look set to rise in July, posing 'upside risk' to prices, oil and gas analysts at BMI Research say.

Oil-Sands Outage Upends Global Oil Market, Overshadows OPEC
Monday, June 25, 2018 The shutdown of a key oil-sands facility in Canada is flipping the global oil market on its head and slamming shares of producers that depend on the plant.

What Will Brent Do In 2018 Following OPEC Meeting?
Monday, June 25, 2018 Analysts outline their expectations for the price of Brent crude following the latest OPEC gathering in Vienna, Austria.

Saudi Aramco CEO Says Has 2 Million Barrels Per Day Of Spare Capacity
Monday, June 25, 2018 Oil giant Saudi Aramco says it has a spare capacity of 2 million barrels per day and can meet additional oil demand in case of any interruption in supplies.

OPEC+ Gives Final Sign Off to Oil-Supply Boost
Saturday, June 23, 2018 OPEC and its allies gave the final sign-off to an oil-production increase, sealing a victory for Saudi Arabia and Russia.

OPEC Insights: Experts Concerned About Supply Gaps, Emerging Markets
Friday, June 22, 2018 Industry experts at the 174th OPEC Conference weigh in on the fate of world trade, emerging markets and a potential supply gap.

OPEC Agrees Modest Hike In Oil Supply After Iran Softens Stance
Friday, June 22, 2018 OPEC agrees on a modest increase in oil production from July after its leader Saudi Arabia persuades arch-rival Iran to cooperate.

Saudi Sides with Oil Consumers as OPEC Nears Pivotal Talks
Thursday, June 21, 2018 Saudi Arabia urges OPEC to help consumers by boosting oil supply as opposition from arch-rival Iran shows signs of wavering.

Crude Rises as OPEC Counts Down to Crucial Oil-Production Talks
Wednesday, June 20, 2018 Crude rose the most in more than a week as OPEC ministers worked behind closed doors to heal a rift over unprecedented production limits.

Climate Czar Tells OPEC to Pivot from Oil or Prepare to Suffer
Wednesday, June 20, 2018 OPEC needs to support the transition away from oil or prepare for growing climate-induced destabilization that could wreck their markets, UN official says.