OPEC+ issues new plan for cuts to compensate for overproduction
The plan will represent monthly cuts of between 189,000 barrels per day and 435,000 bpd, according to a table on OPEC’s web site. The scheduled cuts last until June 2026
Tag: OIL PRODUCTION
Oil prices tick up on US attack on Houthis, China economic hopes
Oil prices rose slightly after the United States vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping, while Chinese economic data buoyed hopes for higher demand
OPEC says Kazakhstan leads OPEC+ output increase and maintains demand forecast
The Organization of the Petroleum Exporting Countries (OPEC) reported on Wednesday that Kazakhstan led a significant increase in production in February by OPEC+, highlighting the challenge the group faces in meeting agreed production targets
YPF: EBITDA grows 15% in 2024 to USD 4.654 billion
The Argentine state oil company YPF said it closed 2024 with solid results. Adjusted EBITDA (earnings before taxes) grew by 15%, totaling $4.654 billionc
Birol: The energy transition contributes to future energy security
The Executive Director of the International Energy Agency (IEA), Fatih Birol, highlighted that the energy transition is necessary not only to mitigate the effects of climate change but also to provide immediate economic benefits and contribute to future energy security
Trump promises to fill the U.S. Strategic Petroleum Reserve ‘to the top.’
During his inaugural address at the Capitol, Trump promised to “lower prices, refill our strategic reserves to the top, and export American energy worldwide”
IEA revises upward global oil demand for 2024
The International Energy Agency (IEA) has revised upward its forecast for global oil demand in the last quarter of 2024, primarily due to colder winter conditions in many regions of the Northern Hemisphere, but it does not foresee supply shortages
In first look at 2026, OPEC predicts ongoing oil demand growth
OPEC, in a monthly report, said demand will rise by 1.43 million barrels per day in 2026, a similar rate to the growth of 1.45 million bpd expected this year. The 2026 prediction is OPEC’s first in its monthly report
OPEC: The oil sector needs $17.4 trillion by 2050
The Organization of the Petroleum Exporting Countries (OPEC) reiterated its view that the global oil sector requires $17.4 trillion in investments by 2050, averaging $650 billion per year
IEA expects comfortably supplied oil market in 2025 despite demand hike
The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said, even after producer group OPEC+ extended oil supply cuts and a slightly higher than expected demand forecast