Tag: OPEC

IEA: projected rise in crude stocks is ‘unsustainable’

In its monthly oil market report, the IEA estimated that global inventories will rise by an average of 2.5 million barrels per day (bpd) in the second half of the year as supply far outpaces demand

OPEC sticks to oil demand forecasts, says economy doing well

OPEC made no changes to its relatively high global oil demand growth forecasts for this year and next, and said the world economy was maintaining a solid growth trend in the second half of this year

EIA: oil prices to fall sharply on OPEC+ production increase

Oil prices will decline significantly in the coming months as rising OPEC+ output drives a large buildup in inventories, the U.S. Energy Information Administration (EIA) said

OPEC publishes new compensation schedule for oil overproduction

The schedule indicates that in total the members need to deliver monthly cuts ranging from 190,000 barrels per day to 829,000 bpd to comply with output targets

Oil prices drop as OPEC+ weighs another output hike

Oil prices fell by about 2% ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October

OPEC oil output rises in July led by UAE and Saudi

The Organization of the Petroleum Exporting Countries pumped 27.38 million barrels per day last month, up 270,000 bpd from June’s revised total, the survey showed

OPEC+ increases crude oil supply starting September

OPEC+ has decided to increase its crude oil supply by 547,000 barrels per day (bpd) starting September 1, thus completing the restoration of the 2.2 million barrels per day (mbpd) that was withdrawn from the market in 2023

OPEC says world economy may do better in second half of year

In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecasts for global oil demand growth unchanged for 2025 and 2026, following reductions in April, stating that the economic outlook remained robust

Markets are thirsty for more oil, OPEC+ and oil majors say

The increase in OPEC+ oil production is not leading to a buildup in inventories, indicating that global markets remain in demand for more crude, ministers from OPEC nations and executives from major Western oil companies stated

OPEC+ speeds up oil output hikes, adds 548,000 bpd in August

OPEC+ agreed to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and U.S. attacks on Iran