OPEC oil production plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the U.S.-Israeli war against Iran effectively shut the Strait of Hormuz and forced export cuts
OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day at its upcoming meeting, two sources familiar with the group’s position said
The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.34 million barrels per day in January, 60,000 bpd less than in December, according to the survey, with Nigeria posting the largest decline
Oil prices could see further gains in 2026 as geopolitical risks continue to fuel volatility, HSBC said, although the bank added that market fundamentals should cap rallies and keep prices anchored in the mid-$60s range
The OPEC+ oil alliance, led by Saudi Arabia and Russia, produced an average of 42.83 million barrels per day (bpd) of crude in December, cutting output by 238,000 bpd, or 0.5%, from November levels
Oil prices are likely to fall this year as a wave of supply creates a surplus in the market, although geopolitical risks linked to Russia, Venezuela and Iran will continue to fuel volatility, Goldman Sachs said
All eyes will be on the Organization of the Petroleum Exporting Countries and its allies in 2026, and on how the cartel manages its decision-making process to balance a volatile market
Venezuela’s state oil company PDVSA has begun storing crude oil and fuels on tankers as onshore inventories rise amid U.S. seizures of vessels linked to Venezuela, according to company documents and maritime data
In its monthly oil market report, the IEA now estimates global supply at 106.2 million barrels per day in 2025, up 3 million bpd from 2024, which is 100,000 bpd less than it forecast in November
The production increase follows a decision by the OPEC+ group of oil-producing countries to implement a moderate rise in production quotas. se in production quotas. Novak also said that Russian companies are increasing investment to meet the higher production quotas set by OPEC+
