UAE says current OPEC+ actions sufficient for now
Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said, but the group is “only a phone call away” if any further steps are needed
Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said, but the group is “only a phone call away” if any further steps are needed
OPEC’s forecast for 2024 will likely be lower than the growth it expects this year of 2.35 million barrels per day, or 2.4 percent, an abnormally high rate as the world moved out of the pandemic
Morgan Stanley lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year
Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil cuts, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the US Federal Reserve
OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market
Saudi Aramco believes market fundamentals remain “sound” for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering
Saudi Arabia, the world’s biggest oil exporter, kept its ranking as China’s top crude supplier for a ninth straight month in August as major producers relaxed production cuts
OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq’s oil minister said, adding the group is expected to stick to its current production accord when it meet in October “if prices remain stable”
The Organization of the Petroleum Exporting Countries has pumped 26.93 million barrels per day (bpd), the survey found, up 210,000 bpd from July’s estimate