Tag: OPEC

Monday, May 26th 2025 - 10:55 UTC
Lower oil prices ahead, as OPEC+ targets removing US shale oil from global markets

OPEC+ are expected to announce another bigger than initially planned production hike at its next meeting, 9/10 July, allegedly with the purpose of having Iraq and Kazakhstan comply with their quotas, but according to a Reuter’s report the target is to knock out the US shale production.
Wednesday, February 19th 2025 - 09:13 UTC
Brazil announces plans to join OPEC+

Brazilian authorities announced Tuesday the South American country's decision to join the Organization of 13 Petroleum Exporting Countries (OPEC) and 10 observer nations, commonly referred to as OPEC+. According to Mines and Energy Minister Alexandre Silveira, the move would in in line with Brazil's goals and would not collide with its environmental commitments. Brazil will participate in the OPEC Cooperation Charter, a forum for discussing oil market strategies without binding obligations to follow cartel policies like production cuts.
Tuesday, December 26th 2023 - 08:20 UTC
Angola quitting OPEC over dispute about oil production quotas

Angolan official media have reported from Luanda that Angola is leaving OPEC, following a meeting of the Council of Ministers, let by the president of the country, Joao Lourenco.
Tuesday, October 3rd 2023 - 20:09 UTC
Despite Saudi Arabia's oil cut, OPEC+ production has increased boosted by Iran and Nigeria

Oil prices started to gradually recover during July, from a depressed second quarter, with the OPEC+ production cuts and the additional one million bpd reduction from the Saudi Arabia wells.
Tuesday, December 6th 2022 - 08:17 UTC
US gasoline prices at the pump could fall under US$ 3 per gallon by Christmas

United States gasoline prices have declined on average 16 cents to US$ 3,403 a gallon, while gas prices have declined 43 cents over the past 30 days, and are US$ 1.01 cents higher than a year ago.
Thursday, October 6th 2022 - 09:38 UTC
OPEC+ puts pressure on western countries with strict output cut

The price of gas at pumps for drivers worldwide might soon go up once again after OPEC+ countries at a meeting in Vienna agreed on to deepest production cut since the Covid-19 pandemic.
Monday, September 5th 2022 - 18:31 UTC
OPEC to cut down oil output to keep price stable

The Organization of Oil Exporting Countries (OPEC) Monday decided to cut their output of crude and put on sale on international markets 100,000 bpds less daily as fears of a recession keep bringing down the price of crude.
Saturday, July 16th 2022 - 10:06 UTC
Europe overtakes Asia as first buyer of US oil in five months of 2022

During the first five months of the year Europe has overtaken Asia as the biggest buyer of US crude, having imported 213.1 million barrels, while Asia imported 191.1 million barrels, Bloomberg reported, citing Census Bureau data. This is the first time in six years that Europe has been a bigger buyer of U.S. crude than Asia.
Thursday, June 2nd 2022 - 10:39 UTC
“Russia and Saudi Arabia closer than ever”, ahead of OPEC+ meeting

The OPEC+ alliance is solid and the tight cooperation between Russia and Saudi Arabia has never been stronger, said Russian Foreign Ministry Sergey Lavrov, following a meeting with his Saudi counterpart Prince Faisal bin Farhan Al Saud, and ahead of this week´s OPEC+ meeting to consider output levels.
Monday, May 9th 2022 - 19:28 UTC
OPEC Chief visits Venezuela to bolster bilateral ties

OPEC Secretary-General Mohammed Barkindo has visited Venezuela to strengthen bilateral ties between the rich oil-producing South American country, which is one of the 13 countries that make up the Organization of Petroleum Exporting Countries (OPEC).