Tag: OPEC

• 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).

• Saturday, April 16th 2022 - 08:43 UTC

  OPEC minimum oil production increase during March

  

  OPEC oil production increased by just 57,000 barrels per day (bpd) in March from February, as African members’ struggles to pump more crude partially offset increases at the core OPEC members of the Middle East, reports Tsvetana Paraskova for Oilprice.