Tag: OPEC

• 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.

• Monday, February 28th 2022 - 20:20 UTC

  OPEC+ meeting this week expected to increase another 400,00 bpd

  

  The OPEC+ alliance is set to approve this week another 400,000 bpd increase in monthly production targets, despite the fact they have been supplying below the announced volume. Russia and OPEC's de facto leader Saudi Arabia manage the OPEC+ group, which has been running supply to the market since the beginning of 2017

• Tuesday, February 22nd 2022 - 09:57 UTC

  Middle East OPEC members with no plans to increase output: “caution” is the name of the game

  

  As crude prices steadily climb to US$ 100 a barrel, Middle Eastern OPEC producers have no plans to increase production beyond their OPEC+ quotas, a gathering of ministers this weekend has made clear. The energy minister of the biggest oil producer in the cartel, Saudi Arabia, said that the pandemic had taught oil-producing nations one thing, and that was caution, writes Irina Slav for oilprice.com.

• Thursday, February 3rd 2022 - 09:51 UTC

  OPEC+ confirms March output increase; oil remains bullish at US$ 90 since several members can't deliver

  

  By Tsvetana Paraskova for Oilprice.com – In the shortest meeting so far in its history, OPEC+ decided on Wednesday to increase the collective production by 400,000 barrels per day (BPD) in March, keeping unchanged the plan to boost output and pushing Brent above US$ 90 per barrel again with the per-usual modest production hike.