Tag: OPEC

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.
Tuesday, January 18th 2022 - 20:30 UTC
South American countries might form “lithium OPEC”

Developers in Argentina, Bolivia, Chile, and possibly Peru are evaluating the idea of creating an association of lithium-producing countries that will function like the mineral's OPEN for the region.
Wednesday, January 5th 2022 - 10:00 UTC
OPEC+ keeps to schedule and will add 400,000 bpd oil production In February

By Tsvetana Paraskova for Oilprice.com – The OPEC+ group decided on Tuesday to add another 400,000 barrels per day to its total oil production in February in a widely expected move to continue easing the cuts each month.
Monday, December 6th 2021 - 09:00 UTC
OPEC+ Expects Large Oil Glut In Early 2022

By Tsvetana Paraskova for Oilprice.com – OPEC+ anticipates the global oil market to show a worse-than-previously expected surplus in the first quarter of 2022, according to an internal report seen by Reuters, which could give the group another reason to pause monthly supply additions.
Thursday, October 14th 2021 - 14:58 UTC
Putin anticipates the price of crude could reach US$ 100 a barrel

The price of crude could rise to US$ 100 per barrel in coming weeks, anticipated Russian president Vladimir Putin during the Energy Week conference held in Moscow.
Sunday, October 10th 2021 - 19:41 UTC
US will not release strategic reserve and Brent oil climbs to US$ 83 the barrel

By Julianne Geiger for Oilprice.com - The Unite States Department of Energy is walking back previous comments that it was considering a release of the Strategic Petroleum Reserve and a ban on crude oil exports, Bloomberg’s Javier Blas reported on Twitter.
Thursday, September 2nd 2021 - 09:32 UTC
OPEC and Russia keep steady on original plan; ignore US request to pump more oil

The Organization of Petroleum Exporting Countries plus a group led by Russia, OPEC+1 ignored requests from United States president Joe Biden and agreed on Wednesday to continue raising oil output in measured steps as originally agreed.
Monday, July 19th 2021 - 09:11 UTC
OPEC and Russia+10 will increase output, 400,00 bpd, as of August first

The world's leading oil-producing countries agreed on Sunday to continue with the gradual increase of output, 400,000 barrels per day, beginning August first, to help global economic recovery following the pandemic, according to a release from the group's meeting in Vienna.
Tuesday, March 9th 2021 - 09:51 UTC
Oil heading for US$ 70 a barrel on OPEC+ latest decision to retain output cuts

Oil is heading toward US$ 70 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.