OPEC

...Says Wall Street Journal Report Was UntrueThe United Arab Emirate has denied reports that it has not been in any discussions with some OPEC members to change the existing agreement on oil output Early yesterday, the Wall Street…

...As OPEC+ Cuts Output by 2mbpd Saudi Arabia, world’s largest crude oil exporter, has started to slash its crude exports after OPEC+ is now reducing its overall target production by 2 million barrels per day (bpd).  Citing oil flow…

Citing China’s zero-Covid policy, geopolitical uncertainties and weaker economic activity, OPEC has slightly lowered its global oil demand forecast for this year and next year following a steep reduction in October. Accordingly, global…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that for the first time since July 2022, the daily crude oil production output of Nigeria rose above one million barrels per day (bpd) in October. The commission…

If recent offshore oil discoveries prove to be large enough for commercial development, Namibia may be on its way to joining the Organisation of Petroleum Exporting Countries . The Namibian petroleum commissioner Maggy Shino, told…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that it has granted 274 export permits for a total of 480.8 million barrels of crude oil/condensate/EGTL between the fourth quarter of 2021 and the third quarter of…

Saudi Arabia has expressed the belief that currently soured relationship it has with the United States will improve over time. A rift appeared for the two countries shortly after OPEC+, at its last meeting in Vienna, decided to reduce…

The US is still worried about the OPEC+ group’s decision to cut crude oil production target by 2 million barrels per day (bpd), pointing out that the decision came at “the worst possible moment” and will have a wide-ranging impact on the…

The US has assured OPEC members that the G7 group’s price-capping measures against Russia is meant only to restrict Russia’s oil revenues, and was not targeted at OPEC members. A US Treasury official told Reuters on Wednesday, that…

…As more EU members stand up to defend output reduction United Arab Emirates' minister of energy and infrastructure, Suhail Al Mazrouei, has said that the decision by OPEC+ to slash oil output was “technical” and meant to “stabilise”…

…insisting that decision is crucial to market stability A number of Arab nations seem to be showing solidarity with Saudi Arabia who is under pressure from the US over the decision by OPEC+ to cut oil output in November.Shortly after…

Angola and Libya have for the second consecutive month maintained their lead over Nigeria as Africa’s highest crude oil producers, according to a report by the Organisation of the Petroleum Exporting Countries (OPEC). OPEC said this in…

OPEC raised its crude oil production by 146,000 barrels per day (bpd) last September, but reports say the 10 OPEC members in the OPEC+ pact still had their total output well below the target level under the agreement. Secondary…

The United States has signaled that it is reviewing its relationship with Saudi Arabia following the Organization of the Petroleum Exporting Countries alliance decision last week to slash oil production. OPEC+ is a loosely affiliated…

True to expectation, the 23-member OPEC+ alliance yesterday slashed its November output by 2 million barrels per day. The output cut is the latest effort by the oil producers’ alliance to support prices.The 2million barrels per day cut is…

……..Experts Say U.S. Shale Won’t Fill Gap As OPEC+ is expected to review its production plans for November during its meeting holding today, industry consensus is that the cartel could consider slashing its output by anywhere from…

………Cartel Meets In-Person This Week in Vienna The OPEC+ super group of oil producers would hold its first in-person meeting this week, the first since March 2020, as the group considers cutting oil production to address a recent slump…

A Reuters’ survey published last Friday showed that OPEC raised its September crude oil production to the highest level since 2020, yet failed to meet its September quota.The cartel’s production for September came in below its specified…

...As OPEC Run on 3.6mpd Below Target As OPEC nations continue to struggle with production quota, data show that in August the two biggest laggards in production quotas were Russia of the non-OPEC group and Nigeria of OPEC. In July,…

Revises Down Its Forecast by 160,000 bpd The Organization of Petroleum Exporting Countries (OPEC) has forecasted that global oil demand would average 96.4 million barrels per day (bpd) this year. It explained in a report released…