OPEC

OPEC+ leaders Saudi Arabia and Russia have applied oil cuts in efforts to prop up crude prices

OPEC+ Maintains Output Reduction To Boost Oil Prices

An OPEC+ panel recommended Wednesday that the oil cartel keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices.

OPEC+ Weighs Fresh Production Cuts To Rein In Weak Prices

The in-person OPEC+ meetings are set to take place from 0800 GMT Sunday in Vienna

There are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet on Sunday in a bid to prop up prices.

Saudi-Russian Discord Clouds OPEC+ Talks

Oil producers are grappling with falling prices and high market volatility amid the Russian invasion of Ukraine

In April, countries were caught off guard when several OPEC+ members agreed to voluntarily cut production by more than one million barrels per day (bpd), which briefly buttressed prices but failed to bring about lasting recovery.

OPEC's Share Of Oil Production Growth To Shrink This Year: EIA

U.S. retail gasoline prices are expected to average around $3.50 per gallon this summer, peaking between $3.60 per gallon and $3.70 per gallon in June.

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After hitting multi-year highs in July, oil has taken a hit from demand fears as the Delta variant spreads and forces governments to impose new restrictions

Oil Prices Strike $90 A Barrel But Hawks Expect This Price To Go Higher In 2022

Oil prices crossed the $90 a barrel mark on Friday, but some analysts believe that lingering pain from the pandemic and geopolitical tensions will push it higher later this year.

Nicholas Morgan Feb 04, 2022

Some see the OPEC+ nations stepping up production to avoid choking off the economic recovery

OPEC Promises To Boost Oil Production But Concerns Remain On How Much It Can

OPEC and a coalition of other major producers came to an agreement to boost production. Concerns remain about production capability and geopolitical tensions.

Nicholas Morgan Feb 02, 2022

Since May this year, OPEC+ members have raised oil output bit by bit with the aim of eventually returning to pre-pandemic production levels

Is $100 A Barrel Oil In The Pipeline? Goldman Sachs Says Expect It In 2022

Analysts are predicting that oil prices will strike $100 a barrel in 2022 amidst mounting fears that production will fail to keep up with ravenous demand for energy and geopolitical tensions that add to supply fears.

Nicholas Morgan Jan 19, 2022

The emergence of Omicron has led to countries reinstating travel bans and mulling further restrictions that could tighten demand and hurt oil prices

OPEC, Russia Agree To Pump More Oil Despite Concerns About Omicron

OPEC said they would continue to pump more crude despite concern about what kind of threat the COVID-19 Omicron variant poses to the global economy.

Nicholas Morgan Dec 02, 2021

OPEC is divided between keeping in place current production levels of releasing an extra 500,000 barrels per day onto the market next month

OPEC+ To Continue Talks For Deal On February Production

OPEC+ to continue talks for deal on February production

AFP News Jan 05, 2021

The OPEC+ ministerial meeting comes after the Covid-19 pandemic tanked the market for crude in 2020

OPEC+ Ministers Adjourn Without Deal On February Production Levels

OPEC+ ministers adjourn without deal on February production levels

IBT Staff Reporter Jan 04, 2021

The OPEC+ ministerial meeting comes after the Covid-19 pandemic tanked the market for crude in 2020

OPEC+ Meeting To Set February Production Levels

OPEC+ meeting to set February production levels

AFP News Jan 03, 2021

The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia

New Year OPEC+ Meeting To Decide Production Levels

New Year OPEC+ meeting to decide production levels

IBT Staff Reporter Jan 02, 2021

OPEC's ability to steer oil prices has been put in question to an extent never seen before

OPEC Sees Latest COVID-19 Surge Hitting Oil Demand

The group just further lowered its global demand forecast for 2021.

Howard Smith Dec 15, 2020

The first wave of the coronavirus pandemic sent oil demand -- and prices -- plummeting in the spring

OPEC And Allies Strike Deal For Lower Production Hike From January

OPEC and allies strike deal for lower production hike from January

IBT Staff Reporter Dec 03, 2020

OPEC cartel members are debating whether or not to go ahead with a planned increase in output

OPEC Delays Talks With Allies Until Thursday

OPEC delays talks with allies until Thursday

AFP News Dec 01, 2020

Oil prices may have returned to pre-pandemic levels but analysts worry that the global economy is not yet ready for OPEC and its allies to increase output as they had planned to in January

OPEC+ Meeting Tuesday Will Seek To Agree On Extended Production Cuts

OPEC+ meeting Tuesday will seek to agree on extended production cuts

IBT Staff Reporter Nov 30, 2020

Crude Oil

OPEC Sees Oil Demand Dropping Further

The latest revision to demand estimates has again been influenced by the increasing trajectory of coronavirus cases.

Howard Smith Nov 12, 2020

OPEC expects the number of cars on the roads in India to jump by more than five times by 2045 and, along with a similar increase in China, be one of the major drivers of rising oil demand

OPEC Doesn't See Peak Oil Demand -- Yet

OPEC doesn't see peak oil demand -- yet

AFP News Oct 08, 2020

Trading in most of Japan's stock markets was halted owing to a glitch, limiting business in the region as several other markets are closed

Tech Shares Lead Wall Street Up Ahead Of Jobs Data, Oil Prices Fall

Tech shares lead Wall Street up ahead of jobs data, oil prices fall

AFP News Oct 01, 2020

Against the expectations of most traders, crude oil of the kind stored at this facility in Cushing, Oklahoma, suddenly became nearly impossible to sell

Coronavirus Concerns Send Crude Oil Crashing Again

COVID-19 has killed at least one million people globally, and an increase in cases could send oil demand falling again.

Jason Hall Sep 30, 2020

OPEC's ability to steer oil prices has been put in question to an extent never seen before

OPEC Turns 60 At 'Critical Moment' For Virus-hit Oil

OPEC turns 60 at 'critical moment' for virus-hit oil

IBT Staff Reporter Sep 26, 2020

Oil firms are reckoning with the drop in demand and crude prices as lockdowns to contain the coronavirus have hammered economic activity

Global Oil Demand Will Drop Even More Than Previously Expected, IEA Predicts

A renewed wave of COVID-19 is expected to further pressure demand

Palash Ghosh Sep 15, 2020

Nancy Pelosi's suggestion that Democrats could lower their stimulus proposal provided some hope US lawmakers can thrash out a deal

Apple Hits $2 Tn Even As US Stocks Retreat From Records

Apple hits $2 tn even as US stocks retreat from records

IBT Staff Reporter Aug 19, 2020

Oil firms are reckoning with the drop in demand and crude prices as lockdowns to contain the coronavirus have hammered economic activity

IEA Warns Global Oil Demand Will Contract More Than Expected This Year Due To Ongoing COVID Impact

IEA partly cited a weakening recovery in transport-aviation sector for its projection

Palash Ghosh Aug 13, 2020

South Korea's economy has been hammered by the coronavirus pandemic

S. Korea Reports Worst Economic Performance In More Than 20 Years

S. Korea reports worst economic performance in more than 20 years

AFP News Jul 23, 2020

China said it will retaliate after Donald Trump signed off on a bill authorising sanctions on banks over China's clampdown in Hong Kong

Stock Markets Get Boost From Vaccine Hopes

Stock markets get boost from vaccine hopes

AFP News Jul 15, 2020

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