OPEC

(Reuters) – An economic crisis caused by the Iran war and a fresh surge of investment by oil majors are driving Iraq’s aggressive push for a higher OPEC production quota, potentially placing it on a collision course with the producer bloc. The pressure from Baghdad adds to the challenges confronting the Organization of the Petroleum …

Iraq’s Push for Bigger OPEC Quota Driven by Revenue Pressures, New Oil Investment Read More »

(Reuters) – Iraq’s oil ministry said on Thursday that reports suggesting Baghdad was considering ending its membership in OPEC did not reflect the Iraqi government’s official position. The ministry added that Iraq continued to stress the importance of reviewing oil production quotas to ensure they are aligned with member states’ sustainable production capacities. Reporting by …

Iraq Says Reports of Possible OPEC Exit Do Not Reflect Official Position Read More »

Summary Iraq is OPEC’s second-largest producer Iraq’s economy under strain after Hormuz disruption Iraqi exit would be a blow to the oil exporters’ group OPEC was founded in the Iraqi capital Baghdad BAGHDAD, June 25 (Reuters) – Iraq has considered leaving OPEC if the oil producer group does not allow Baghdad to ​significantly increase oil …

Iraq Warns it Might Leave OPEC if Oil Quota Not Raised Read More »

  OPEC Sees No Peak Oil Demand as Energy Security Beats Climate OPEC forecasts “robust growth” in global oil demand, with demand projected to rise to 113.3 million barrels a day in 2030 and 124.1 million barrels a day by 2050. The largest increments of oil demand growth will come from Asia, the Middle East, …

OPEC Sees No Peak Oil Demand as Energy Security Beats Climate Read More »

ST PETERSBURG, June 4 (Reuters) – OPEC expects robust oil demand growth and ​is not changing its estimates, ‌Secretary General Haitham Al Ghais said on Thursday at the St Petersburg ​International Economic Forum, despite the ​Middle East conflict and closure of ⁠the Strait of Hormuz. “Despite all ​the commentary out there that ​oil demand is …

OPEC Secretary General Says Oil Demand to Remain Robust, No Change to Estimates Read More »

By Grant Smith Oil industry experts have told OPEC+ that supply disruption caused by the closure of the Strait of Hormuz will persist to the end of the year, even if the waterway reopens promptly. Consultants and analysts gathered at OPEC’s Vienna headquarters for a technical meeting on Monday warned that it will take many …

Analysts Tell OPEC+ Hormuz Disruption to Last Through Year End Read More »

By Ahmad Ghaddar and Alex Lawler Seven members likely to raise target by 188,000 bpd on Sunday, sources say Most cannot meet targets due to Hormuz closure Group-wide OPEC+ policy expected to remain unchanged OPEC delegates hold technical talks in Vienna this ​week VIENNA, June 1 (Reuters) – OPEC+ oil-producing countries will likely agree a …

OPEC+ Likely to Raise July Oil Output Target Despite Hormuz Disruption, Sources Say Read More »

By Ahmad Ghaddar and Olesya Astakhova Seven members likely to raise target by 188,000 bpd, sources say Most cannot meet targets due to Hormuz closure Group-wide OPEC+ policy expected to remain unchanged LONDON, May 21 (Reuters) – Seven leading OPEC+ oil-producing countries ‌will likely agree to a modest hike to July output when they meet …

OPEC+ Leaders Expected to Up July Oil Output Target Despite Hormuz Disruption, Sources Say Read More »