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(Reuters) – OPEC on Tuesday raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market outlook. World oil demand will rise by 1.38 million barrels per day in 2026, the Organization …
OPEC Lifts 2026 Oil Demand View and Trims Supply Growth From Rivals Read More »
By Anushree Ashish Mukherjee Brent projected to average $67.84 per barrel in 2025 WTI to average $64.61 per barrel in 2025 July 31 (Reuters) – Analysts are keeping their oil price forecasts mostly unchanged for 2025, as a rise in OPEC+ output and ongoing U.S. tariff uncertainty weigh on the market, a Reuters poll showed …
Tariff Uncertainty and Rising OPEC+ Supply Weigh on Oil Prices: Reuters Poll Read More »
(Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) said on Friday that the joint ministerial monitoring committee(JMMC), scheduled to convene on Monday, does not hold decision-making authority over production levels. OPEC added that claims linking the JMMC meeting to oil output changes or voluntary adjustments are ‘inaccurate and fall outside its mandate’. An …
OPEC Says JMMC Does Not Hold Decision-Making Authority Over Production Levels Read More »
By Ahmad Ghaddar, Alex Lawler and Olesya Astakhova LONDON/MOSCOW, July 24 (Reuters) – An OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates said, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. …
OPEC+ Panel Likely to Keep Oil Policy Steady on Monday, Sources Say Read More »
By Grant Smith OPEC reinforced its view — an outlier even within the petroleum industry — that global oil consumption will keep increasing to the middle of the century. Demand will grow by roughly 19% to reach almost 123 million barrels a day by 2050, the Organization of the Petroleum Exporting Countries said in a …
OPEC Fortifies Outlier View That Oil Demand Will Grow to 2050 Read More »
Summary OPEC says peak demand is not in sight OPEC expects demand to grow for longer than other forecasters Demand growth is slowing in China (Reuters) – OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising …
OPEC Trims Oil Demand for Next Four Years, Says No Peak in Sight Read More »
By Ron Bousso OPEC+ to increase output target by 2.5 million bpd between April and September Saudi has large spare production while others produce at capacity Riyadh’s share of global oil production declined to 11% in 2024 from 13% LONDON, July 8 – Saudi Arabia’s drive to rapidly increase OPEC+ oil output may put Riyadh …
COMMENTARY: Saudi Plays Short and Long Game With OPEC+ Production Gamble – Bousso Read More »
Ever since OPEC+ stunned oil markets by opening the taps three months ago, traders have tried to divine the cartel’s motives. Clarity may soon be at hand. On Saturday, Saudi Arabia and its partners agreed to further accelerate plans for reviving crude production, despite signs of an impending oversupply in world markets. The full rationale remains opaque. …
OPEC+ Is Rushing Toward a Production Strategy Crossroads Read More »
(Reuters) – Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share. The group, which includes Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria, is expected to agree to …
OPEC+ Set to Make Another Accelerated Oil Output Hike on Saturday, Sources Say Read More »
By Salma El Wardany, Grant Smith, and Fiona MacDonald OPEC+ has begun discussing another 411,000 barrel-a-day production increase for August ahead of the group’s video-conference this weekend, according to delegates who asked not to be identified. Saudi Arabia and its partners have previously approved hikes of the same size for May, June and July as …
OPEC+ Discusses 411,000-Barrel Hike in August, Delegates Say Read More »
