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Summary OPEC head repeats call for investments in oil and gas Energy security key to climate action success – Saudi minister Saudi minister sees Europe struggling with transition challenge (Reuters) – The head of OPEC and the producer group’s most influential energy minister on Wednesday defended oil’s role in providing secure energy supplies, pushing back …
OPEC Doubles Down on View That Oil Demand Will Stay Strong Read More »
(Reuters) – OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day for November at its meeting next Sunday as rising oil prices encourage the group to try to regain more market share, said two sources familiar with the talks. OPEC+ has reversed its earlier strategy of output cuts and …
OPEC+ to Consider Bigger Increase to Oil Output, Sources Say Read More »
By Alex Longley TotalEnergies SE said it sees limited growth in oil production outside the OPEC+ alliance after next year, while global consumption will continue to climb to the end of the decade. Global spare output capacity is set to shrink from 2027 as lower oil prices curb investments, the French energy giant said in …
Total Sees Limited Oil Supply Growth Outside OPEC+ After 2026 Read More »
Summary OPEC+ has failed to hit its increased targets Some members struggle to raise output Some face curbs because of previous overproduction OPEC+ may deliver only half of next output hikes (Reuters) – OPEC+ has delivered about three quarters of the extra oil output it targeted since the group started production hikes in April, and …
OPEC+ is Poised to Slip Further Below Oil Output Target Read More »
(Reuters) – HSBC’s latest oil market supply and demand model envisions OPEC+ gradually unwinding 1.65 million barrels per day in “first-phase” voluntary production cuts over a 12-month period, the bank said in a note on Tuesday. The bank’s oil market model had previously assumed that OPEC+ would take a breather after unwinding 2.2 million barrels …
HSBC Sees Gradual Unwinding of OPEC+ Voluntary Cuts Over Next Year Read More »
OPEC+ is set to agree to further raise oil output on Sunday, while probably slowing the pace of increases from October compared with recent months because of weakening global demand, an Iraqi official and OPEC+ sources said. OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, has reversed its …
OPEC+ Set to Raise Oil Output Further From October, Iraq Says Read More »
The International Energy Agency forecasts a surplus approaching 3 million barrels a day by next year. By Grant Smith Saudi Arabian Oil Co. workers in the Khurais oil field. Photographer: Maya Sidiqqui/Bloomberg The impact of this year’s dramatic policy reversal by OPEC+ is now becoming clear. This week’s reports from two of the oil industry’s …
OPEC+ Reshaped the Calculus for Oil Markets and Spawned a Record Glut Read More »
(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 »
