OPEC

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 »

(Reuters) – The world’s largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, four delegates from the group told Reuters. If the increase is agreed, it would bring the total rise in supply from OPEC+ …

OPEC+ Set to Make Another Accelerated Oil Output Hike for August, Sources Say Read More »

Summary Saudi Arabia, UAE the only OPEC+ members that can raise output Global spare capacity may be as low as 3 million bpd Global supply cushion roughly equals Iranian output Iran pledges to retaliate for Israeli strikes (Reuters) – Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply …

OPEC+ Would Struggle to Cover Major Iranian Oil Supply Disruption Read More »

(Reuters) – The West’s energy watchdog said on Friday it was ready to release oil stocks should the market experience shortages following Israel’s attack on Iran, drawing criticism from rival OPEC which said the statement would only create fear in the market. The International Energy Agency, representing oil consumers, and the Organization of the Petroleum …

IEA Says it Stands Ready to Tap Emergency Oil Stocks, OPEC Sees No Need Read More »

(Reuters) – Saudi Arabia, the world’s biggest oil exporter, cut its prices for Asian crude buyers close to the lowest level in four years on Wednesday, in what the market sees as the country’s attempt to regain market share. Saudi Arabia has pushed OPEC+ this year to raise its output targets ahead of schedule. OPEC+ …

Saudi Arabia Cuts July Oil Prices to Asia to 4-year Low After OPEC+ Supply Boost Read More »