OPEC

Kuwaiti’s tenure as OPEC’s top official extended to mid-2028 OPEC+ delayed output restart last week to defend oil prices OPEC appointed Haitham Al-Ghais for a second three-year term as its secretary-general, extending his tenure until mid-2028. The Kuwaiti oil executive has been the top official at the Organization of Petroleum Exporting Countries since mid-2022. OPEC and its allies agreed …

OPEC Gives Haitham Al-Ghais Second Term as Secretary-General Read More »

(Reuters) – OPEC+ has agreed to delay its plan to raise oil output until April 2025, an OPEC+ source told Reuters while its meeting was underway, to provide additional support for the oil market. The group will unwind its latest layer of output cuts gradually from April 2025 until 2026, the source said.

The cartel needs to be more honest about the implications of its drive to keep crude prices high.  By Javier Blas The best scandals are those that start when someone, somewhere, decides to say something utterly shocking: the truth! A senior official of the OPEC+ oil cartel has said publicly what many thought privately — the …

The Wrong Oil Price Is Truthfully a Problem for OPEC+ Read More »

(Reuters) – The OPEC+ alliance of oil-producing countries has postponed its next meeting on output policy to Dec. 5 from Dec. 1 to avoid a conflict with another event, OPEC said on Thursday. A summit of Gulf Arab countries is due to be held in Kuwait City on Dec. 1 which several OPEC+ ministers plan …

OPEC+ Postpones Output Policy Meeting to Dec 5 Read More »

By Maha El Dahan, Alex Lawler and Vladimir Soldatkin Iraqi, Saudi, Russian officials hold meeting in Iraq Talks come ahead of Sunday’s OPEC+ meeting Azerbaijan says OPEC+ might consider oil cuts rollover DUBAI/LONDON/MOSCOW, Nov 26 (Reuters) – OPEC+ nations are discussing a further delay to a planned oil output hike that was due to start …

OPEC+ Discusses Further Delay to Oil Output Hike, Sources Say Read More »

(Reuters) – OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum in London on Tuesday. OPEC+ is discussing a further delay to a planned oil output hike that was due to start in January, two sources …

OPEC Unlikely to Raise Production in Short Term, Commodity Trading Bosses Say Read More »

By Alex Lawler Makes fourth cut in 2024 oil demand growth forecast Cuts view on Chinese demand growth to 450,000 bpd IEA to publish updated forecasts on Thursday LONDON, Nov 12 (Reuters) – OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other …

OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts Read More »