The global demand for Petroleum will slow down this year, with a projected growth of 1.2 million barrels per day compared to the increase of 2.3 million in 2023, the International Energy Agency announced this Thursday. (IEA). Last year ended with an average demand of 101.8 million barrels per day and in 2024 it is […]
Tag: OPEC
Global oil falls due to increase in OPEC supply and price cut by Saudi Arabia
The price of Texas intermediate oil (WTI) opened this Monday with a drop of 3.96% and stood at US$70.89 a barrel, after Saudi Arabia announced yesterday a cut in crude oil prices for its Asian clients . At 9:01 a.m. local time (14:01 GMT), WTI futures contracts for delivery in February were down US$2.92 compared […]
OPEC+ opts for “voluntary cuts” in crude oil supply in 2024
The OPEC+ alliance decided this Thursday that oil supply levels will be adjusted next year with “voluntary” cuts by most of its partners, such as those extended by Riyadh and Moscow until March 31, 2024. Brazil also announced its annexation from 2024. That is the result of the teleconference held today by the Ministers of […]
Oil prices fall due to concerns over the delay of the OPEC meeting
Oil prices fell approximately 1% on Thursday, November 23 due to speculation that OPEC+ may not deepen production cuts next yearafter the group postponed a meeting, according to Reuters. The futures of Brent They were down 61 cents or about 0.7% at US$81.35 a barrel at 5.34 pm (GMT), after falling as much as 4% […]
Saudi Arabia and Russia to continue additional voluntary oil cuts
The main exporters of Petroleum, Saudi Arabia and Russiaconfirmed on Sunday that they will maintain their additional voluntary oil production cuts until the end of the year, as concerns about demand and economic growth continue to weigh on crude markets. Both countries indicated that they will review their cuts next month to study the possibility […]
Venezuelan PDVSA signs occasional sales contracts and demands advance payment
The Venezuelan state oil company, PDVSAhas signed at least two new specific contracts to export fuel oil and asphalt cement, demanding that its clients advance payments in euros, according to company documents. Last week, the United States issued a license allowing the OPEC country to freely export oil, fuel and gas to its chosen markets […]
IEA: Global demand for oil, gas and coal will peak in 2030
The global demand for fossil fuels will peak in 2030 as sales of electric cars rise and the Chinese economy grows more slowly and shifts toward cleaner energy, the agency said. International Energy Agency (IEA). The IEA report, which advises industrialized countries, contrasts with the opinion of the Organization of Petroleum Exporting Countries (OPEC), which […]
OPEC: A barrel of crude oil is around US$90 due to the conflict in the Middle East
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He Petroleum of the Organization of the Petroleum Exporting Countries (OPEC) has resumed its upward path by trading on Monday at US$89.99 per barrel, 3% more than its value on Friday, according to calculations published by the oil group on its official website. The rise of US$ 2.69 is attributed by analysts to the fear […]
Oil reaches maximum levels of 2023 amid expectations of a shortage in supply
This Thursday, September 14, the oil prices reached their highest point of the entire year, iDriven by tighter supply prospects, which prevailed over concerns related to weaker economic growth and rising U.S. crude oil inventories, according to Reuters. At 11:24 a.m. (CET) (15:24 GMT), the price of the Brent oil registered an increase of US$1.74, […]
Global oil demand will set a new record in 2023
This 2023 could set a new record for the international price of oil, after the International Energy Agency (IEA) raised this Friday the estimate of global demand for crude oil to 102.2 million barrels per day, as had been anticipated. at the beginning of the first trimester. Precisely, in February 2023 the IEA it had […]