German Economy Minister Robert Habeck has joined Western calls for OPEC to increase oil production, saying the Gulf countries should not benefit from global sanctions against Russia for its invasion of Ukraine. OPEC heavyweights, Saudi Arabia and the United Arab Emirates, have resisted Western calls, including those from the United States, to use their spare […]
Tag: OPEC
IEA considers OPEC+ decisions disappointing and says it has enough stock
The executive director of the International Energy Agency (IEA) considered the decisions of the members of OPEC + as disappointing, and assured that it has enough ‘stock’ to continue operating in the oil markets, in which prices are through the roof . The members of the Organization of the Petroleum Exporting Countries and their associates […]
Crude is heading for its worst week in more than a decade: WTI barrel closed at $110.60
Black sunset. The prices of Petroleum They closed this Wednesday at the highest since 2011 for WTI and since 2014 for Brent, driven by the war in Ukraine, sanctions against Russia and fears about the supply of black gold. A barrel of West Texas Intermediate (WTI) for April delivery rose 6.95% to $110.60, a peak […]
OPEC+ agreement remains on track despite Russian invasion of Ukraine
Updated on 02/25/2022 09:41 am The deal between OPEC+ oil producers, including Russia, has shown no fissures so far following Russia’s invasion of Ukraine, OPEC+ sources said, and the group is likely to maintain the planned production increase at a meeting next week. week, despite the fact that crude oil has exceeded US$ 100 per […]
Texas oil opens 0.74% lower to $87.61
The price of texas intermediate oil (WTI) opened this Thursday with a decrease of 0.74% and stood at 87.61 dollars a barrel after the decision of Wednesday, February 2, of the Organization of Petroleum Exporting Countries (OPEC) and its allies to slightly increase their oil supply, despite the fact that the rise in crude oil […]
Oil price closes higher in the session prior to the OPEC + meeting
Crude prices closed on a positive note this Monday, after having fluctuated during the first session of the year, just before the OPEC + meeting. A barrel of Brent from the North Sea for delivery in March gained 1.54% to US $ 78.98. While in New York, a barrel of West Texas Intermediate (WTI) for […]
OPEC + Alliance expects growing excess crude supplies in 2022
Updated on 12/01/2021 01:27 pm The OPEC + alliance foresees a growing glut of oil supplies in 2022, with the highest rates between January and March next year, according to a document from the group’s technical committee published on Wednesday. Experts believe that the surplus will be 1.7 million barrels per day (mbd) on average […]
OPEC + closely follows new variant of COVID-19, some worried about outlook
Updated on 11/26/2021 02:24 pm OPEC + closely monitors the information about the new variant of the coronavirus COVID-19, called “omicron” by the World Health Organization (WHO), sources said, and some countries expressed concern that the prospects for the oil market could worsen , less than a week before a meeting to establish the group’s […]
OPEC estimates release of reserves will increase global crude surplus in first quarter
Updated on 11/24/2021 07:05 pm The advisory body of the Organization of the Petroleum Exporting Countries (OPEC) expects a release of crude reserves by the United States and other consuming countries will expand a projected global surplus early next year, Bloomberg reported, citing a document it did not identify. The OPEC Economic Commission Board projects […]
Learn what Biden’s oil offensive means
by Liam Denning President Joe Biden shouldn’t wait for an invitation to Saudi Arabia so he can get his hands on a luminous orb in the near future. The announcement that the United States will release 50 million barrels from the Strategic Petroleum Reserve (SPR), as part of a broader measure coordinated with other countries, […]