Organization of the Petroleum-Exporting Countries (OPEC)

OPEC+ members extend oil production cuts into 2025

OPEC+ members extend oil production cuts into 2025

OPEC+ agreed to extend most of its deep oil output cuts well into 2025, according to the statement of the OPEC and non-OPEC Ministerial Meeting released on Sunday. OPEC+ members are currently cutting output by a total of 5.86 million …

Namibia may join OPEC+

Namibia may join OPEC+

The OPEC+ oil producers group is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade, Reuters reported citing sources. TotalEnergies, opens new tab and Shell, …

Russia to cut oil production by nearly 0.5 mln bpd

Russia to cut oil production by nearly 0.5 mln bpd

Russia plans to cut its oil production and export by an average of 471,000 barrels a day in the second quarter of 2024 as part of its voluntary commitments under the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said. …

OPEC+ extends 200 mln bpd oil output cuts

OPEC+ extends 200 mln bpd oil output cuts

Several OPEC+ countries have announced the extension of additional voluntary oil production cuts for the second quarter of 2024. Thus, Saudi Arabia extends production cuts by one million barrels a day until June, the United Arab …

Iran produces record oil within OPEC

Iran produces record oil within OPEC

The US Department of Energy said Iran set a record for oil production among OPEC member countries last year, reaching 2.8 million barrels per day.

OPEC+ states intend to stabilize oil market

OPEC+ states intend to stabilize oil market

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, reaffirmed their commitment to unity, full cohesion and market stability following Angola's departure announcement from the group. …

Angola leaves OPEC

Angola leaves OPEC

Angola has announced its withdrawal from OPEC. For a long time, the country has not fulfilled its oil production obligations.

Iran's oil prices increasing

Iran's oil prices increasing

Iranian oil prices experienced a significant increase of $6.1 per barrel in August, according to recent data from the Organization of Petroleum Exporting Countries (OPEC). These figures reveal that Iran supplied oil to its …

OPEC Secretary General to visit Russia

OPEC Secretary General to visit Russia

Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham al-Ghais announced his intentions to visit Russia for the first …

Putin and Saudi crown prince discuss OPEC + cooperation

Putin and Saudi crown prince discuss OPEC + cooperation

Russian President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman al Saud had a phone call, discussing cooperation within the OPEC+, the Kremlin press office said. "Both sides praised the level of …

Azerbaijan to cut oil production

Azerbaijan to cut oil production

Azerbaijan is expected to adjust its crude production to 551,000 barrels per day throughout 2024. The overall crude oil production level for both OPEC and non-OPEC countries will be set at 40.46 mb/d, as the block agreed, following 35th …

OPEC+ announces further voluntary production cuts

OPEC+ announces further voluntary production cuts

The OPEC+ energy ministers met on Sunday in Vienna to iron out next production steps, as global oil prices remain under pressure from broader macro-economic concerns. OPEC+ nations agreed the level of oil production in 2024 at 40.46 …

Kazakhstan's oil output to increase

Kazakhstan's oil output to increase

Kazakhstan’s oil output in 2023 is expected to increase by 0.1 mb/d, according to the monthly oil outlook from OPEC. According to OPEC, Kazakhstan's liquids output in March declined by a minor 5,000 b/d month-on-month to …

Novak assesses OPEC+ cooperation after deal expires

Novak assesses OPEC+ cooperation after deal expires

The countries participating in the OPEC+ agreement can continue cooperation even after the end of the deal, including as part of technological interaction and the creation of joint projects, Russian Deputy Prime Minister Alexander Novak said. …

Azerbaijan overfulfills OPEC+ deal by 29%

Azerbaijan overfulfills OPEC+ deal by 29%

In February, Azerbaijan overfulfilled the OPEC+ deal by 29%. Daily production of oil with condensate amounted to 648 thousand barrels: 531 thousand barrels were oil and 117 thousand were condensate.