OPEC+ countries to compensate excess oil output
The Organization of Petroleum Exporting Countries (OPEC) received updated plans of surplus oil production compensation from seven OPEC+ countries, specifically …
Organization of the Petroleum-Exporting Countries (OPEC)
Oil price heading towards $60 per barrel
Oil prices extended losses on Monday, falling more than 2% as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude while OPEC+ readies a supply increase. The price …
Oil prices fall below $69 per barrel
Brent crude oil fell below $69 for the first time since early March. The price decline continues for the second day amid Trump and OPEC+ decisions.
OPEC+ speeds up oil output hikes
Eight OPEC+ countries agreed today to advance their plan for oil output hikes by increasing oil output by 411,000 barrels per day in May. Eight members of …
Mishustin: Russia closely cooperates with OPEC+
Mikhail Mishustin stated that Russia maintains close cooperation with OPEC+, emphasizing the country's responsible approach to energy security issues.
Iran’s oil output up nearly 13% last year
Iran’s oil production increased by 13% in 2024, according to the Organization of the Petroleum Exporting Countries (OPEC) data. Iran’s oil production had reached an average of 3.257 million barrels per day last year - an …
OPEC Secretary General gets second term
OPEC countries renewed the term of Kuwait’s representative Haitham Al Ghais as the Secretary General of the organization for three years more at their ministerial conference, the OPEC said. "The Conference …
Russia discusses oil market with Iraq and Saudi Arabia
During his trip to Baghdad, the Russian Deputy Prime Minister met with the Iraqi and Saudi Arabian Ministers of Energy. The meeting focused on the situation on the oil market
OPEC+ not to increase oil production in 2024
OPEC+ countries have decided to extend voluntary oil production cuts of 2.2 mln barrels per day until the end of December, according to a statement published on …
Azerbaijan cuts oil production in August
In August, oil production in Azerbaijan amounted to 480 thousand barrels per day. The country lagged behind the OPEC+ quota by 71 thousand bpd. Oil production decreased by 10 thousand bpd.
OPEC+ extend voluntary oil output cuts
Several members of OPEC+ agreed to extend their group-wide output cuts to the end of 2025. The countries agreed to extend their additional voluntary cuts of 2.2 million bpd, announced in November 2023, until the end of September …
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 …
OPEC conveys condolences to Iran over death of president
The OPEC Secretary General, on behalf of the Organization of Petroleum Exporting Countries, expressed condolences to Iran over the death of Raisi
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, …
OPEC+ not to change oil production volumes
OPEC+ countries will not change the volume of oil production in connection with the recommendations of the organization's monitoring committee.
Kazakhstan not to change its oil production forecast due to OPEC+ agreement
The Kazakh authorities do not plan to change the forecast for oil production this year, since the republic has pledged to fulfill the OPEC+ condition to reduce fuel production.
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
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
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
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. …
