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Some OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation's ability to produce more, the Wall Street Journal reported on Tuesday, citing OPEC delegates. …
G7 energy ministers have called on the Opec group of oil producing countries to pump more oil
Persistently low investment in conventional energy sources risks leaving the world running out of spare production capacity for crude oil, refined products, and natural gas
A U.S. Senate committee passed a bill yesterday that could expose the Organization of the Petroleum Exporting Countries and partners to lawsuits for collusion on boosting crude oil prices
During the last meeting, the OPEC+ countries decided to continue increasing oil production by the planned 432 thousand barrels per day in June. "Confirm the production adjustment plan and the monthly adjustment mechanism …
OPEC Secretary-General Mohammed Barkindo said at the meeting of the OPEC+ Joint Technical Committee that Russia is exporting oil and oil products of 7 mln barrels per day and the world does not have the spare capacity to replace these volumes, a …
Crude oil futures Thursday were up on the day as production worries around Libya and Russia came back to the forefront, but broader economic concerns and record US exports pared gains
Iraq has been pressured to increase oil production outside of OPEC, Iraqi Oil Minister Ihsan Abdel Jaber said. "We've been under pressure to increase oil production outside of [commitments to] OPEC"б he said, adding that …
Russian President Vladimir Putin had a telephone conversation with Crown Prince of Saudi Arabia Mohammed bin Salman, the Kremlin press service reports. "Topical issues of bilateral cooperation, including in the trade and economic …
OPEC's Secretary-General Mohammad Barkindo said it would be "nearly impossible" to replace Russian oil. According to Barkindo, the highly volatile market is not based on fundamentals and is out of its control. …
Even though many Western clients are proclaiming their intention to shun Russian barrels, the oil is still flowing from export channels
With Turkey’s consumer inflation already at 54.4%, price increases on fuel alone threaten to add two percentage points to the monthly inflation rate in March. A seemingly endless stream of fuel price hikes has sparked a nationwide outcry in Turkey, where the surge in global energy prices has been amplified by the depreciation of the Turkish lira
The Gulf state would not act on its own to raise production and remained committed to OPEC+ policy
Oil prices jumped early Monday after the U.S. and Western allies imposed sanctions on specific Russian banks, prompting fears that energy supplies will be indirectly affected
OPEC+ will work to integrate Iran into its oil supply-limiting accord should agreement be reached on reviving its nuclear deal with world powers
Undersupply meets surging demand
The Organization of Petroleum Exporting Countries (OPEC) keeps the forecast of oil demand growth at the level of 4.2 mln barrels per day in 2022 and at the same time slightly revises the growth estimate as of 2021 year-end to 5.7 mln barrels …
Azerbaijan supported the decision to increase daily oil production by 400,000 barrels in March 2022, which had been adopted at the 25th meeting of ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) …
Azerbaijani Foreign Minister Jeyhun Bayramov and Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Mohammed Barkindo have discussed prospects of cooperation in Vienna, Austria, the ministry reported. …
The OPEC and non-OPEC Ministerial Meeting, which lasted about half an hour on Tuesday, has given a green light to the oil output increase by 400,000 barrels per day in February, an OPEC source said. "They have approved an increase …
