OPEC+ countries agreed to postpone the start of oil production increases by three months until April 2025, simultaneously extending the full unwinding of output cuts by a year until end-2026 as the oil group confronts rising non-OPEC production.
Morgan Stanley expects Brent Crude prices to average $70 per barrel in the second half of 2025, up from a $66-$68 a barrel range expected previously, after OPEC+ delayed the beginning of its production increase and slowed the pace of the output hikes into 2026.
This week, the OPEC+ group is meeting to discuss when and how to begin easing the ongoing production cuts. The alliance looks to have dug itself deeper into a position between a rock and a hard place, again. Although they are not publicly admitting it, OPEC and its allies want to keep oil prices fairly […]
Oil prices were moving higher early on Tuesday morning ahead of the latest OPEC+ meeting as members of the group aligned behind plans to extend production cuts into 2025. – US President-elect Donald Trump threatened to slap a 100% tariff on BRICS if the respective countries decide to create a new currency alternative to the […]
OPEC+ has been withholding 2.2 million barrels of oil supply daily for well over a year now—and it might have to start thinking about these cuts as a long-term policy. The market just keeps refusing to respond to them as OPEC+ wants.
The OPEC+ group has decided to move the meeting on its near-term oil production plans to December 5 from December 1, due to a scheduling conflict, OPEC said on Thursday.
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OPEC will likely remain committed to production curbs for yet another month, the energy minister of Azerbaijan told Reuters ahead of the group’s Sunday meeting.
“OPEC+ could or couldn’t discuss oil output rollover at its next meeting. It is difficult to prejudge,” Parviz Shahbazov told the publication.
OPEC has been under pressure from the market to stick to its production cuts because of depressed prices, with any decision to reverse any part of the cuts seen as extra-bearish for the commodity. Indeed, even news reports about the possibility of a rollback have pressured prices substantially, even if the reports were not followed by the respective OPEC decision.
The Organisation of Petroleum Exporting Countries (OPEC) yesterday lowered the demand forecast for crude oil amid tumbling prices as Nigeria pumped 1.4 million barrels of oil per day in October.
OPEC Secretary General Haitham Al Ghais who said this while delivering a keynote address at the ongoing African Energy Week in Cape Town, South Africa, said African producers will play a central role in meeting rising demand.