OPEC’s crude oil production fell last month to a level not seen in nearly a year, a Bloomberg survey showed on Tuesday.
OPEC’s crude oil production fell to 28.797 million bpd, according to OPEC’s latest edition of its Monthly Oil Market Report.
Nigeria, Africa’s biggest crude producer, drilled 30.6 million less barrels of oil in January and February compared to the quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC) during the period, a THISDAY analysis has indicated.
The OPEC+ group is not expected to intervene in the oil market with changes to its production policy, likely keeping the current quotas until the end of 2023, despite the oil price plunge and the financial markets turmoil, three OPEC+ delegates told Reuters on Wednesday.
A little over a year ago, the United States government banned the importation of Russian crude, petroleum, oils and products of their distillation, LNG coal and coal products
OPEC is once again the most influential force in global oil supply – and will be so for the foreseeable future – now that U.S. shale production growth is slowing, American industry executives say.
During CERA Week, top executives from some of the biggest U.S. shale companies discussed global oil supply with top OPEC officials.
OPEC oil output rose in February led by a further recovery in Nigerian supply, a Reuters survey found on Tuesday, despite strong adherence by top producers to an agreement by the wider OPEC+ alliance to cut production to support the market.
OPEC’s crude oil production for February was, on average, 150,000 bpd more than it was in January, a Reuters survey found on Tuesday.
LONDON, Feb 14 (Reuters) – OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China’s relaxation of COVID-19 restrictions, and trimmed supply forecasts for Russia and other non-OPEC producers, pointing to a tighter market.