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.
Oil may resume its rally in 2023 as Chinese demand recovers after COVID curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to US$100 a barrel.
Bengaluru, Feb 6 (IANS): OPEC Secretary General Haitham Al Ghais on Monday said that by 2045, an investment of $12 trillion is needed in the oil and gas sector, which suffers from chronic underinvestment.
A strong rebound in China’s oil demand this year may lead to the OPEC+ group reconsidering its production targets and quotas, according to the International Energy Agency (IEA).
Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and US government data on crude and fuel stockpiles on Wednesday.
The influx of Russian crude into the Asian markets is changing the market dynamics in the region and easing pricing pressures, to the relief of many buyers.