Recently, Libya’s oil output hit an 11-year high of over 1.4 million bpd, after recovering from the dip in September due to the field blockades over a row about the leadership of the Central Bank of Libya, the only internationally recognized depository of Libya’s oil revenues.
The new President has long made his dislike well known — privately and/or publicly — of the OPEC organisation, of several Saudi Arabian policies, and of China’s increased influence over both. In Saudi Arabia’s case, this effectively stems from the breaking of the core agreement made between it and the U.S. on 14 February 1945 between the then-U.S. President, Franklin D. Roosevelt, and the then-Saudi King, Abdulaziz bin Abdul Rahman Al Saud.
Crude oil prices have found some support this week, driven by China’s economic recovery and OPEC+ production strategies. China, the world’s second-largest oil consumer, reported its fastest factory activity growth in five months, reinforcing optimism about future crude demand. Analysts view Beijing’s targeted stimulus measures as a potential catalyst for stabilizing global oil markets.
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.
There are two vital reasons, to begin with, why the Trump Oil Price Range so rigorously enforced in his first presidency is so critical to the interests of Trump personally, his Republican Party, and the U.S. more broadly, as fully analysed in my latest book on the new global oil market order