Tag: OPEC

Author | Legal Icon | Energy Expert

OPEC Further Reduces its Forecast for Global Oil Demand Growth

OPEC lowered its projection for global economic growth in its Monthly Oil Market Report (MOMR) released on Thursday, saying oil demand will expand by 310,000 barrels per day (bpd), less...
Read More

OPEC Does Not Have Spare Capacity to Produce More Oil – Timipre Sylva

Nigeria's Petroleum Minister, H.E. Timipre Sylva, told Turkish news agency, Anadolu Agency in an interview on Friday that OPEC does not have the additional spare capacity to raise crude oil...
Read More

OPEC+ to Ease Production by 432,000 Bpd in May

At the  27th meeting of OPEC and non-OPEC Ministers, it was discussed how continued oil market fundamentals and consensus on the outlook pointed to a well-balanced market and how present...
Read More

An EU Ban on Russian Oil May Have Serious Consequences – OPEC

According to OPEC sources, OPEC is concerned that a prospective European Union embargo on Russian oil imports would harm consumers and has expressed its concerns to the EU. According to...
Read More

Saudi Arabia Reiterates Commitment to the OPEC+ Agreement and Russia

Despite the conflict between Russia and Ukraine, last week, the Saudi Press Agency reported that Saudi Arabia's Crown Prince Mohammed bin Salman (MbS) reaffirmed his country's "commitment to the 'OPEC+'...
Read More

25th OPEC and Non-OPEC Ministerial Meeting Concludes

Following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Wednesday, 2 February 2022, and in view of current oil market fundamentals and the...
Read More

OPEC+ Still Expects Oil Surplus This Year – Reports

According to a report from OPEC+'s Joint Technical Committee meeting earlier this week, the global oil market will remain in surplus this year, but the overhang has been reduced by...
Read More

Nigeria Lost Close to Half a Billion in Oil Revenues to Force Majeure in December

According to Nigeria's National Oil Company, the Nigerian National Petroleum Corporation (NNPC), OPEC's largest African producer, lost an estimated $487.5 million in oil earnings in December 2021 due to force...
Read More

OPEC’s Share of India’s Crude Imports Dropped to the Lowest in 15 years in 2021

According to Reuters' calculations, OPEC's proportion of crude imports in India fell to its lowest level in at least 15 years last year, as the world's third-largest oil importer purchased...
Read More

Russia May Struggle with Oil Production Increase Under OPEC+ Adjustment– Bloomberg

According to Bloomberg, Russia, the leader of the non-OPEC producers in the OPEC+ alliance, may not deliver all of the 100,000 bpd monthly increases required by the deal this year,...
Read More