OPEC Members Remain 1 Million Bpd Below Target in June
According to OPEC figures released on Tuesday, the ten OPEC producers that are part of the OPEC+ agreement produced 24.8 million barrels per day (bpd) of crude oil in June,...
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Nigeria Will Meet its OPEC+ Quota by August – Timipre Sylva
Nigeria's Minister of State for Petroleum Resources, Chief Timipre Sylva, stated last week that his country would be able to achieve its OPEC output quota by the end of August...
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OPEC+ Revises Downwards its Oil Surplus Projections
According to a report seen by Reuters, OPEC+ is lowering its estimates for an oil market surplus this year. The report, which was created prior to the OPEC+ JTC meeting...
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Oil Prices Soar as OPEC Reports a Drop in Production in May
According to the OPEC Monthly Oil Market Report released on Tuesday, the cartel did not increase output in May as promised but instead it recorded losses for the month. Saudi...
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OPEC Considers Massive Increase in Oil Production from July
According to tweets from Amena Bakr, Chief OPEC Correspondent at Energy Intelligence, the OPEC Joint Ministerial Monitoring Committee is suggesting an increase in output of 648,000 barrels per day, which...
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Russia and Saudi Arabia Indicate that OPEC+ is Still Going Strong
Despite a report in the Wall Street Journal yesterday that the OPEC+ alliance was considering suspending Russia from the agreement, details of a meeting between Russian Foreign Minister Sergey Lavrov and...
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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...
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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...
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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...
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