OPEC Archives - Page 2 of 9

9th March 2022

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+'...

4th February 2022

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...

3rd February 2022

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...

1st February 2022

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...

21st January 2022

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...

20th January 2022

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,...

11th January 2022

OPEC+ to Increase Oil Output by 400,000 bpd from February – Reports

According to reports, the Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to proceed with plans to increase oil output by 400,000 barrels per day (bpd) as...

3rd January 2022

Special Meeting of the OPEC Conference appoints next Secretary General

A Special Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held via videoconference on Monday, 3 January 2022, under the Chairmanship of its President,...

17th December 2021

#MSGBC2021: “We Anticipate a Bright Future for Africa’s Oil Industry” – Barkindo

Day one of the MSGBC Oil, Gas & Power 2021 Conference and Exhibition featured an opening keynote address by OPEC Secretary General, H.E. Mohammed Barkindo, who spoke on the outlook...

12th December 2021

OPEC+ Interventions has Returned Investor’s Confidence – Russian Deputy Prime Minister

In a recent interview with Russian TV channel Rossiya 24, Russian Deputy Prime Minister Alexander Novak said that OPEC+ actions on the market have helped the oil industry witness the...