An agreement between OPEC + oil producers does not show “cracks” so far after the Russian invasion of Ukraine, OPEC + sources said and the group is likely to insist on a planned increase in production at a next week meeting despite the slow exceeded $ 100 a barrel. OPEC + members meet on March […]
Tag: OPEC
According to the president of OPEC, the current offer is not enough due to the lack of investment from companies
President Organization of Petroleum Exporting Countries (OPEC) said on Wednesday that oil supply is not enough now and blamed companies for not investing enough. “There is a rapid increase in demand and we have to respond“, the President pointed out, adding that they have to invest as quickly as possible so that supply can meet […]
New appeal by the head of the IEA to OPEC + for an increase in oil production
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC +, need to reduce the gap between their targets and actual production, International Energy Agency (IEA) chief Fatih Birol said today. “There is a significant difference between the goals set by OPEC + countries in terms of their production […]
Oil: IEA (International Energy Agency) chief calls on OPEC + to reduce differences between words and deeds
The head of the International Energy Agency (IEA) Fatih Birol called on the oil producers of the OPEC + alliance to reduce the difference between their words and deeds, while prices today rose to the highest level in more than seven years. Speaking at an industry event in Cairo, which was broadcast on Egyptian state […]
IEA: Saudi Arabia and UAE could mitigate oil market volatility
Saudi Arabia and the United Arab Emirates (UAE) could help calm oil markets by pumping more crude, the International Energy Agency (IEA) said on Friday, according to Reuters. It should be noted that the United Arab Emirates and Saudi Arabia are the two oil producers with the largest surplus capacity. “Oil prices are rallying once […]
OPEC: Expects further boost in oil demand in 2022
OPEC kept unchanged its forecasts for the increase in oil demand in 2022 to 4.2 million barrels per day, in its monthly report on the world market that it published today, as broadcast by foreign agencies. The Organization expects oil demand in the Organization for Economic Co-operation and Development (OECD) group of countries to grow […]
OPEC leaves world oil demand unchanged for 2022
The Organization of Petroleum Exporting Countries (OPEC) announced in its latest monthly report that it left the world oil demand for 2022 unchanged. It kept the growth forecast unchanged at 4.15 million barrels per day (bpd), as reported by Reuters. OPEC sees upside potential for 2022 demand due to the strong economic recovery. The OPEC […]
OPEC +: Agreement to increase production by 400,000 barrels / day in March
OPEC and its allies (OPEC +) agreed to increase production by 400,000 barrels a day in March, confirming analysts’ estimates, according to foreign news agencies. The agreement envisions a further increase in production by 400,000 barrels per day in March, continuing at the same rate as in previous months as part of the Agency’s strategy […]
On January 31, 2022 the payment of allowances by OPEC
On January 31, 2022, the last working day of the month, as usual, the benefits will be paid by the Organization for Welfare Benefits and Social Solidarity (OPEC). According to an announcement of the organization, the following allowances will be paid: Housing allowance: Beneficiaries 272,386 – 32,015,990 euros. Minimum Guaranteed Income: Beneficiaries 238,548 – 52,332,337 […]
WTI consolidates at $85.50 after disappointing inventory data
WTI is trading at $85.50 after bearish inventory data pulled it back from highs. But for now, geopolitics, supply fears and expectations of continued strong demand are likely to keep prices underpinned. WTI futures from the previous month they have spent the Thursday session consolidating at $85.50 amid a lack of new catalysts to fuel […]