Tag Archives: Opec

OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on-demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said on Tuesday.

The increasingly bullish sentiment in oil markets has several analysts predict $100 in 2022, but some think that prices could hit that level in 2021 already.

Americans are becoming more comfortable meeting friends, returning to offices, and attending large events, as per a survey. Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Brent crude was up 14 cents, or 0.2 percent, …

Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half. The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair. …

Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs. Brent crude futures settled at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. …

Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world’s top oil consumer. Prices were also boosted after data from China showed that factory activity …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraqi oil exports to the United States decreased by 184 thousand BPD in the past week. EIA stated in a report, “Iraq oil exports dropped to about 184 thousand BPD in the second week of November, while US imports also …

Iraq has formally asked to buy U.S. energy giant ExxonMobil’s share in one of Iraq’s biggest oilfields, West Qurna 1, the head of the state-run oil operating company said on Monday. Iraq said last month that Exxon was seeking to sell its 32.7% stake in West Qurna 1 and that …

Oil prices steadied on Monday as rising COVID-19 cases around the globe and oversupply worries fuelled by the prospect of OPEC and its allies winding back output cuts were offset by positive industry data in Europe and Asia. Brent crude rose 5 cents, or 0.1%, to $43.57 a barrel by …

The Iraqi Oil State Organization for Marketing of Oil (SOMO) confirmed today, Sunday, that Iraq is committed to OPEC decisions regarding the oil reduction. The director of the company, Alaa Al-Yasiri, said in an interview with Shafaq News agency that, “Iraq is committed to what was agreed upon OPEC members …

A survey conducted by Reuters concluded that Iraq’s oil production rose in July, despite Baghdad’s pledge to cut supplies in compliance with the OPEC+ agreement to support prices. The research indicated that OPEC oil production increased by about one million barrels per day in July, after Saudi Arabia and other …

Brent crude contracts for September delivery rose today, Thursday, by 0.4 percent to trade at 44.5 dollars a barrel, thanks to the start of the “OPEC +” coalition countries to implement the agreement, which requires a historic reduction of 9.7 million barrels per day, immediately after sharp declines in oil …

Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. Brent crude LCOc1 futures were up 22 cents, or 0.5%, at …

Oil prices rose slightly on Tuesday as OPEC and its allies cut production by more than agreed to in June, although demand concerns lingered due to increased cases of COVID-19 in the United States. Brent crude futures were up 35 cents to $43.07 a barrel at 11:54 a.m. EST (1554 …

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude LCOc1 futures declined by 24 cents, or 0.56%, to $42.86, by 1236 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell …

Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. The United States reported more than 55,000 new coronavirus cases …

Saudi Arabia has issued a dire warning with OPEC members, Nigeria and Angola, warning that it would ignite an oil-price war with them unless they toe the line. In June, OPEC+ members agreed to continue reducing production in an effort to boost oil prices and what they did has helped …

Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year. The more-active September contract for Brent LCOc2 fell 37 cents, or 0.88%, to $41.48 a barrel by 1125 GMT, paring …

Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand. Brent crude LCOc1 dropped 83 cents, or 2%, to $40.19 a barrel by 0456 GMT, while U.S. …

Oil prices fell on Monday as concern grew that a record rise in global coronavirus infections could stall recovery in fuel demand, outweighing tighter supplies from major producers. Brent crude LCOc1 was down 24 cents, or 0.6%, at $41.95 a barrel by 1141 GMT. The West Texas Intermediate (WTI) crude …