OPEC+
The Latest
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Saudi Arabia and Russia Lead OPEC+ in Prolonging Oil Supply Reductions to Stabilize Prices
Key OPEC+ members, led by Saudi Arabia and Russia, have agreed to extend their voluntary crude supply cuts into the second quarter of 2024. This extension signifies a concerted effort by the coalition, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, to stabilize the oil market during a period of heightened geopolitical tensions and fluctuating demand. 
Key OPEC+ members, led by Saudi Arabia and Russia, have agreed to extend their voluntary crude supply cuts into the second quarter of 2024. This extension signifies a concerted effort by the coalition, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, to stabilize the oil market during a period of heightened geopolitical tensions and fluctuating demand. -
OPEC+ Reconvenes in Early February: Oil Prices Plunge Amidst Market Speculation
On Tuesday, oil prices took a plunge during trading hours following reports from anonymous delegates indicating that OPEC+ plans to resume its regular oil market monitoring meetings, known as the Joint Ministerial Monitoring Committee (JMMC), with an online session slated for February 1. On Tuesday, oil prices took a plunge during trading hours following reports from anonymous delegates indicating that OPEC+ plans to resume its regular oil market monitoring meetings, known as the Joint Ministerial Monitoring Committee (JMMC), with an online session slated for February 1. -
OPEC Forecasts Severe Oil Shortage in Q1 2024 Despite Current Price Decline
Despite the recent decline in international crude oil prices, the Organization of the Petroleum Exporting Countries (OPEC) maintains a cautiously optimistic outlook on the market fundamentals for the future. 
Despite the recent decline in international crude oil prices, the Organization of the Petroleum Exporting Countries (OPEC) maintains a cautiously optimistic outlook on the market fundamentals for the future. -
Global Oil Prices Surge as OPEC+ Considers Deepening Output Cuts
The global oil market is witnessing a significant uptick, with Brent crude surpassing $78 a barrel, following Russia's hint at an OPEC+ inclination to deepen output cuts in early 2024. This announcement comes amid a complex landscape of fluctuating demand, geopolitical tensions, and strategic maneuvers by key oil-producing nations. The global oil market is witnessing a significant uptick, with Brent crude surpassing $78 a barrel, following Russia's hint at an OPEC+ inclination to deepen output cuts in early 2024. This announcement comes amid a complex landscape of fluctuating demand, geopolitical tensions, and strategic maneuvers by key oil-producing nations. -
Global Oil Prices Stagnate Despite Major OPEC+ Production Cuts
This tepid response is attributed to skepticism about the effectiveness of these voluntary cuts, uncertainty about global economic growth, and market expectations for more substantial reductions. This tepid response is attributed to skepticism about the effectiveness of these voluntary cuts, uncertainty about global economic growth, and market expectations for more substantial reductions. -
OPEC+ Decides on Over 1 Million Bpd Cut Amid Global Price Tumbles
The group, responsible for over 40% of the world's oil production, is poised to implement cuts of at least 1 million barrels per day (bpd) starting early next year. The group, responsible for over 40% of the world's oil production, is poised to implement cuts of at least 1 million barrels per day (bpd) starting early next year. -
Saudi Arabia Seeks to Cut OPEC+ Production Quotas, Prompting Short-Term Rise in Oil Prices
Reports citing OPEC+ representatives revealed on November 27 that Saudi Arabia, the de facto leader of OPEC+, is urging other oil-producing nations in the group to reduce their oil production quotas to stabilize the global market. Reports citing OPEC+ representatives revealed on November 27 that Saudi Arabia, the de facto leader of OPEC+, is urging other oil-producing nations in the group to reduce their oil production quotas to stabilize the global market. -
OPEC+ Faces Tough Choices Amid Oil Price Weakness and Approaching Capacity Limits
As the global energy demand cools due to climate and economic slowdown factors, and with the U.S. supplying ample crude oil leading to significant inventory growth, the market's concern over a production gap in the fourth quarter has eased. This situation raises questions about the impact of the upcoming OPEC+ meeting on oil prices. 
As the global energy demand cools due to climate and economic slowdown factors, and with the U.S. supplying ample crude oil leading to significant inventory growth, the market's concern over a production gap in the fourth quarter has eased. This situation raises questions about the impact of the upcoming OPEC+ meeting on oil prices. -
OPEC Raises Oil Demand Forecast for 2023 Amid Economic Boost from China
The Organization of the Petroleum Exporting Countries (OPEC) has revised its global oil demand forecast for 2023 upwards, maintaining its 2024 projections. In its November report released on November 13, OPEC increased the global oil demand growth rate for 2023 from 2.44 million barrels per day, as estimated last month, to 2.5 million barrels per day. The growth rate for 2024 remains unchanged at 2.25 million barrels per day. The Organization of the Petroleum Exporting Countries (OPEC) has revised its global oil demand forecast for 2023 upwards, maintaining its 2024 projections. In its November report released on November 13, OPEC increased the global oil demand growth rate for 2023 from 2.44 million barrels per day, as estimated last month, to 2.5 million barrels per day. The growth rate for 2024 remains unchanged at 2.25 million barrels per day. -
OPEC Raises Long-Term Oil Demand Forecast: Expects 16% Increase Over Next Two Decades
Despite global efforts to transition to clean energy, OPEC believes the world will continue to rely on oil for a considerable time. Despite global efforts to transition to clean energy, OPEC believes the world will continue to rely on oil for a considerable time.
