The Organization of the Petroleum Exporting Countries and their allies - collectively known as OPEC+ - have justified their change in strategy by citing "current healthy market fundamentals, as reflected in the low oil inventories".

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed.

Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000 barrels a day out of the ground, as in May, according to a OPEC+ statement, whereas the initial plan called for an increase of just 137,000 barrels.

 The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels per day (bpd) in 2025, down from a previous forecast of 1.4 million bpd. The "minor adjustment" was mainly due to first-quarter data and "the expected impact on oil demand...

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Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per day are currently set to begin increasing production beginning in January to gradually return it to 2022 levels.

The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at a ministerial meeting originally scheduled for Sunday.

According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to average 104.1 mb/d in 2024, bolstered by strong air travel demand and road mobility, including trucking, as well as healthy industrial, construction and agricultural activities, primarily in non-OECD countries, added...

Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change.The oil cartel's prediction runs counter to the assessment of the Paris-based International Energy Agency, which...

Paris, France -- Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading the producers cartel to slightly revise down the robust projections it made in July."The world oil demand growth forecast for 2024 is revised down slightly by 135,00 barrels a day...

Paris, France -- The world is likely to have a "major surplus" of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said in an annual report published Wednesday.Global demand is expected to "level off" at 106 million barrels per day...

Kuwait City, Kuwait - Opposition lawmakers maintained a majority in Kuwait's parliament, results showed Friday, after the Gulf state's third parliamentary vote in as many years held just months into the new emir's reign.Opposition candidates won 29 seats in the 50-member assembly, according to results carried by the official KUNA news...

Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to keep current oil production levels unchanged.During the meeting which took place via videoconference today, the JMMC reviewed the crude oil production data...

Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and Saudi Arabia.

Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to meet global energy demands and sustain economic growth.According to its secretary general, Haitham Al Ghais, these investments are crucial for ensuring reliable energy supplies for current and future generations.In statements...

During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial role in maintaining the stability and balance of oil markets and addressing future challenges, in coordination with member states of the bloc.

Vienna, Austria - The OPEC Fund for International Development allocated US$1.7 billion across 55 projects globally in 2023, providing funding to address climate change and energy transition, support social and economic resilience and boost sustainable growth.The organization was established 48 years ago and the 2023 results represent a record in...

In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022. Oil prices were up slightly on Thursday and hovering around $80 per barrel.

Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an increase of 1.5 million barrels per day (bpd) to reach 104 million bpd in 2024. “This is after rising by roughly 2.6 million bpd in 2023," Nasser said. "Higher demand,...

Indian refiners bought 1.45 million barrels per day of Russian oil last month, their lowest amount since last January and down nearly 16 percent from November, according to global energy trade intelligence platform Kpler.

Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain more clout. But the group's enlargement has proven to be "a double-edged sword", noted Ozkardeskaya, with decision-making becoming more difficult.

Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023, according to the latest Economic Insight report commissioned by ICAEW and compiled by Oxford Economics. While near-term growth may face constraints due to OPEC+ production quotas, the UAE's higher reference...

COP28 has debated a historic first-ever global "phase-out" from oil, gas and coal, the main culprits in a planetary crisis of warming. A draft put forward on Monday by COP28 president Sultan Al Jaber fell well short, instead presenting reductions in fossil fuels as one of several options.

Colombia, whose left-leaning government has aggressively promoted environmentalism, warned that COP28 was also failing on raising financing for countries to adapt to the effects of climate change. If countries block "goals on adaptation but at the same time oppose the phase out fossil fuel, they need to be held accountable....

Dubai, UAE - The OPEC oil cartel said Saturday there was no "single solution" to the energy transition as pressure grows to agree a phase-out of fossil fuels at the COP28 climate talks."There is no single solution or path to achieve a sustainable energy future," said a speech by OPEC secretary general...

Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks in Dubai that "targets" fossil fuels instead of emissions, according to a letter seen Friday by AFP.In the letter sent Wednesday, OPEC Secretary General Haitham Al Ghais said he was...

Russian President Vladimir Putin's visit to Riyadh underscores the deepening economic and diplomatic relations between the two countries.

Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then visit Saudi Arabia to meet with the kingdom's Crown Prince Mohammed bin Salman. Putin's diplomatic journey to the Gulf region comes at a time of deepening ties with key Gulf...

Vienna, Austria - Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday.Brazil is among the world's top 10 producers and has been the largest oil producer in Latin America since 2016.Its crude production hit a record 3.7 million barrels per day in September, a near...

World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with hiking rates and could cut borrowing costs next year as inflation cools. While Wall Street's main indices spent some time in the red, they moved higher as the yields on US...

Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that could guide Federal Reserve plans for interest rates. Oil prices slid nearly two percent before cutting their losses as dealers awaited a delayed meeting of OPEC and its allies to...

Both main crude contracts slipped more than one percent on news that the much-anticipated gathering of the major producers would be put back by four days to November 30. Reports said the decision was made after Angola and Nigeria pushed back at lower targets urged on them, with Saudi Arabia...

The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to boost prices has failed to bring about lasting recovery. Some analysts have pointed to possible discord between top crude oil producers Saudi Arabia and Russia.

Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up.Brent crude futures fell 3 cents, or 0.04%, to $82.45...

Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024, the Organisation of the Petroleum Exporting Countries (OPEC) said.In its OPEC Monthly Oil Market Report for November 2023, the organisation anticipated the upward trend in non-oil activities to continue supporting...

Moscow, Russia - Russia will continue additional voluntary oil export cuts by 300,000 barrels a day until the end of the current year, Russian Deputy Prime Minister Alexander Novak said on Sunday, Russian news agency TASS reported."Russia will continue additional voluntary decrease of supplies of its oil and oil products...

Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day, which went into implementation in July 2023 and was later extended until the end of December 2023. The Kingdom’s production in the month of December 2023 will be approximately 9...

Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate, according to the OPEC’s Monthly Oil Market Report (MOMR) for October 2023.MOMR noted the UAE’s tourism sector, which accounts for more than 16% of the country’s GDP, continued to rebound...

In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million barrels per day (mbd) by 2045 under its main scenario, a 16.5 percent increase from the 99.4 mbd in 2022. That is an increase of 6 mbd from its estimate...

The focus has been on US Treasury bond yields that have surged to levels not seen in over a decade, suggesting doubts about prospects for growth and corporate earnings. The yield on the benchmark 10-year Treasury bond has reached the highest level since 2007 -- the beginning of two years...

Abu Dhabi, UAE - Global demand for all forms of energy is forecast to rise by 25% through 2045, according to Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC).“By 2045, the world's energy demand is expected to increase by 25% from current levels, as the...

According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected to restrain near-term growth prospects for major GCC economies. However, non-oil growth is anticipated to bolster the region's economies, particularly in Saudi Arabia and the UAE.

The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this year, partly due to resurgent Chinese consumption and jet fuel. But the extension of Saudi and Russian output cuts "will lock in a substantial market deficit" through the last three...

Vienna, Austria--The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the UAE's economy grew by 3.8 percent in the first quarter of 2023.In its September 2023 report, OPEC said it expects the UAE's economic expansion to continue, noting that key sectors of the country's economy have seen significant...

Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies.A Middle Eastern country is widely expected to extend a voluntary 1 million barrels per day oil production cut into October, prolonging supply curbs engineered by the...

Dubai, UAE--Oil prices jumped about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth.West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel, and...

Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts.Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel by 0631 GMT while U.S. West Texas...

PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is "scaling record highs".World oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak", the Paris-based...

This performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate. The OPEC Monthly Oil Market report for August said the country's Global Purchasing Managers’ Index (PMI) was almost unchanged in July, standing at 56, following 56.9 in June and compared to...

Production limitations set by the OPEC + exporters "are continuing to offset concerns over demand," said Fawad Razaqzada, market analyst at Forex.com. Analysts have also cited the retreat in the dollar as a supporting factor for oil prices. Crude is denominated in the US currency.