• OPEC chief calls for more investments in oil industry to meet energy demand

    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....
  • GCC, OPEC boost ties to stabilize global oil markets

    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.
  • OPEC Fund offered US$1.7 bn in development funding in 2023

    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...
  • OPEC+ panel reaffirms cartel’s current output reduction strategy

    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.
  • Aramco chief expects oil demand to rise by 1.5 mbpd in 2024

    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,...
  • India’s Russian oil imports fall to 11-month low as price cap rises

    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.
  • Waning influence of OPEC+ in spotlight as prices flag

    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.
  • UAE GDP set to double in 2024 from oil and non-oil boost: report

    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 goes into overtime as negotiators wrestle over fossil fuel

    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.
  • Progress but divisions persist as climate summit fights over fossil fuels

    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....
  • OPEC chief says ‘single solution’ non existent for energy transition

    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...
  • OPEC implores members to oppose any COP28 deal targeting fossil fuels

    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...
  • KSA, Russia plan fertilizer JV, deepen OPEC+ ties

    Russian President Vladimir Putin's visit to Riyadh underscores the deepening economic and diplomatic relations between the two countries.
  • Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts

    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...
  • Brazil to become OPEC+ member in 2024, says group

    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,...
  • Oil prices inch up on mixed day for US stocks

    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 on hold as investors await key US inflation data

    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...
  • Oil slides further after OPEC delay as Asian stocks struggle

    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...
  • Crude prices slip 4% after OPEC+ reschedules Vienna meeting

    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.
  • Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts

    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...
  • UAE non-oil activities to continue to see robust growth in 2024: OPEC

    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...
  • Russia to continue voluntary oil export cuts by 300,000 barrels a day until yearend

    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...
  • Saudi Arabia to continue voluntary oil cut until end of Dec 2023

    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...
  • UAE economy robust, bolstered by tourism and real estate: OPEC

    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...
  • OPEC sees no peak in global oil demand on the horizon

    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...
  • Markets slump as US jobs data says labor market buoyant

    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...
  • Global energy demand to rise 25% by 2045: OPEC chief

    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...
  • Gulf banks to maintain resilience despite challenges, says S&P Global

    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.
  • Saudi and Russian oil cuts to cause big supply shortfall: IEA

    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...
  • UAE economic expansion to continue, after posting 3.8% growth in Q1: OPEC

    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...
  • Oil prices climb to highest level in seven months on supply fears

    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...
  • Oil prices inch up 1% on signs of slow US output, posts first loss in 8 weeks

    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,...
  • Oil prices slide 1% on strong dollar, China economy worries

    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...
  • IEA predicts record oil demand of 2.2m barrel a day in 2023

    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...
  • Non-oil sectors to maintain UAE economy’s robust growth: OPEC

    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...
  • Oil prices surge to multi-month highs, mixed day for global stocks

    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.
  • Oil prices surge for 6th straight week as global supplies tighten

    Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns. Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while...
  • Oil prices fluid amid geopolitics, economic recovery

    Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert.
  • OPEC anticipates 2.2% growth in oil demand in 2024

    Vienna, Austria - OPEC Thursday predicted world oil demand to grow by a healthy 2.2 mb/d, to 104.25 mb/d in 2024, raising its 2023 forecast to 2.4 mb/d, following an upward revision of about 0.1 mbn/d from last month's assessment. In its Monthly Oil Market Report, the global organization said...
  • COP28 chair Sultan Al Jaber urges energy firms to cut emissions

    Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the industry must "urgently decarbonize its operations and take collective action to eliminate operational emissions".
  • Iran signs oil contracts worth US$40bn in last 20 months: Javad Owji

    Tehran, Iran-- Iran has signed oil contracts worth $40 billion with domestic and foreign companies during the last 20 months. Speaking at the second ministerial session of the 8th OPEC International Seminar entitled “Investments, finance and inclusive petroleum growth strategies” at the Austrian capital, Iran’s oil minister Javad Owji said...
  • OPEC’s energy ministers back crude output cut by Saudi Arabia, Russia, Algeria

    Vienna, Austria - Energy and oil ministers from the Organization of Petroleum Exporting Countries (OPEC) on Wednesday expressed support for the latest production cuts by Saudi Arabia, Russia, and Algeria. Saudi Arabia on Monday extended its voluntary production cut of 1 million barrels per day (bpd) into August, while Russia...
  • Gas export to Europe continues via Greenstream pipeline : Libya

    Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export operations to Europe through the Greenstream pipeline, local media reports said. He noted that an increase in gas exports is currently unfeasible, but could be considered in the future, after...
  • Saudi Arabia says oil production cut not at odds with Russia

    Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian invasion of Ukraine, which has upended economies worldwide.
  • All voices must be heard in transition, sustainability debates: OPEC

    Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to stabilize the market, reduce the environmental footprint and move towards a "sustainable and comprehensive energy transition".
  • Oil prices increase after Saudi Arabia and Russia cut crude output

    In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move that briefly raised prices but failed to bring about lasting price recovery.
  • OPEC+ strives for market balance, sustainable growth

    The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial committee to make appropriate decisions, which can help improve market stability and drive sustainable growth, adds Suhail bin Mohammed Al Mazrouei.
  • Saudi Arabia extends 1mbpd oil cut, Russia slashes exports

    The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency (SPA) reported, citing an energy ministry source. "The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting...
  • Iran makes US$54 billion in revenue from export of oil in 2022

    Tehran, Iran-- Iran has earned revenue to the tune of $54 billion last year from the export of oil, according to US Energy Information Administration (EIA) estimate. OPEC members earned about $888 billion in net oil export revenue last year. That’s what the US Energy Information Administration (EIA) estimates in...
  • OFID, partners offer $60m loan to Tanzania for renewable energy

    VIENNA, AUSTRIA -  A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected to significantly strengthen energy security in northwest Tanzania. The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid, replacing the current energy...
  • OPEC chief anticipates a 23% rise in global oil demand by 2045

    Kuala Lumpur,  Malaysia - The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to rise to 110 million barrels per day (bpd) by 2045, 23 percent higher than current levels, OPEC Secretary-General Haitham Al Ghais said during the Energy Asia 2023 conference which began Monday in the...