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 the...

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.

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 the...

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".

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 Iran’s...

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 announced...

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 five...

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.

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".

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.

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.

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...

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...

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 supply...

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...

In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge in May to 1.9 million barrels per day. According to its oil minister, the energy diplomacy and its strengthening relations with countries in Asia, Africa, and Latin America have helped...

Baghdad, Iraq - The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ alliance have succeeded in achieving stable oil price that will benefit member states and oil industry, Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud said Friday.The Saudi minister made the statement during a celebration hosted in the...

Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against a 3.9 percent jump in 2021, on the back of high oil prices.The kingdom's economy successfully emerged from the Covid-19 crisis and the policies undertaken by the government accelerated the...

Analysts had largely expected OPEC+ producers to maintain their current policy, but signs emerged this weekend that the 23 countries may make deeper cuts.

The UAE energy minister Suhail Mohamed Al Mazrouei said he expected the outcome of meeting to "balance the market and ensure we are ready for any challenges in the future". Analysts expected OPEC+ producers to maintain their current policy, but signs emerged that staying the course might fall short of...

Tehran, Iran-- Urging OPEC member countries to preserve cohesion and unity among them, Iran's President Ebrahim Raisi said that several Western countries were seeking to divide OPEC member states.The Iranian president made the remark in a meeting with the Secretary-General of OPEC Haitham al-Ghais in Tehran on Saturday.Considering the constructive interaction...

OPEC-agreed oil output cuts, non-oil sector slowdown due to higher rates, and weaker external demand may act as potential setbacks for UAE's economy, says a report.

A pragmatic framework for cooperation has been established between the two entities, fostering an ongoing exchange of views on mutual energy issues at all levels, he adds while speaking at the Sixth High-level Meeting of the OPEC-China Energy Dialogue.

Kuwait City, Kuwait -- At least 31 Kuwaitis have filed candidacy papers for Kuwait's National Assembly election set to take place on June 6. The candidates presented their documents to the election affairs department affiliated with the Ministry of Interior on Saturday, bringing the total number of candidates to 61, including...

Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in Baghdad was the only entity authorized to manage exports.

His remarks came after the IEA Executive Director, Fatih Birol, criticized OPEC+ for their unexpected decision to reduce oil output by 1.66 million barrels per day from May until the end of 2023. Birol labeled finger-pointing and misrepresenting the actions of OPEC and OPEC+ as "counterproductive."

Traders are expected to scramble to incorporate changes in sentiment following last week's data, while keeping an eye on the publication of global data including US company earnings and GDP figures, said an expert. Oil prices could come under additional pressure due to demand concerns and approaching central bank meetings,...

Vienna, Austria - The OPEC Fund for International Development (the OPEC Fund) and the United Nations Industrial Development Organisation (UNIDO) have signed a joint declaration to deepen their partnership in securing energy access and promoting energy transition.They also signed a US$1.5 million technical assistance grant agreement in support of the...

Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling out of the banking crisis and the return of optimism to the markets, the price of the barrel was already showing signs of recovering," he noted.

Vienna, Austria  – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3 mb/d YoY in 2023 to average at 101.9 mb/d, driven by the ongoing recovery in the travel and transportation sectors.“Following estimated growth of 2.5 mb/d y-oy in 2022, oil demand...

It posted $161bn profits last year on high oil prices.

The United States wants to see a hike in oil production, including from OPEC countries, said a senior State Department official Monday. "As world economies recover, we'll see more consumption. And therefore we'd like to see supply meet demand," said Jose Fernandez, the US Undersecretary of State for Economic Affairs,...

Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources with direct knowledge of the matter told media.Earlier on Friday, the Wall Street Journal reported that the UAE is having an internal debate about leaving the Organization of the Petroleum...

Demand is expected to reach 101.9 million barrels per day on average in 2023, an increase of two million barrels per day from last year, the IEA said. It would be up 1.4 million barrels a day from the pre-pandemic level in 2019 as consumption of fossil fuels behind global...

Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. As a result of Moscow's military operation in Ukraine, the West has capped the price at which Russia can sell its crude. News of Russia's cut to output gave strength to world oil...

Baghdad is currently heavily dependent on neighboring Iran for its electricity and gas and has sought to diversify its energy sources.

The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April, up from the $10.3 billion predicted for the current fiscal year, the finance ministry said. Kuwait, a major oil producer and member of the OPEC cartel, has the Gulf's only fully...

Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic outlook remains uncertain and the war in Ukraine drags on.The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh and their 10 allies led by...

Spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and public subsidies.

Vienna, Austria--The OPEC Fund for International Development (the OPEC Fund) has lent Panama a US$120 million in loan to support the country’s climate action, adaptation, resilience and mitigation policies.The “Panama Support Program for the National Climate Change Policy” aims to mitigate, contain and reverse the effects of climate change, helping...

With activity in China unlikely to pick up in earnest until after the Lunar New Year holiday, the prospect of a lull in activity could be the trigger for a pause in the current rally – especially across industrial metals where copper has started the year with an 11% gain,...

Large infrastructure projects -- mainly supported by the Public Investment Fund and National Development Fund -- are expected to boost the Kingdom's economy further.

Abu Dhabi, UAE-- The UAE has stressed the need for speeding up new investments in the energy sector in order to meet rising global demand as a number of OPEC+ member countries cut output.Speaking on the sidelines of the Global Energy Forum in Abu Dhab, Suhail bin Mohammed Al Mazrouei,...

These revenues follow a spike in prices following Russia's invasion of Ukraine in February 2022, and OPEC producers' subsequent reluctance to increase production. In Oct the oil cartel decided to cut production quotas to maintain price levels, with a reduction of "two million barrels per day".

Analysts note that conditions in the oil market have loosened compared with earlier in the year, adding to oversupply worries at a time when more economists are warning of recession. The pullback in oil prices also comes amid trader disappointment at a recent decision by OPEC oil exporters not to...

The trip -- only Xi's third overseas journey since the coronavirus pandemic began, and his first to Saudi Arabia since 2016 -- comes after US President Joe Biden's visit in July, when he pleaded in vain for higher oil production.

World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force. Brent North Sea crude and WTI advanced over 2.5 percent, also after OPEC and its Russia-led allies decided to...

Major oil-producing countries led by Saudi Arabia and Russia agreed to maintain their current output levels. Representatives of 13 members of the Organization of the Petroleum Exporting Countries led by Riyadh, and their 10 allies headed by Moscow, decided to stick to a production cut of two million barrels per...

Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including...

Traders are growing confident that the Federal Reserve will slow its pace of rate hikes after Fed boss Jerome Powell this week indicated that the days of jumbo 0.75-percentage-point increases were over.