#OPEC

OPEC - OIL FORECAST

OPEC’s Al Ghais: We stand by our forecast of long-term demand for oil

OPEC raised its world oil demand forecasts for the medium and long term in its annual outlook published in October

oil

How much spare oil production capacity do energy producers have?

The level of spare capacity – or the perception of how much is available – can influence world oil prices.

Oil rig - OPEC

OPEC+ leaves oil production levels unchanged, to review production cut extension in March

OPEC said its “committee will continue to monitor” countries’ conformity with output decisions

oil refinery

OPEC oil output sees biggest monthly fall in January: Trend watch

OPEC oil output in January registered the biggest monthly drop since July, as several members implemented new voluntary production cuts

Red Sea shipping

Oil eased ahead of Christmas break on possible future Angola output increase

Brent crude oil futures fell 32 cents, or 0.4 per cent, to settle at $79.07 a barrel

Angola quits OPEC in blow to oil producer group

Angola leaves OPEC in blow to oil producer group

The Southern African nation’s announced departure follows its protest against OPEC+’s decision to cut its output quota for 2024

oil

Oil market comfortably supplied despite OPEC+ cuts: Insight

Production restraint by OPEC+ allies has been more than offset by output growth from US shale firms and other sources

COP28 begins on November 30 Image COP28 X

New COP28 draft deal stops short of fossil fuel ‘phase out’

A coalition of more than 100 countries have been pushing for an agreement would for the first time promise an eventual end to the oil age

fossil fuel

OPEC members push against including fossil fuels phase-out in COP28 deal

Germany’s state secretary and special envoy for climate action, Jennifer Morgan, said counties were now “moving into the critical stage of negotiations”

President Putin in rare foreign visit to UAE, Saudi Arabia

President Putin visits UAE and Saudi Arabia, to meet Crown Prince Mohammed bin Salman

The Russian President is due to hold talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan and Saudi Arabia’s Crown Prince Mohammed bin Salman

Oil output freeze by Saudi, Russia to have 'miniscule' impact on oversupply

OPEC+: GCC’s Saudi, UAE, Kuwait and Oman to cut oil outputs

Members of OPEC+ agreed to make additional voluntary outputs in reduction, but the announced cuts were not as deep as expected.

UAE announces petrol, diesel prices for December

Fuel prices fall in UAE: latest December rates revealed

The fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 7 fils per litre in December

UAE to announce petrol prices for December soon

UAE to announce petrol, diesel prices for December; will rates drop further?

The fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 0.41 fils per litre in November

oil price

Why OPEC+ members find it hard to agree on oil production quotas

Oil production tends to vary month by month, making it difficult to fix on a permanent production target

oil

Saudi to continue voluntary cut of one million oil barrels a day in December

Based on the voluntary cut, the kingdom’s production in December will be approximately nine million barrels per day

oil

UAE’s Crescent, Iraq launch deals to develop three oil and gas fields

The Crescent Petroleum contracts are expected to begin producing 400 million standard cubic feet per day of natural gas within 18 months

OPEC projection for 2024 energy demand

OPEC sticks to 2024 oil demand growth forecast

The report trimmed its forecasts for total world demand in the current quarter and the first three months of 2024

oil

OPEC+ panel holds oil policy steady as Saudi Arabia, Russia keep cuts

Saudi Arabia, Russia will continue with their respective production cuts in a bid to “balance the global oil market”

UAE energy transition

UAE plans to generate 19.8 gigawatts of clean energy by 2030: Al Mazrouei

The energy transition will see UAE aiming to become a leading producer and supplier of low-carbon hydrogen as well

UAE announces fuel prices for October 2023

UAE announces petrol, diesel prices for October

The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 3 fils per litre in October

UAE to announce petrol prices for October soon

UAE to announce petrol, diesel prices for October; will rates decrease?

The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 28 fils per litre in September

oil price

Saudi Arabia, Russia extend oil cuts until December, crude jumps to highest level in 2023

Oil prices rose above $90 a barrel for the first time in 2023 on the back of the announcements made by Saudi Arabia and Russia

Red Sea shipping

Saudi crude oil exports plummet as OPEC giant slashes production

Since July, the kingdom has pledged to implement a unilateral production cut of one million barrels a day on top of existing curbs

UAE announces petrol, diesel prices for September 2023

UAE announces petrol, diesel prices for September 2023

The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 28 fils per litre in September

Oil prices near four-month high

Oil holds near four-month high as report sees US stockpile gain

Oil has rallied since late June following pledges by OPEC+ countries Saudi Arabia and Russia to cut supply

oil

Saudi Arabia extends voluntary oil production cuts into September

It’s the second time the kingdom has extended the oil production cut, which was first announced in June after a meeting of the OPEC+ countries

Oil

Oil steadies after biggest monthly advance since early 2022

West Texas Intermediate was little changed below $82 a barrel after surging 16 per cent in July

OPEC projection for 2024 energy demand

Oil set for best month since early 2022 as market tightens

West Texas Intermediate held above $80 a barrel after a run of five weekly gains that lifted prices to the highest since April

commodity

Five key charts to watch in global commodity markets this week

The global oil market, climate change, Ukraine’s grains exports and the aluminium sector are among the top commodity markets to keep an eye on this week

OPEC

OPEC oil export revenue was highest in almost a decade last year

OPEC+ nations are engaged in production cuts to balance prices in crude markets