Tag: OIL PRODUCTION

OPEC+ delays oil output hike until April, extends cuts into 2026

OPEC+ pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group

Oil slips ahead of OPEC+ decision

Oil futures fell nearly 2% as investors awaited an imminent OPEC+ decision on production cuts, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices

OPEC oil output rises in November as Libya recovers

The OPEC pumped 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, the survey showed, with Libya again posting the largest increase

OPEC+ shifts meeting to Dec. 5, could delay output hike

OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025 and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5

Saudi, Russia, Kazakhstan hold talks ahead of weekend OPEC+ meeting

Saudi Arabia, Russia and Kazakhstan stressed the importance of full commitment to the voluntary oil production cuts agreed by the Organization of the Petroleum Exporting Countries and their allies

OPEC+ may consider extending output cuts in December

OPEC+ has already delayed a plan to gradually increase production several times this year due to falling prices, weak demand, and increased output from producers outside the group

Petrobras pitches five-year $111 bln business plan

Petrobras announced that its management proposed to the company’s board a $111 billion business plan for 2025-2029, according to a securities filing

China’s oil refinery output falls from a year ago for a seventh month

China’s refinery throughput in October fell 4.6% from last year, down from year earlierfor a seventh month, as plant closures offset the ramp up ofa newly started complex and demand from holidaytravel, official data showed.

Petrobras: New platforms to ensure output growth until 2032

The president of Brazil’s state-controlled oil company Petrobras, Magda Chambriard, highlighted that the launch of new extraction platforms will ensure production growth over the next eight years

OPEC+ could delay December oil output hike, sources say

OPEC+ could delay December’s planned increase to oil production by a month or more, sources close to the matter said, citing concern about soft oil demand and rising supply