Tag: OIL PRODUCTION

OPEC calls ‘science fiction’ the notion that consumption will start to decline this decade

OPEC accused the International Energy Agency (IEA) of “distorting the past and present” for predicting that fossil fuel consumption will peak this decade and that an “age of electricity” will soon begin

IEA sees oil surplus looming, reassures on Iran supply risk

The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said as it reassured markets that the agency stood ready to act if needed to cover any supply disruption from Iran

OPEC cuts 2024, 2025 global oil demand growth view again

The weaker outlook highlights the dilemma faced by OPEC+, which comprises the OPEC and allies such as Russia, which is planning to start raising output in December after earlier delaying the hike against a backdrop of falling prices

OPEC+ panel sticks to output policy, doubles down on compliance

A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, while also emphasizing the need for some members to make further cuts to compensate for overproduction

OPEC+ set to go ahead with Dec oil output hike

The Organization of the Petroleum Exporting Countries and its allies will go ahead with a planned oil production increase in December but first need to cut output to address overproduction by some members

Petrobras’ new strategic plan to have greater focus on oil and gas, CFO says

Petrobras opens new tab new multi-year strategic plan will have greater focus on upstream operations than the previous one, Chief Financial Officer Fernando Melgarejo said

Traders see prices at $60-70/bbl on oversupply, China demand risks

Global commodity traders Gunvor and Trafigura anticipate oil prices may range between $60 and $70 per barrel due to sluggish demand from China and persistent global oversupply, executives told a conference

OPEC+ to delay output hike for two months

The alliance led by Saudi Arabia and Russia decided to delay by two months, from October 1 to December 1, the implementation of its plan to gradually lift voluntary crude oil production cuts

OPEC+ likely to proceed with planned output hike from October

OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand

Exxon: Oil will remain “essential” in 2050 due to industrial use

The largest U.S. oil company, Exxon Mobil, stated that oil and natural gas “will remain essential” in 2050, despite climate goals and changes in energy demand, due to their increasing use in the industrial sector