Opec Oil

Earliest reversal of production cuts pushed back to March 2025 on Thursday

OPEC+, which includes members of the OPEC and allies such as Russia, is discussing a further delay to a planned oil output hike that was due to start in January

Brent crude oil prices saw a considerable decline from the beginning of Samvat 2080 (November 12) until October 28, dropping by 12.33 per cent from $82.52 to $72.34 per barre

Global oil demand will flatline till 2035 before falling, as Chinese demand slows

China, world's biggest importer of crude, has seen arrivals slump this year, with imports of 10.90 mn bpd in first seven months of year, down 2.9 per cent from 11.22 mn bpd over same period in 2023

Oil prices are moving higher after posting three straight weekly declines following Opec+ decision on June 2

Major oil producers appear to be colluding with each other and foreign cartelsto keep prices high, padding their profits at the expense of American consumers, lawmakers said

Officials said that temporary fluctuations in oil price as a result of soaring logistics costs and piracy risks may affect Indian oil supplies more

Crude oil prices have corrected significantly after posting 16 per cent gains for Q1-2024. However, since April the oil prices have lost roughly 7 per cent of their value, amid the easing of tensions

Prolonged OPEC supply cuts and international sanctions on Venezuela, Iran and Russia had already led to shortages of heavier crude

Former Pioneer CEO Scott Sheffield coordinated efforts with U.S. shale oil producers to constrain their output and raise energy prices, the Federal Trade Commission said

The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand

Volatility in crude oil markets threatens macro stability

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June to support the market

OPEC+ this month agreed to extend output cuts of about 2.2 million barrels per day (bpd) to the end of June, though Russia and Iraq have had to go to extra lengths to tackle over-production

IEA predicts that global oil consumption will rise by 1.24 million barrels per day (bpd) in 2024, compared with OPEC's 2.25 million bpd projection

Lower global demand and discounts on Russian crude to ensure continuous oil flows

The International Energy Agency said earlier this week that production growth means the global market won't be as tight as had been expected this quarter

Another decade or more of rising consumption would be a boost for OPEC, whose 13 members depend on oil income

The energy minister of the United Arab Emirates, a key OPEC member, was clear on Sunday that the conflict wouldn't affect the group's decision-making