Tag: OPEC+

A coming supply surplus and slowing global oil demand are expected to hobble U.S. crude oil production growth later this year, potentially leading to an annual decline in output by ...

The decision, confirmed during OPEC+’s latest meeting, signals a shift in strategy amid concerns over weak oil prices and slowing global demand.

However, the decision has sent oil prices tumbling, exacerbating fears of a potential recession fueled by ongoing trade disputes.

“Expectations of progress in peace negotiations between Russia and Ukraine and a potential easing of U.S. sanctions on Russian oil pressured prices lower.”

Andon Pavlov, an analyst at Kpler suggested that this surge in refined product shipments allows oil producers to bypass crude production limits

Brent crude futures rose by $1.18, or 1.70%, to $70.64 per barrel at 11:23 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed

This strategic move allows Nigeria to stay within its OPEC+ quota of 1.5 million barrels of crude per day

Despite some doubts, market fundamentals remain strong, as indicators of economic growth recovery are showing in several regions.

The International Energy Agency (IEA) has projected that global oil supply will exceed demand by over 1 million barrels per day (bpd) in 2025, despite ongoing production cuts by the ...

West Africa-focused Tullow Oil has reported a rise in profit for the first six months of 2024, driven by higher crude prices. The company's performance has been bolstered by favorable ...