OPEC
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If oil disappeared tomorrow….
If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.
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OPEC says IEA commentary on oil security encouraging
Oil producer group OPEC said it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook.
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OPEC: Iran retains position as third-largest oil producer
SHANA (Tehran) – The Monthly Oil Market Report (MOMR) of the Organization of the Petroleum Exporting Countries (OPEC) showed that Iran has regained its position as the third-largest crude oil producer in February.
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OPEC, IEA at most divided on oil demand since at least 2008
Producer group OPEC and the International Energy Agency, the world's most closely watched forecasters of oil demand growth, are further apart than they have been for at least 16 years in their views on fuel use, according to Reuters research.
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Iran oil minister, OPEC secretary general discuss oil market
SHANA (Algiers) – Iran’s Oil Minister Javad Owji and OPEC Secretary General Haitham Al Ghais exchanged views on developments of the global oil market in Algiers, the capital of Algeria, on Saturday.
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Oil demand growth slowing as non-OPEC supply expands, says IEA
Global oil demand growth is losing momentum, the International Energy Agency (IEA) said on as it trimmed its 2024 growth forecast, in sharp contrast to the view held by producer group OPEC.
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OPEC sticks to oil demand view, sees better economic growth
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025 and raised its economic growth forecasts for both years saying there was further upside potential.
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52nd Meeting of JMMC reviews oil output
The 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Thursday.
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OPEC’s December basket price down by 7%
The OPEC Reference Basket (ORB) value fell by $5.92, or 7.0%, m-o-m in December, to average $79/b.
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IEA: Iran accounts for 12% of OPEC nine-month revenues
Iran’s oil revenues neared $34 billion in the first nine months (January-September) of 2023 despite brutal U.S. sanctions, accounting for 12 percent of OPEC member states’ total income.
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Oil prices rise on strong IEA and OPEC demand estimates
Oil prices rose on Thursday as the IEA joined producer group OPEC in forecasting relatively strong growth in global oil demand this year, with price impetus also coming from disruption to U.S. output and geopolitical risks in the Middle East.
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OPEC December oil output rises before new cuts, Angola exit: Reuters survey
OPEC oil output rose in December, a Reuters survey found on Friday, as increases in Iraq, Angola and Nigeria offset ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance in support of the market.
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OPEC secretary general conveys condolences to Iran over terrorist attacks
SHANA (Tehran) – Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al Ghais, in a message to Iran’s Oil Minister Javad Owji, extended his condolences to Iran on Thursday over the deadly terrorist attacks in the southeastern city of Kerman.
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Reuters says OPEC facing declining demand and shrinking market share in early 2024
OPEC is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest since the COVID-19 pandemic on the back of output cuts and member Angola's exit, according to Reuters calculations and data from forecasters.
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Nigeria petroleum minister reaffirms commitment to OPEC
Nigeria reaffirmed its commitment to OPEC, its junior petroleum minister said, a day after Angola said it would leave the Saudi-led oil producer group that has in recent months sought to rally support for more output cuts to prop up prices.
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Congo reaffirms commitment to OPEC, oil minister says
Congo on Saturday reaffirmed its commitment to the Organization of the Petroleum Exporting Countries (OPEC), days after neighbor Angola decided to leave the organization.
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Angola to quit OPEC, reducing membership to 12 countries
Angola has said it is leaving the Organization of the Petroleum Exporting Countries (OPEC) with effect from Jan. 1 2024, after exits from Ecuador in 2020 and Qatar in 2019.
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Iran oil output rise continues in Nov.: OPEC
SHANA (Tehran) – Iran’s crude oil production continued its rise in November, hitting 3.128 million barrels per day (bpd), the latest report of the Organization of the Petroleum Exporting Countries (OPEC) showed.
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187th Meeting of OPEC Conference, 36th ONOMM held virtually
SHANA (Tehran) – The 187th Meeting of OPEC Conference and the 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM) are held via videoconference on November 30, 2023.
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Iran elected as OPEC conference alternate president in 2024
SHANA (Tehran) – Gabon and Iran were on Thursday elected as president and alternate president of the Conference of Ministers of the Organization of Petroleum Exporting Countries (OPEC) for 2024, respectively.
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187th Meeting of OPEC Conference kicks off virtually
SHANA (Tehran) – The 187th Meeting of OPEC Conference started virtually on Thursday.
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Whose ‘moment of truth’?
Last week, the International Energy Agency (IEA) in its report ‘The Oil and Gas Industry in Net Zero Transitions’ stated that the oil and gas industry faces a ‘moment of truth’. The industry has been told that it must “choose between fueling the climate crisis or embracing the shift to clean energy”, against the backdrop of the IEA’s proposed normative net-zero scenario.
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Goldman Sachs says deeper OPEC output cut remains on table
Goldman Sachs says the possibility of a deeper group oil output cut is on the table when OPEC+ oil producers meet, and it expects Saudi Arabia and Russia to announce an extension of their additional voluntary curbs through at least the first quarter of 2024.
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OPEC: Iran’s oil output keeps rising
SHANA (Tehran) – Iran’s crude oil production continued its rise in October, the latest report of the Organization of the Petroleum Exporting Countries (OPEC) showed.
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Oil market remains strong despite negative sentiment: OPEC
OPEC on Monday said oil market fundamentals remained strong and blamed speculators for a drop in prices as it slightly raised its 2023 forecast for global oil demand growth and stuck to its relatively high 2024 prediction.
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OPEC oil output rises for third month; Iran production hits new high: Reuters survey
OPEC oil output has risen for a third straight month in October, a Reuters survey found on Tuesday, led by increases in Nigeria and Angola and despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
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IEA, OPEC predictions of 2024 oil demand growth diverge further
The gap between two leading oil forecasters' views on 2024 demand growth widened on Thursday, with the International Energy Agency (IEA) predicting a sharper slowdown while producer group OPEC stuck to expectations for buoyant China-led growth.
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OPEC's September report: Production surges with Iran's output surpassing 3m bpd
OPEC’s crude oil production witnessed a noticeable uptick in September as compared to August, as per the latest data released in the Monthly Oil Market Report (MOMR) published by the organization.
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OPEC, oil industry will attend COP28 climate summit: OPEC SG
The world's top oil producers, and representatives from the energy industry, will attend the COP28 climate summit in the United Arab Emirates, the head of the Organisation of Petroleum Exporting Countries (OPEC) said on Tuesday.
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OPEC hikes long-term oil demand outlook – in stark contrast to other predictions of peak crude
OPEC on Monday raised its medium- and long-term forecasts for global oil demand.