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  • OPEC optimistic on demand, calls for more oil and gas investment

    OPEC is optimistic on demand and sees under-investment as a risk to energy security, Secretary General Haitham Al Ghais said on Monday at an energy industry event in Abu Dhabi. He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing in oil as counterproductive. "We still see oil demand as quite resilient this year, as it was last year," Al Ghais said, noting the group's forecast was for year-on-year demand growth of more than 2.3 million barrels per day (bpd).

  • Saudi Energy Minister Says OPEC Targeting Stable Oil Prices

    “Proactive, preemptive and precaution — these three words will address how we are attending to the situation knowing there are uncertainties coming from multiple directions,” Prince Abdulaziz said during a discussion at the World Petroleum Congress in Calgary.

  • Saudi energy minister says OPEC+ cuts were needed to stabilize oil market

    Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. Speaking at the World Petroleum Congress in Calgary, Prince Abdulaziz said there was ongoing uncertainty about Chinese demand, European growth and central bank action to tackle inflation. Asked about Chinese demand, Prince Abdulaziz said the situation "is not bad yet."

  • OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut

    Global oil markets face a supply shortfall of more than 3 million barrels a day next quarter — potentially the biggest deficit in more than a decade — as Saudi Arabia extends its production cuts. The latest data published by OPEC show why the kingdom’s supply squeeze, amid a period of record demand, has sent oil prices surging beyond $90 a barrel in London. Riyadh announced last week it will extend an extra 1 million-barrel-a-day output reduction until the end of the year, even though markets are already tightening.

  • Russia Is the Big Winner From OPEC+ Output Cuts

    The pullbacks have helped boost crude prices, although perhaps not by as much as the producers had hoped. Faltering Chinese growth is beginning to undermine some of the bullish forecasts for the rest of the year. Hence the extended Saudi cuts. Make no mistake, the kingdom is bearing the burden. Since February, it has reduced crude production by 1.22 million barrels a day. That’s more than 2½ times the size of the reductions made by Moscow.

  • Saudi cabinet reaffirms support for OPEC+ precautionary measures to stabilise oil market

    Saudi Arabia's cabinet said on Tuesday that it reaffirms its support for precautionary measures by the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, to stabilise the oil market, state media reported on Tuesday.

  • Saudi Arabia Charts Solo Path on OPEC Policy

    Saudi Arabia is increasingly driving an oil-production strategy to boost prices that is at odds with other members of the Organization of the Petroleum Exporting Countries, in a push to fund the kingdom’s ambitious development projects. For now, it is working, as oil prices have ticked steadily higher in recent weeks. But Saudi Arabia’s unilateral moves to cut output carry a significant longer-term risk of splintering the alliance if Riyadh forces other smaller producers to join the cuts, according to industry analysts and others familiar with OPEC’s internal dynamics. On Friday, members of OPEC and its Russia-led allies met virtually to discuss the outlook for oil demand, which would help the group plan its production strategy in the coming months. The cartel in a brief statement said it would adjust production levels depending on market conditions.

  • OPEC oil output falls on Saudi cut and Nigerian outage, Reuters survey finds

    OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group's latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found on Monday. The Organization of the Petroleum Exporting Countries has pumped 27.34 million barrels per day (bpd) this month, the survey found, down 840,000 bpd from June. That's the lowest since September 2021 according to Reuters surveys.

  • OPEC+ in a Battle Royal to Drive Oil Prices Higher but Macroeconomic Headwinds Thwart Progress

    Since its seminal meeting in October 2022, OPEC+ has reduced production (along with voluntary cuts by some individual members), at least on paper, by a staggering 5.3 mb/d through August. From November 2022 through June, actual supplies by OPEC+ countries that have committed to lower output levels are down by around 1.8 mb/d compared to pledges to cut production by 3.66 mb/d for the period.

  • Saudi Arabia to Lose Top Spot in OPEC+

    Saudi Arabia is set to fall below Russia as the largest oil producer in the OPEC+ alliance as its production cuts begin to bite, tightening the oil market just as prices appear to be turning higher, the International Energy Agency said.