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Saudi Arabia to Deliver Full Oil Volumes to Asia Despite Production Cut
Saudi Arabia’s state oil company has assured several buyers in Asia it will deliver full contracted volumes in December despite the OPEC+ decision to cut produ…
Iraq Respects OPEC+ Deal, Wants to Raise Revenue per Barrel of Oil
Iraq's oil ministry respects the OPEC+ agreement to achieve global market stability.
Iraq's October Oil Output in Line With OPEC+ Quota, SOMO Data Show
Iraq produced 4.651 million barrels per day (bpd) of crude in October, down by 11,000 bpd from September.
EIA Cuts World Oil Demand Growth for 2023
The U.S. Energy Information Administration has slashed its world oil demand growth forecast for next year as President Biden lashed out at oil companies for not…
German Economist Sues OPEC, Wants $50 in Compensation
A German economist has filed a lawsuit against OPEC with a Berlin court.
UAE Believes the Oil Industry Is in “Decline Mode”
Crude oil is in “decline mode” in the long term, OPEC heavyweight the United Arab Emirates (UAE) says.
OPEC Oil Output Falls by 20,000 Bpd in October -Reuters Survey
The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in October and Septe…
Oil Shortage Forecasts Clash With Grim Economic Projections
Oil markets can’t seem to choose which direction to head.
OPEC+ 'Only a Phone Call Away' if Markets Need Balancing - UAE Minister
The United Arab Emirates' energy minister said on Monday that OPEC+ was always willing to balance crude oil markets if needed, and that if consumers require its…
Goldman: U.S. SPR Crude Releases to Have Modest Price Influence
The Biden administration's plan to continue releasing the Strategic Petroleum Reserves (SPR) "as appropriate" to bring down retail rates poses limited downside …
U.S. Senate Panel Advances Bill to Rein In OPEC+ Over Oil Output Cut
A U.S. Senate committee this week quietly advanced a bill that seeks to rein in OPEC+ after the oil producer group led by Saudi Arabia and Russia this month agr…
Malaysia Says OPEC+ Decision to Cut Output Made to Address Market Uncertainties
Malaysia has said a decision by OPEC+ member states to cut oil production was unanimous, and made after taking into account the need to address market uncertain…
Iraq Reiterates Support for OPEC+, Saudi Arabia
Iraq's foreign ministry said late on Tuesday that it refuses any threatening or pressuring policy.
Saudi Arabia, United States Clash Over Reason for OPEC+ Oil Cut
Saudi Arabia rejected as "not based on facts" criticism of an OPEC+ decision last week to cut its oil production target despite U.S. objections.
Oil Slides as U.S. Crude and Gasoline Stocks Surge
Oil prices slipped in early Asian trade on Friday as U.S. crude and gasoline inventories jumped, while Saudi Arabia and Washington continued to clash over plans…