Citing a source familiar with the matter, Reuters reported on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, have agreed to raise the oil output by 100,000 barrels per day in September. In a statement published following its meeting, OPEC said that …
Read More »OPEC+ meets amid oil production struggles
The OPEC+ meets today, Wednesday, amid market expectations of a steady or slight increase in oil production, as most of its members are already pumping near their maximum production capacities and cannot meet US calls for increased production to fight the rising prices. U.S. and Western sanctions against Russia have …
Read More »OPEC Secretary-General: The recovery in demand continues, but it may be at a slower pace
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, told Algerian television ahead of the OPEC+ meeting on Wednesday that the recovery in oil demand is continuing. Still, it may be at a slower pace than at the beginning of the year and last year. Al-Ghais …
Read More »Reuters: OPEC+ JTC lowers 2022 oil market surplus forecast to 800,000 bpd
Citing two OPEC+ delegates, Reuters reported on Tuesday that the OPEC+ Joint Technical Committee (JTC) lowered its oil market surplus forecast for 2022 by 200,000 barrels per day (bpd) to 800,000 bpd. According to sources, the JTC did not discuss the output policy ahead of the ministerial meeting of OPEC+ on …
Read More »Oil slips on global demand concerns, eyes turn to OPEC+ meeting
Oil prices fell on Tuesday as investors digested a bleak outlook for global fuel demand after data pointing to a global slowdown in the manufacturing sector. In contrast, OPEC+ oil producers meet this week to decide whether to increase supplies. Surveys on Monday revealed that factories across the United States, …
Read More »Noor Capital | Dubai TV Mohammed Hashad’s Interview, August 1
Interviewed by Dubai TV, Mohammed Hashad, Head of Research and Development at Noor Capital and member of the American Association of Technical Analysts, shed light on the latest developments in the financial markets: Despite the Federal Reserve raising interest rates by 75 basis points, the US markets are performing positively; …
Read More »Oil prices fall before the OPEC+ meeting
Oil prices fell early on Monday as investors waited for officials from OPEC and other major producers to meet this week on supply adjustments. Brent crude futures were down 63 cents, or 0.6 percent, at $103.34 a barrel. US West Texas Intermediate crude fell to $97.87 a barrel, down 75 …
Read More »Oil up nearly $3/bbl on faded chances concerning supply boost
Oil prices rose nearly $3 a barrel on Friday as attention turned to next week’s OPEC+ meeting and dimming expectations that the producer group will boost supply.Brent crude futures for September settlement, due to expire on Friday, gained $2.79, or 2.6%, to trade at $109.93 a barrel by 12:10 p.m. …
Read More »Oil stabilizes with tight supplies, eyes turn to OPEC+ meeting
Oil prices settled at a high level in Asian trade on Friday, July 29, supported by supply concerns and with the focus shifting to the next meeting of the OPEC + bloc, though recession fears limited the gains. West Texas Intermediate crude futures for September delivery rose 38 cents, or …
Read More »OPEC+ expected to keep output steady or slightly raise in September
Citing eight sources familiar with the matter, Reuters reported on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, were planning to leave the oil output unchanged for September.Sources also acknowledged that a modest output increase could be discussed amid calls from the …
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