OPEC+ announced earlier this week that it will delay an increase in oil production, which was scheduled for October. This is a response to falling crude prices that fell to their lowest since early 2024.
OPEC+ is a coalition between the Organization of the Petroleum...
The Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for oil demand growth in 2024. In its monthly report, OPEC projected that oil demand would rise by 2.11 million barrels per day this year, down from its previous forecast of a 2.25...
Oil prices slumped by over 1% on Monday after Saudi Arabia introduced sharp price cuts and output increased among OPEC+ members at large. Amid rising competition with rival producers, Saudi Arabia decided to cut the February official selling price (OSP) of its flagship Arab...
Organization of the Petroleum Exporting Countries members Iraq, Nigeria, and the Republic of Congo have voiced their commitment to the cartel following the departure of Angola from the organization last week. "We reiterate our firm support for unity and cohesion at the heart of...
Oil prices fell by 4% following news that Sunday's meeting between OPEC+ producers has been delayed. West Texas Intermediate (WTI) crude futures slumped 4.2% lower to $74.51 a barrel while Brent crude futures declined 4.1% to $79.06 per barrel.
Previously scheduled for Sunday 26 November,...
Elite leaders in the global oil market are set to convene at the Asia Pacific Petroleum Conference in Singapore on Monday. The conference, organized by S&P Global Commodity Insights, is aimed at discussing the current market climate. Among the speakers are Black Gold Investors...
