The decrease in oil demand by China and the United States is said to be one of the main reasons that has led the Organization of the Petroleum Exporting Countries (OPEC) to announce that it is postponing an increase in production of 180,000 barrels per day until January 2025.
According to a…
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OPEC lowers demand growth expectations for 2024 and 2025 for third consecutive time
The slowdown in China's expectations, coupled with the use of clean fuels, has led the Organization of the Petroleum Exporting Countries (OPEC) to project downward global oil demand for 2024 and 2025.
According to the organization's latest…
OPEC raises its forecasts for world demand in the medium and long term
In its annual report on world oil prospects until 2050, the Organization of the Petroleum Exporting Countries (OPEC) announced the extension of its forecasts for crude oil demand in the medium and long term.
The organization foresees an…
Venezuelan oil production decreased by 1,000 b/d in August
Oil production in Venezuela showed a decrease of 1,000 barrels per day by the end of August according to data submitted by the state Company Petróleos de Venezuela, Pdvsa, to the Organization of the Petroleum Exporting Countries (OPEC).
In…
OPEC foresees reduction in oil demand
The Organization of the Petroleum Exporting Countries (OPEC) adjusted downwards this Monday global oil demand for the remainder of 2024 (2.07 %) and for 2025 (1.71 %). One of the main reasons would be China's slowdown in consumption.…
OPEC+ extends oil production cuts until 2025
The Organization of the Petroleum Exporting Countries, together with its allies OPEC+, decided to extend oil production cuts until 2025 in order to level prices.
Through a virtual meeting of OPEC+ Oil Ministers, OPEC made the decision that…
Venezuelan oil production in April was 878,000 bpd
During the month of April, Venezuela's oil production stood at 878,000 bpd, according to secondary sources from the Organization of the Petroleum Exporting Countries, OPEC.
The increase reaches barely 4,000 barrels per day, according to…
Iraq will reduce oil exports to compensate for excess production
Iraq announced it will reduce its oil exports to 3.3 million barrels a day to balance any increase above its OPEC+ quota in January and February.
The announcement was made this Monday by the Iraqi Ministry of Oil, in line with the…
Venezuelan oil production rose 4 % in February
The Organization of Petroleum Exporting Countries, OPEC, indicated that during the month of February of this year, Venezuela increased its production to 877,000 barrels per day.
The figure represents an increase of 4 % compared to the same…
US overtakes Saudi Arabia in oil production
The US already produces 40% more oil than Saudi Arabia, and the gap continues to widen. This situation, which seemed unimaginable less than 10 years ago, has become a reality thanks to the success of fracking (hydraulic fracturing) and…
Texas Oil had its first year in red since 2020
Texas oil dropped almost 11% in value during 2023, marking its first negative year since 2020, when the COVID-19 pandemic erupted. This decline is attributed to volatile factors and, above all, to doubts about the capacity of demand to…
OPEC registered a slight increase in October
In October, the thirteen member countries of OPEC increased their oil production to 27.9 million barrels per day, registering an increase of 0.3% compared to September, according to the organization's monthly report published today.
The…