This Wednesday, during the 39th plenary meeting of ministers of the Organization of the Petroleum Exporting Countries (OPEC), the organization ratified the reduction in crude oil production until December 31, 2026.
Furthermore, "the ministers also confirmed the assignment of two internal committees…
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OPEC
OPEC+ members agreed to increase production
The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.
On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria,…
Brazil accepts invitation to join OPEC+
Brazilian Energy Minister Alexandre Silveira indicated that the South American nation will soon join OPEC+, after accepting the invitation made by the members of the Organization of the Petroleum Exporting Countries (OPEC) in 2023.
Brazil…
Venezuela exceeded one million barrels of daily crude oil production in January
According to the report of the Organization of Petroleum Exporting Countries (OPEC); in the month of January Venezuela exceeded one million barrels of daily oil production.
“Venezuelan production reached the figure of 1,031,000 barrels of…
Venezuela and OPEC strengthen oil production and export agreements
The secretary general of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al Gais, held strategic meetings on January 10 with the president of Venezuela, Nicolás Maduro, aimed at strengthening oil production and export…
OPEC+ postpones deadline to increase crude oil supply until April 2025
OPEC+, the alliance led by Russia and Saudi Arabia, announced last week the decision to postpone the deadline to increase its crude oil supply until April 1, 2025.
As will be recalled, in 2023, the eight countries that make up OPEC+ agreed…
OPEC+ postpones oil production increase to January 2025
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…
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…