The Organization of Petroleum Exporting Countries (OPEC) considers that the new omicron variant of Covid-19 will have a "slight and short-lived" impact on world demand for crude oil, for which it expects that consumption will exceed 100 million barrels daily in 2022, thus exceeding pre-pandemic…
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Goldman Sachs forecasts rise in global oil demand
Goldman Sachs estimates that oil demand will continue to rise in 2022, reaching a record level, largely thanks to fuel requirements for the transportation and aviation sectors, if the gradual reopening of the borders is taken into account.…
Venezuela increased its oil production to 625 thousand barrels a day
The Organization of Petroleum Exporting Countries (OPEC) published in its November report that Venezuela increased its oil production for the fourth consecutive month, achieving an average of 625,000 barrels per day, which represents an…
OPEC will continue to increase oil production
The ministers of the Organization of the Petroleum Exporting Countries (OPEC) and the representatives of the allied producers, led by Russia, which together form the so-called OPEC +, agreed to go ahead with the gradual increase in the…
Barrel Brent passes the $ 85 mark
The price of Brent oil, the benchmark for Europe, surpassed the threshold of $ 85 per barrel on Friday for the first time since 2018, fueling pressures on energy prices and inflation.
However, after the opening of the markets of the Old…
OPEC + agreed to maintain production increase at 400,000 barrels per day
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, agreed on Wednesday to keep their plans to increase crude production by 400,000 barrels a day, the cartel reported in a statement.
OPEC…
OPEC: The development of the pandemic will determine the global economic recovery
OPEC, in its monthly report on the oil market, pointed out that, despite the evolution of the Covid-19 pandemic, the global economic reactivation continues and "will not reduce the oil demand forecast for 2021 and 2022".
However, in the…
Oil prices fall due to OPEC+ uncertainty
Oil price registered a depreciation at the close of the day on July 15 due to the possibility that the OPEC+ alliance agreed to an increase in supply and after knowing an increase in gasoline reserves in the United States, which causes…
OPEC + maintains increase in crude oil on the world market
The ministers of the nations that make up the Organization of the Petroleum Exporting Countries plus Russia confirmed that they will continue with the plan to progressively increase the supply of crude oil by 2 million barrels per day, as…
Oil price registers a rise
The price of a barrel of oil registered a strong advance both in its Brent variety, the reference for Europe, and in the West Texas Intermediate (WTI), the reference for the United States.
In the case of Brent oil, the price of a barrel…
OPEC raised oil production in April
The Organization of the Petroleum Exporting Countries (OPEC) recorded an increase in its joint production of 26,000 barrels per day during the month of April, although it was still below its maximum quota, according to the monthly report…
Russia and Saudi Arabia to use artificial intelligence to explore oil and gas
Russia's Deputy Prime Minister Alexander Novak, in charge of the negotiations in the OPEC + alliance, reported on the new initiative undertaken in conjunction with Saudi Arabia to use artificial intelligence in the oil and gas exploration…