The United Arab Emirates (UAE) announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) as a result of the destabilization caused by the Iran-Contra conflict and its consequences in the Strait of Hormuz.

The lack of a strong stance from the Gulf bloc regarding the Iran conflict was one of the arguments for its withdrawal from OPEC, as well as the need to meet domestic needs amidst the volatility of the energy market.

Despite the UAE’s withdrawal from the organization, it will maintain collaboration with its partners in the oil industry and participate in the production chain.

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La entrada The United Arab Emirates will leave OPEC apareció primero en Bitfinance.

The Organization of the Petroleum Exporting Countries (OPEC) announced that it will maintain its projections for increased global crude oil demand in 2025 and 2026, with increases of 1.25 % and 1.31 %, respectively.

According to the October monthly report, “OPEC reiterates its optimistic view regarding the evolution of crude oil consumption, which is supported by the forecast that the global economy will grow solidly, around 3 %, both this year and next.”

The organization estimates that global crude oil demand for the remainder of 2025 will be 105.14 million barrels per day (mbd) and 106.52 mbd in 2026, “an increase of 1.38 mbd compared to this year.”

“Transportation fuels are expected to drive growth in global oil demand this year, with jet fuel growing by around 380,000 bpd year-over-year,” the report details.

Of this figure, nearly 120,000 bpd corresponds to industrialized countries. “Meanwhile, in all other petroleum product categories, except liquefied natural gas (LNG), consumption has not yet returned to the levels it was in 2019, before the COVID pandemic.”

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Source: elperiodicodelaenergia

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La entrada OPEC maintains global demand forecast for this year and 2026 apareció primero en Bitfinance.

The Organization of the Petroleum Exporting Countries (OPEC) published in its most recent report a forecast of an increase in demand for 2026 of 1.4 million barrels per day.

According to the report, the organization raised its estimate “by 100,000 barrels per day (b/d) compared to the previous forecast, amid improving economic growth prospects in Europe, the Americas, the Middle East, and Africa.”

He also referred to the production of Russia, Saudi Arabia, Algeria, Iraq, Kuwait, the United Arab Emirates, Kazakhstan, and Oman, which are members of OPEC+ and are implementing voluntary cuts, indicating that during the month of July, they “produced 31.701 mb/d, or 371,000 b/d above the agreed-upon amount, according to the organization’s report.”

Regarding the forecast for global demand growth for the remainder of 2025, OPEC maintained its estimate of 1.29 mb/d compared to last year. Last July, the organization “forecast demand of 105.13 mb/d, but now expects it to reach 105.14 mb/d, 10,000 barrels more.”

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Source: noticiaslatam

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La entrada OPEC forecasts crude oil demand to increase in 2026 apareció primero en Bitfinance.

The Organization of the Petroleum Exporting Countries (OPEC) reported on Tuesday, July 15, an increase in Venezuela’s crude oil production last month.

According to the OPEC report, data provided by the state-owned oil company Petróleos de Venezuela (PDVSA) reflects that “crude oil pumping was 1,069,000 barrels per day (bpd), representing an increase of 0.28 % compared to May, when it stood at 1,066,000 barrels per day.”

The data also reflects production dynamics in the South American country during the first half of 2025. In this regard, the organization reported that crude oil production “remained above 1,000,000 barrels per day, according to official figures, representing a year-over-year increase of 18 %, compared to the average of 884,000 bpd recorded in the same period in 2024.”

Regarding the next six months, uncertainty remains regarding the local capacity to maintain production above one million barrels per day.

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Source: finanzasdigital

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La entrada OPEC reported an increase in Venezuela’s oil production in June apareció primero en Bitfinance.

The Organization of the Petroleum Exporting Countries’ report, published in June, placed Venezuela’s oil production at the end of May at 1,066,000 bpd; a slight increase compared to April’s 15,000 bpd.

According to these OPEC data, Venezuela “maintained an average of around one million barrels per day during the last quarter.”

However, according to secondary sources within the organization, the trend is the opposite; That is, “average Venezuelan crude oil production in May was 896,000 barrels per day, a drop of 32,000 barrels compared to April, and represents the lowest volume recorded so far this year.”

According to these sources, production from January to March was 926,000 barrels per day, a figure below the official figure. In April and May, the average fell to 912,000 barrels per day.

In this context, however, last month’s volume was 28,000 barrels per day higher than the 2024 average, “estimated by these same sources at 868,000 barrels per day.”

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Source: elnacional

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La entrada Venezuela’s oil production reported a slight increase in May apareció primero en Bitfinance.

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 responsible for closely monitoring the market and calling extraordinary meetings if they deem it necessary to readjust supply levels, while calling for full compliance with the established national quotas.”

OPEC has asked its secretary to develop a mechanism to assess member countries’ maximum sustainable production capacity, as a benchmark for setting new quotas for 2027.

The issue of voluntary cuts and the OPEC+ position will be discussed at the next OPEC conference, scheduled for November 30 of this year.

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Source: bancaynegocios

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La entrada OPEC to maintain production cuts until 2026 apareció primero en Bitfinance.

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 is the seventh-largest oil producer in the world, with around 4.3 million barrels per day. This figure represents 4 % of the total, according to data from the Energy Information Administration, an agency of the US government.

According to the announcement, made by Silveira during the meeting of the National Council for Energy Policy (CNPE), Brazil was invited to join OPEC in order to strengthen relations with the rest of the oil-producing countries.

Brazil will be part of the organization, although it will not have decision-making power in matters such as production cuts or similar.

In light of the decision of Brazilian President Luiz Inácio Lula da Silva to join OPEC+, environmental agencies have declared that the country should not associate with organizations that damage ecosystems through the extraction of fossil fuels.

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La entrada Brazil accepts invitation to join OPEC+ apareció primero en Bitfinance.

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 to a reduction in oil pumping, following in the footsteps of OPEC, which had already announced this measure in a statement.

The reference is to a total of 2.2 million barrels per day (mbd) that Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman “withdrew from the market a year ago and wanted to gradually resume production starting January 1.”

Now, crude oil producers will extend the cuts until the end of March next year and then eliminate them. However, there could be a further extension of the deadline if oil ministers consider that the market is not ready to absorb more barrels.

At the meeting held last Thursday, December 5, the OPEC+ ministerial conference “agreed to extend for one more year, until the end of 2026, the rest of the cuts agreed by 19 of the 22 member countries of the alliance, which total 3.66 mbd.”

The total joint production quota of the 19 countries will remain at 39.725 mbd until December 31, 2026. The exceptions to this commitment are Venezuela, Iran and Libya “due to the involuntary limitations of their oil activity that they face as a result of various causes, such as sanctions or armed conflicts.”

The next OPEC+ ministerial conference has been called for May 28, 2025, when new announcements will be made.

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Source: elperiodicodelaenergia

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La entrada OPEC+ postpones deadline to increase crude oil supply until April 2025 apareció primero en Bitfinance.

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 statement from OPEC+, published this Sunday, November 3, the joint oil production that was delayed until January of next year “is part of a plan to gradually return a total of 2.2 million barrels of crude oil per day (mbd) to the market.”

The main objective of this measure would be to reconvert part of the “5.86 mbd that OPEC+ has cut since October 2022,” which represents approximately 6% of global demand, to support crude oil prices.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman made the decision to postpone the increase in production that was initially approved last June.

According to the statement, the rest of the applied cut, which corresponds to 3.66 mbd, would come into effect at the end of 2025.

In any case, OPEC+ is expected to address the situation at its next ministerial conference, scheduled for December 1.

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Source: expansion

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La entrada OPEC+ postpones oil production increase to January 2025 apareció primero en Bitfinance.

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 monthly report, “global oil demand will grow by 1.93 million barrels per day in 2024, down from the 2.03 million barrels it had previously forecast,” which shows a “slowdown in expectations. Global demand is expected to continue to rise, especially due to lower demand expected from China.”

In the Asian country, oil consumption is facing the transition towards cleaner energy sources, according to the report, which also highlights lower diesel consumption “due to the slowdown in key sectors such as construction and housing, and a growing trend towards the use of liquefied natural gas (LNG) in heavy trucks, instead of petroleum diesel.”

OPEC has indicated that for next year it expects an increase in oil demand of 1.64 million barrels per day, which translates into a reduction of the 1.74 million barrels per day previously forecast.

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Source: oilandgasmagazine

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La entrada OPEC lowers demand growth expectations for 2024 and 2025 for third consecutive time apareció primero en Bitfinance.