OPEC

Business, Fuel

OPEC Production Plunges as Saudis Deliver Extra Oil Cutbacks

oil pump jack A pump jack operates in an oil field in Midland, Texas, on July 29. (Tony Gutierrez/Associated Press)

OPEC’s crude production plunged in February as Saudi Arabia delivered extra cutbacks intended to clear the remnants of a global supply glut.

Grant Smith and Julian Lee | Bloomberg News
March 2, 2021
Government, Business, Fuel

OPEC+ Meets to Discuss Output Hike, With Saudis Urging Caution

Oil pumping jacks operate in a Russian oilfield in November 2020. (Andrey Rudakov/Bloomberg News) Oil pumping jacks operate in a Russian oilfield in November 2020. (Andrey Rudakov/Bloomberg News)

Saudi Arabia urged caution as OPEC+ gathered to discuss whether to hike supply again in February, with many countries wary of undermining a fragile recovery.

January 4, 2021
Government, Fuel

OPEC’s President Says Oil Cartel Cannot Rush Output Increases

Oil production Simon Dawson/Bloomberg News

The president of the Organization of Petroleum Exporting Countries reiterated that the oil producers’ cartel shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across parts of the world.

December 15, 2020
Government, Business, Fuel

OPEC+ Agrees on Gradual Easing of Oil-Output Cuts Next Year

A pump jack operates in an oil field in Midland, Texas, on July 29. A pump jack operates in an oil field in Midland, Texas, on July 29. (Tony Gutierrez/Associated Press)

The Organization of Petroleum Exporting Countries and its allies reached an agreement to ease its oil-output cuts next year more gradually than previously planned, giving a fragile market more time to absorb the extra supply.

December 3, 2020
Government, Business, Fuel

OPEC+ Meets to Seek Compromise on Plan to Delay Output Hike

An oil pumping jack operates in an oilfield in Russia on Nov. 19. (Andrey Rudakov/Bloomberg News) An oil pumping jack operates in an oilfield in Russia on Nov. 19. (Andrey Rudakov/Bloomberg News)

OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.

November 30, 2020
Government, Business, Fuel

OPEC+ Inches Closer to Delaying Output Hike After Russian Talks

An oil pumping jack operates in a Russian oilfield. Andrey Rudakov/Bloomberg News

OPEC+ inched closer to delaying its January output increase, with Russia actively discussing keeping its current curbs for an extra three months as oil markets weaken.

November 2, 2020
Government, Business, Fuel

OPEC Forecasts Lower Demand; BP Sees ‘Peak Oil’ in 2020s

BP says it expects demand for crude oil to peak in the early 2020s. Bernard Looney, CEO of BP, is photographed in London on Sept. 11. The company said it expects crude oil demand to peak in the early 2020s. (Matt Dunham/Associated Press)

Developing countries’ difficulty in containing the spread of the coronavirus pandemic will keep a lid on global oil demand, particularly in India, the OPEC cartel said Sept. 14 as it cut its forecasts.

September 14, 2020
Government, Business, Fuel

OPEC Sees Demand for Its Crude Above Pre-Virus Levels in 2021

Gas flares burn from pipes aboard an offshore oil platform. Gas flares burn from pipes aboard an offshore oil platform. (Ali Mohammadi/Bloomberg News)

OPEC expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output.

Grant Smith | Bloomberg News
July 14, 2020
Government, Business, Fuel, Logistics

OPEC Cuts Output to Lowest Since 1991 as Virus Slams Oil Demand

Flames burn off an oil processing facility in Saudi Arabia in October 2018. Flames burn off an oil processing facility in Saudi Arabia in October 2018. (Simon Dawson/Bloomberg News)

OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.

Grant Smith and Julian Lee | Bloomberg News
July 1, 2020
Government, Business, Fuel

OPEC Quota-Busters Start to Toe Line in June

Oil tankers are seen anchored in the Pacific Ocean near Long Beach, Calif. Oil tankers are seen anchored in the Pacific Ocean near Long Beach, Calif. (Patrick T. Fallon/Bloomberg News)

Three OPEC members identified by their peers as failing to bring production down to target levels in May appear to have begun improving their compliance in June, if lower exports are any indication. But for the biggest overproducer, Iraq, that first step is a small one.

Julian Lee | Bloomberg News
June 16, 2020

Pages