Search results
- Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC+ group of nations announced its largest supply cut since 2020. The move comes ahead of European Union embargoes on Russian energy over the Ukraine war.
www.aljazeera.com/news/2022/10/6/why-is-opec-cutting-global-oil-production
1 day ago · The U.S. has become the world's largest oil producer, pumping more than 20 million bpd or a fifth of global production. Top OPEC producer Saudi Arabia's crude output is less than 9% of the global ...
- OPEC boosts long-term oil demand outlook, driven by ...
LONDON/RIO DE JANEIRO, Sept 24 (Reuters) - OPEC raised its...
- OPEC boosts long-term oil demand outlook, driven by ...
Oct 6, 2022 · Deep oil production cuts approved by OPEC+ have sent shockwaves across energy markets, put the cartel on a collision course with Washington and pointed to a strengthening bond between Saudi...
- Global oil demand. Global liquids demand decreased m-o-m by 2.6 MMb/d to 100.4 MMb/d. The decline was driven by Europe and China, where demand decreased m-o-m by 0.8 MMb/d and 0.6 MMb/d, respectively.
- OPEC 10 production (excl. Iran, Venezuela, Libya). OPEC 10’s production decreased slightly, by 0.1 MMb/d m-o-m to 26.9 MMb/d. OPEC’s production has declined by 1.97 MMb/d since January 2023 as it continues to curtail supply, with added uncertainty due to geopolitical tension in Iran.
- Non-OPEC production (excl. US shale). Non-OPEC production decreased by 0.9 MMb/d m-o-m to 60.1 MMb/d. The decline was primarily driven by US non-shale onshore production, which witnessed a m-o-m decline of 0.5 MMb/d due to extreme cold weather disruptions.
- US shale oil production. US shale oil production declined sharply by 0.5 MMb/d m-o-m in January to 9.3 MMb/d as a result of shut-downs due to cold weather across central US.
Sep 24, 2024 · LONDON/RIO DE JANEIRO, Sept 24 (Reuters) - OPEC raised its forecasts for world oil demand for the medium and long term in an annual outlook, citing growth led by India, Africa and the Middle...
Jun 5, 2023 · Opec was formed in 1960 as a cartel, which aimed to fix the worldwide supply of oil and its price. Opec nations produce about 30% of the world's crude oil. Saudi Arabia is the...
Oct 6, 2022 · Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC+ group of nations announced its largest supply cut since 2020. The move comes ahead of...
People also ask
Why is OPEC tightening global oil supply?
Why did OPEC raise its forecasts for world oil demand?
How has OPEC+ impacted oil prices?
How much oil does OPEC+ produce?
How does OPEC+ work?
How will OPEC's new production cuts affect supply?
Sep 2, 2024 · The most recent monthly report from OPEC did go a tiny way to recognising the weakness in demand growth, with the group paring its 2024 forecast to 2.11 million bpd, down a modest 140,000 bpd...
