OPEC

Oil prices rise slightly on robust US GDP growth, but concerns over Asia’s economic outlook limit gains. The market balances optimism with caution amid uncertainties.

The US Senate Budget Committee is investigating domestic oil producers for potential illegal coordination of oil prices with OPEC, raising concerns about market manipulation.

OPEC, the world’s leading oil producer group, contradicts the IEA’s forecast of imminent peak oil demand. OPEC maintains a bullish outlook, expecting oil consumption to rise for decades to come.

Oil prices rebounded on Wednesday, reversing course after earlier dipping to multi-month lows. The uptick follows positive economic data from the United States and a weaker dollar.

The Organization of the Petroleum Exporting Countries (OPEC) is shifting its focus in oil market reporting. Instead of estimating demand for its own crude oil production, OPEC will now prioritize forecasts for demand from the wider OPEC+ group. This change reflects the growing importance of OPEC+ in managing global oil supply. OPEC+ is an alliance of major oil producers that includes Russia. The alliance has been working with OPEC since 2016 to coordinate production levels and stabilize oil prices.

The FTC approves the Exxon-Pioneer deal but blocks former Pioneer CEO from joining Exxon’s board due to accusations of colluding with OPEC to raise oil prices. Lawmakers raise concerns about industry concentration, while the deal is expected to close on Friday.

Oil prices retreated on Monday after concerns about potential supply disruptions from the Middle East conflict eased. The market’s focus shifted back to fundamentals, with economic factors like inflation and a strong dollar influencing prices. Analysts believe that ample spare capacity from major oil producers and plentiful supplies of key crude grades are mitigating the short-term impact of the conflict.

As global oil markets continue to evolve, attention turns to Namibia, a country poised to potentially become the newest member of the Organization of the Petroleum Exporting Countries (OPEC). The…

The Organization of the Petroleum Exporting Countries (OPEC) is forecasting a robust summer for oil demand, driven by increased travel and economic growth. This prediction comes amidst a wider-than-usual range of forecasts from various agencies regarding global oil demand growth in 2024.

Oil prices surged on Tuesday, April 2nd, 2024, driven by concerns over potential supply disruptions in Russia and the Middle East. The benchmark Brent crude futures contract reached its highest level since October 2023, after a Ukrainian drone attack targeted a major Russian refinery. Additionally, Iran’s vow to retaliate against Israel for a deadly airstrike raised fears of a wider conflict in the Middle East.