OPEC may soon lose its sway over global oil prices, IEA says - CNN
WEBJun 12, 2024 · London CNN — A looming glut in global oil supply could “upend” attempts by the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, to prop up prices by cutting production,...
Global oil demand needs to rise faster to absorb OPEC+ hike
WEBLONDON, Aug 9 (Reuters) - Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ is planning to make from...
Oil drops as OPEC+ boosts supply even though demand is shaky
WEBJun 4, 2024 · The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, agreed on Sunday to extend most of their oil output cuts into 2025 but left room for...
OPEC’s power was waning. Soon it may have more sway than ever
WEBDec 2, 2021 · Omicron may put OPEC and Russia on the back foot again. And analysts believe that their sway could recede further over the next year as US producers regain ground.
Russia says OPEC+ ceding oil market share for long-term stability
WEB1 day ago · OPEC+ is strategically reducing oil supply and ceding market share with a long-term view so that the producing countries secure enough investments, while oil prices suit both producers and ...
Oil price outlook: OPEC+ can't stop dive toward $60 | Fortune
WEBSep 6, 2024 · OPEC+ has staved off an oil surplus this year by deciding to restrain production a little longer. But the temporary fix won’t hold back the supply glut awaiting global markets in 2025.
What does the US-backed Opec+ deal mean for the world?
WEBApr 13, 2020 · Opec agreed the biggest ever oil output cuts with the backing of Russia, the US and the wider G20 group of nations in an effort to bolster crude prices that the coronavirus outbreak has helped...
OPEC and other producers decide to keep adding to oil output.
WEBSep 1, 2021 · Officials from OPEC, Russia and other oil-producing countries decided on Wednesday to stick with their hard-won July agreement of increasing production each month by 400,000 barrels a day, a...
Why OPEC cut oil production and what it means for oil and gas …
WEBApr 3, 2023 · On Sunday, OPEC+, meaning the Organization of Petroleum Exporting Countries (OPEC), and its allies, the plus sign, announced it would cut production by over 1 million barrels of crude oil a day...
What OPEC’s surprise oil cut means for gas prices
WEBApr 4, 2023 · OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps.