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Opec

Opec+ has already agreed to increase oil output by 411,000 barrels per day in May

Opec+ to consider further oil output increase for June

Several Opec+ members are to suggest the group accelerates oil output hikes in June for a second consecutive month, as a dispute worsens between members over compliance with production quotas. Oil prices hit a four-year low in April, dragged down by a US-China trade war and an unexpected decision by Opec+ to increase output by 411,000 barrels per day […]

A Daesh fighter in the Makhoul mountains near Baiji, Iraq. War devastated the nearby fertiliser plant

Iraq revives war-devastated fertiliser plant

Iraq’s industry and minerals minister broke ground on Thursday on a major fertiliser plant in the north of the country which was destroyed by Daesh militants nearly 10 years ago. Khalid al-Najm laid the ground stone for the plant in Baiji city in the northern Saladin Governorate during a ceremony attended by local tribal chiefs, […]

Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq. The seven Opec members making the cuts are Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan and Oman

Saudi Arabia and UAE to cut oil output in Opec’s latest plan

Opec has received updated plans for seven countries including Saudi Arabia and the UAE to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday. Opec+, which includes Opec plus Russia and other allies, has implemented a series of output cuts since late 2022. Its compensation plan is […]

Fatih Birol, Executive director of the International Energy Agency (IEA), attends the plenary session of the Artificial Intelligence (AI) Action Summit at the Grand Palais in Paris, France, February 11, 2025. REUTERS/Benoit Tessier

IEA slashes oil demand outlook as trade tensions bite

The International Energy Agency (IEA) slashed its 2025 oil demand growth forecast on Tuesday, citing rising trade tensions and a weakening global economy. The forecast widens the gap with Opec’s more upbeat outlook. The Paris-based watchdog now expects demand to grow by just 730,000 barrels per day in 2025, down from 1 million bpd previously […]

Opec has reduced its oil demand growth prediction for 2025 by 100,000 barrels a day

Opec cuts 2025 oil demand forecast on tariff trade tensions

Opec on Monday lowered its 2025 forecast for global oil demand growth, warning that rising trade tensions and weaker economic activity are likely to weigh on consumption. Opec, the oil exporters’ group of which Saudi Arabia is the largest producer, expects demand to grow by 1.3 million barrels per day (bpd) this year, down from […]

A construction site in Riyadh. Saudi Arabia is preparing to host the 2029 Asian Winter Games, Expo 2030 and the 2034 World Cup

Oil price raises $1 trillion question for Saudi Arabia

Questions are being raised about the long-term future of Saudi Arabia’s trillion-dollar infrastructure strategy as oil prices hit a four-year low and global stock markets tumble, according to economists. For the world’s second-largest oil producer, much depends on the trajectory of crude prices. The price of Brent crude has fallen by about 13 percent to […]

US energy secretary Chris Wright will tour oil and gas production sites in the Middle East, looking at ways to cut US production costs

US energy secretary heads to Gulf to secure oil flows

US energy secretary Chris Wright is to begin a nearly two-week tour of three Middle East countries, including Saudi Arabia, marking his first visit as a US official to the de facto leader of the Opec oil producer group, a source familiar with the matter told Reuters. The trip, which will also include visits to […]

Traders on the floor of the New York Stock Exchange on Friday. Markets around the world have been rocked by Trump's tariffs

Aramco losses mirror wider Saudi stock plunge

The Saudi stock market opened at more than 2 percent lower on Monday to a 17-month low, following its biggest single one-day drop since the 2008 financial crisis. The Tadawul All Share Index (Tasi) tumbled by about 1,025 points or 8.6 percent following US President Donald Trump’s announcement last week of a minimum 10 percent […]

Opec cited 'continuing healthy market fundamentals and the positive market outlook' for an oil output increase

Oil hit as Opec+ agrees to increase production

Eight Opec+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day (bpd) in May. The decision prompted oil prices to extend earlier sharp losses. Oil, which was already down over 4 percent on US president Donald Trump’s announcement of tariffs on […]

A worker at Iraq's Nahr Bin Umar oil field. Opec+ has cut output by 5.85 million bpd, equal to about 5.7 percent of global supply

Opec+ meeting this week to discuss oil output increase

Opec+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters. Eight members of Opec+, a group that includes the Organization of the Petroleum Exporting Countries and allies led by Russia, […]

Venezuela's vice-president and oil minister Delcy Rodriguez. The US announced 25% tariffs on potential buyers of Venezuelan crude

Oil holds near one-month high amid supply woes

Oil prices held near one-month highs on Friday and were poised for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil and gas from Venezuela and placed restrictions on Iranian oil trade. Brent crude futures dipped 8 cents, or 0.1 percent, at $73.95 a barrel as […]

An Opec+ ministerial committee, with the power to recommend to the larger group changes in production policy, is scheduled to meet on April 5

Opec+ on track for May production rise

Opec+ will probably stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction. Opec+, a group that includes Opec and allied producers led by Russia, and which pumps over 40 […]

Iran's oil minister Mohsen Paknejad (left). Analysts expect tighter US sanctions to reduce Iranian crude exports by one million bpd

Iran sanctions help push oil prices to second weekly gain

Oil prices rose on Friday and were heading for a second consecutive weekly gain as fresh US sanctions on Iran and the latest output plan from the Opec+ producer group raised expectations of tighter supply. Brent crude futures were up 12 cents, or 0.2 percent, at $72.12 a barrel by 08:50 GMT. US West Texas […]

Under the revised plan, Iraq will make the bulk of the contribution to the cuts followed by Kazakhstan and Russia

Opec+ sets out new oil cut plan to offset excess output

Opec+ on Thursday issued a new schedule for seven member nations to make further oil output cuts to compensate for pumping above-agreed levels. This will more than overtake the monthly production hikes the group plans to introduce next month. The plan will represent monthly cuts of between 189,000 barrels per day (bpd) and 435,000 bpd, […]

Mubarakiya souk in Kuwait: lower oil exports and an increase in imports pushed the country's trade balance down by 18 percent

Lower oil income takes $8bn off Kuwait’s trade surplus

A fall in oil export revenues caused by lower output and a drop in prices pushed Kuwait’s trade surplus down by nearly $8.5 billion in 2024, official data shows. The surplus plunged by more than 18 percent year on year to reflect the country’s heavy reliance on crude sales in its national income and commercial […]

Fatih Birol, Executive director of the International Energy Agency, arrives for a meeting with international investors in IA at the Elysee Palace as part of the Artificial Intelligence (AI) Action Summit in Paris, France, February 10, 2025. REUTERS/Gonzalo Fuentes

IEA’s hard line on oil glut clashes with Opec forecast

The International Energy Agency (IEA) has said US tariffs will contribute to a decline in global oil demand growth this year, once again contrasting with Opec’s more optimistic forecast. In a monthly report published on Thursday the IEA forecast that oil demand would grow by 1 million barrels per day (bpd) in 2025, down 70,000 […]

Joseph McMonigle Video length: 06:27

CERAWeek day 2: ‘Cautious optimism’ among the oilmen

On day two of CERAWeek in Houston, AGBI spoke to Joseph McMonigle, founder of the Global Center for Energy Analysis and former head of the International Energy Forum, about the second Trump administration. Watch the video to find out why McMonigle, who worked at the US Department of Energy under President George W Bush, sees […]

'Over the next few months you will see significant investment by XRG in the US,' said Adnoc CEO Sultan Al Jaber

Adnoc to ramp up investments in US gas sector

The international investment arm of UAE state oil company Adnoc will soon make a significant investment in US natural gas, Adnoc CEO Sultan Al Jaber said on Tuesday. The UAE is a member of the Opec+ producer group and one of the world’s top oil producers. Adnoc’s wholly-owned international investment arm XRG has about $80 billion in assets and […]