OPEC

March 4, 2025 3:23 PM

OPEC+ to proceed with planned April oil output hike

OPEC+ has decided to proceed with a planned April oil output increase, the group said on Monday, a move that follows U.S. President Donald Trump renewing pressure on OPEC and Saudi Arabia to bring down prices. The increase is the first since 2022 from OPEC+, which includes the Organization of the Petroleum Exporting Countries, plus Russia and other allies. Oil LCOc1 was trading 2% lower towards $71 a barrel at 1900 GMT. Eight OPEC+ members that are making the group's most recent layer of outpu...

December 30, 2024 3:31 PM

Mixed Fortunes for Commodities in 2025: Gold Bull Run to continue amidst energy and agricultural volatility

The gold market thrived throughout 2024, delivering substantial gains for investors in the yellow metal. It is anticipated that this precious metal will continue to shine as we move into the new year. Publicly available data shows that gold yielded approximately 27 per cent returns in 2024. In a recent report, MUFG Bank, Japan's largest bank and one of the world's largest, asserted that the bull run in gold will persist through 2025. The report attributes this to two key factors: hedging again...

December 2, 2024 10:22 AM

World Court to open climate change hearings

The United Nations' top court on Monday starts hearings on the legal obligation of countries to fight climate change and the consequences for states of contributing to global warming, the outcome of which could influence litigation worldwide. Vanuatu, one of the small island states that spearheaded the effort to get the International Court of Justice to give a so-called advisory opinion, will be the first of over a hundred states and international organisations to give their views in two weeks ...

October 4, 2024 4:27 PM

Israel-Iran conflict will not significantly impact India’s crude oil imports

The ongoing conflict between Israel and Iran is unlikely to have a significant impact on India's crude oil imports, as analysts point out that India sources only a negligible volume of oil from Iran. The country currently imports oil from around 40 nations, including major suppliers like Russia, Iraq, Saudi Arabia, Abu Dhabi, and the USA, allowing India to effectively manage its supply needs. However, the geopolitical tensions between Israel and Iran could lead to increased price volatility in...

October 3, 2024 7:56 PM

OPEC+ could cushion Iran oil shock but not broader disruption

OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country's facilities but the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbours. Iran fired hundreds of missiles at Israel on Tuesday in response to Israeli airstrikes and attacks. Israel’s Prime Minister Benjamin Netanyahu said Iran made a big mistake and would pay for it, and Iran threatened a crushing response if Israel retaliated. Isra...

September 25, 2024 11:43 AM

OPEC boosts long-term oil demand outlook, driven by developing world growth

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 East and a slower shift to electric vehicles and cleaner fuels. The Organization of the Petroleum Exporting Countries, in its 2024 World Oil Outlook published on Tuesday, sees demand growing for a longer period than other forecasters like BP and the International Energy Agency, which expect oil use to peak this decade. "Future energy demand is foun...

September 12, 2024 3:13 PM

IEA cuts 2024 oil demand growth forecast on China slowdown

The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report on Thursday, The Paris-based agency cited a slowdown in Chinese demand as the main driver of weaker global demand growth. It now expects Chinese demand to grow by only 180,000 bpd in 2024 as a broader macroeconomic slowdown coincides with a higher uptake of electric vehicles. "With the steam seemingly running ...

September 6, 2024 11:43 AM

OPEC+ agrees to delay October oil output hike for two months

OPEC+ has agreed to delay a planned oil output increase for October and November, the producers' group said on Thursday after crude prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed. Oil prices have been falling along with other asset classes on concerns about a weak global economy and soft data from China, the world's biggest oil importer. Eight members of OPEC+, which is made up of the Organization of the Petroleum Exporting Countries...

July 25, 2024 7:04 PM

Nicolas Maduro runs for a third presidential term in Venezuela

Venezuelan President Nicolas Maduro, in power since 2013 and running for a third term on July 28, is confident he is still the right man to lead the OPEC country that has been governed by the socialists for a quarter of a century. "Come rain, shine or lightning ... we're going to win by a landslide," he said in a recent broadcast on state television, shortly after reading out mock election results in which he notched "an irreversible victory". The mustachioed Maduro, 61, a former foreign minis...

June 3, 2024 4:31 PM

OPEC+ extends oil output cuts into 2025

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production. Brent crude oil prices have been trading near $80 per barrel in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China have weighed on prices alongside rising oil stocks in developed economies. The Organization of the ...