OPEC

October 5, 2025 5:07 PM

OPEC+ agrees modest oil output hike from November, sources say

OPEC+ will raise oil output from November by 137,000 barrels per day (bpd), the same fairly modest increase as in October, three people close to the matter said on Sunday. The group comprising the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers has increased its oil output targets by more than 2.6 million bpd this year, equating to about 2.5% of global demand. The shift in policy after years of cuts is designed to regain market share from rivals such as...

August 5, 2025 10:20 AM

Oil producer pressure, Trump rollbacks threaten last-chance global plastics treaty

Hopes for a "last-chance" ambitious global treaty to curb plastic pollution have dimmed as delegates gather this week at the United Nations in Geneva for what was intended to be the final round of negotiations. Diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production - fuelled by petroleum, coal and gas - are threatened by opposition from petrochemical-producing countries and the U.S. administration of President Donald Trum...

July 7, 2025 12:55 PM

Oil tumbles as OPEC+ hikes August output more than expected

Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations. Brent crude futures LCOc1 fell 24 cents, or 0.35%, to $68.06 a barrel by 0642 GMT, while U.S. West Texas Intermediate crude CLc1 was at $66.31, down 69 cents, or 1.03%. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed...

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 ...