The Organisation of the Petroleum Exporting Countries (OPEC) announced on Wednesday that it will maintain its previous forecasts for global oil demand growth in 2025 and 2026. In its monthly oil market report, OPEC projected a year-on-year increase of 1.3 million barrels per day (bpd) in both 2025 and 2026, unchanged from last month’s estimates….
OPEC has downgraded the forecast for the U.S. oil and condensate production in 2025 by 50,000 barrels per day. Now it expects an increase of 240,000 barrels per day to 13.47 million barrels per day, according to its new report released on Wednesday. According to the table for the report, the figure in 2024 averaged…
The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries have reaffirmed commitments to monitor production adjustment aimed at maintaining stability in the global oil market. The OPEC made this known in the resolution of its 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) which held via videoconference on Monday. The meeting reviewed the…
China’s President Xi Jinping has held a meeting with his Venezuelan counterpart, Nicolas Maduro, during which the two leaders agreed to upgrade their countries’ relations. Chinese state media said the two leaders on Wednesday signed several bilateral cooperation documents focused on areas including the economy, trade and tourism after the talks in Beijing. Xi said…
In a surprising turn of events, the Organisation of Petroleum Exporting Countries (OPEC) experiences a significant plunge in oil production during May, leaving the market in a state of uncertainty. The output decline of 460,000 barrels per day (bpd), compared to April, and a staggering reduction of over 1.5 million bpd since September, is primarily…
