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OPEC+ faces a major oil oversupply in 2025, challenging production increases. The coalition has tried to boost oil prices by holding back output. Instead, members are ceding control to non-OPEC ...
"Perhaps partly as a result, compliance with OPEC quota has already suffered in 2024 - amounting to >0.5mbpd of excess oil production YTD despite combined production dropping since the summer ...
In November 2024, S&P Global alleged that the UAE ignored the OPEC’s oil production cuts and produced around 700,000 barrels more than the agreed quota, that is, 2.91m barrels per day. Analysts asserted that the Emirates’ “quota busting” would underestimate Saudi and Russia’s efforts to increase oil prices by cutting production.
The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend production cuts announced last year into 2025 ...
Top 5 oil-producing countries 1980–2022 World oil production This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
He helped to create the OPEC+ alliance between OPEC members and other oil-producing countries. Barkindo previously served as acting secretary general in 2006. He led the Nigerian National Petroleum Corporation from 2009 to 2010, and headed Nigeria's technical delegation to UN climate negotiations beginning in 1991.
Saudi Arabia and allied oil producing countries said on Sunday they would postpone a plan to gradually increase oil output until the end of the year, extending their output cuts by one month ...
The announcement comes amidst growing non-OPEC oil production and weak oil prices. (DJ) November 22: OPEC states that it will roll over its current oil production quota of 25.42 million barrels per day (4,041,000 m 3 /d). The roll-over was widely anticipated because of slack world oil demand, rising non-OPEC production, and weak prices. (DJ, PON)