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A weekly look at what occurred in the oil markets of the U.S. and the world this past week. The monthly reports of the International Energy Agency and OPEC, both released this past week, reflect ...
OPEC has cut its forecast for 2025 demand growth to 1.54 million barrels per day, from 1.85 million barrels per day in July. That is at the high end of estimates compared to those from the ...
November 29: For the first time in four years, OPEC agrees to an increase in its production ceiling. OPEC has raised the ceiling to 27.5 million barrels per day (4,370,000 m 3 /d) for the first half of 1998, effective January 1, 1998. The new ceiling represents a 10 percent increase over the current ceiling.
That same day, OPEC and others said they planned to decrease production cuts in August but FXTM analyst Lukman Otunuga said it might not be the time for that given the chances of more COVID-19 related lockdowns or problems with the world economy. [21] The first week of August ended with WTI up 2.4 percent to $41.22 and Brent up 2 percent to $44.40.
Ecuador withdrew from OPEC in December 1992, because it was unwilling to pay the annual US$2 million membership fee and felt that it needed to produce more oil than it was allowed under its OPEC quota at the time. [98] Ecuador then rejoined in October 2007 before leaving again in January 2020. [202]
Oil slid 2% as markets assessed China's stimulatory plans and OPEC lowered its demand growth forecast. ... according to its monthly report. For 2025, the oil alliance sees demand growing by 1.6 ...
On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003. [114] OPEC encouraged production cuts, which helped prices go up [115] before U.S. crude fell to $26.05, its lowest price since May 2003. Prices started rising when OPEC was "ready to cooperate". [116] [117]
At the same time, non-member countries continue to pump crude at a record pace. Since mid-2023, OPEC+ economies have voluntarily reduced crude outflows to boost global prices.