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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.
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]
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 ...
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Mexico is the only major non-OPEC exporter cooperating with the cartel, after Norway and Russia ended their cooperation earlier in the year. (Reuters) August 20: The NYMEX near-month crude oil futures price closes above $30 per barrel for the first time since February 2001. Concern over possible conflict in Iraq, OPEC quotas, and declining ...
Oil prices fell on Friday, with U.S. crude dropping more than 4%, on fresh trade tensions and record high U.S. crude production, but they still ended the month higher as OPEC watchers expect an ...
[34] [35] Internationally important conflicts in OPEC's history have included the Six-Day War (1967), Yom Kippur War (1973), a hostage siege directed by Palestinian militants (1975), the Iranian Revolution (1979), Iran–Iraq War (1980–1988), Iraqi occupation of Kuwait (1990–1991), September 11 attacks (2001), American occupation of Iraq ...