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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 ...
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]
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.
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.
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 ...
Iraq also requests that other OPEC countries do not raise production to make up for lost Iraqi exports. Iraqi "oil-for-food" exports had averaged about 1.7 million barrels per day (270,000 m 3 /d) to date in 2002. Major Arab OPEC exporters Saudi Arabia, Kuwait, and Qatar have expressed unwillingness to join in any embargo. (WSJ)