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opec

Economy 2 years ago

OPEC sees robust summer oil demand, economic upside potential

OPEC predicted robust fuel use in the summer months on Thursday and stuck to its forecast for relatively strong growth in global oil demand in 2024, highlighting an unusually large gap between predictions of oil demand strength.

Economy 2 years ago

Angola leaves OPEC in blow to oil producer group

Angola's Oil Minister Diamantino Azevedo said the Organization of the Petroleum Exporting Countries no longer served the country's interests. It joins other mid-sized producers Ecuador and Qatar that have left OPEC in the last decade.

Economy 2 years ago

US oil prices slide below $70 a barrel

West Texas Intermediate oil for delivery in January fell 4.1 percent to finish at $69.38 a barrel. The drop came as markets eyed signs of weakening demand amid skepticism that the OPEC + coalition's efforts will meaningfully restrain supply.

Markets 2 years ago

OPEC plans no immediate action after Iran urges Israel oil embargo, sources say

OPEC is not planning to hold an extraordinary meeting or take any immediate action after Iran's foreign minister called on members of the Organization of Islamic Cooperation (OIC) to impose an oil embargo and other sanctions on Israel, four sources from the producer group told Reuters.