OPEC news

The oil body said there "has been further recognition that the world can only phase in new energy sources at scale when they are genuinely ready”.

Saudi Arabia exported 5.7 million bbl/d of oil in July, the lowest level since August 2023, official data has revealed.

The body’s monthly report indicates a 2025 growth at 1.7 million bpd, slightly below this year’s figure.

The WOO offers a detailed review and assessment of the medium- and long-term prospects for the global oil and energy to 2045.

OPEC has noted, on the International Energy Agency’s recent Op-Ed published, asserting that fossil fuel demand would peak before 2030, that consistent and data-based forecasts do not support this assertion.

This increase in the EIA’s forecast of crude oil production is largely based on their interpretation of the January 2022 OPEC+ meeting, when participants reaffirmed their decision to continue to increase output by 0.4 million bpd each month until all of the production cuts are reversed.

Global oil demand is set to return to pre-pandemic levels by the end of 2022, according to the International Energy Agency's latest monthly oil report.

Oil prices continue to rise as the previous day’s OPEC+ meeting paved the way for stock draws and surprised the market.

Oil prices stated the day with optimism after several days of trimming February gains, as markets hope for positive news from this month’s coming OPEC+ meeting.

Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has commented on today's OPEC+ meeting.