The statement highlighted the unity and cohesion of the group
oil market
Latest in oil market
crude oil price
Saudi Arabia in ‘technical recession’, says new report
This downturn in Saudi Arabia is due to reductions in oil production despite the non-oil economy’s resilience, the report said
energy markets
OPEC’s energy ministers reiterate supporting stability, balance of oil markets
They also expressed their appreciation to Saudi Arabia for extending its 1 million barrels per day voluntary cut for the month of August
Aramco
Saudi’s Aramco reports record $161bn income
Aramco announces record revenues and profits as oil prices surge
oil market
Saudi Arabia cuts oil price for Asia
Saudi Aramco cut its key Arab Light grade for January sales to Asia by $2.20 to $3.25 a barrel above the regional benchmark
Global oil demand
OPEC+ agrees on hold output targets unchanged amidst softening of oil prices
The decision comes as oil markets wait to see how a slowing Chinese economy and a G7 price cap on Russian oil would affect demand and supply fundamentals
crude oil output
Crude prices rise in Asian markets after Saudi denial on reports on OPEC+ plan on output increase
Brent crude futures rose 17 cents – or 0.2 percent – to $87.62, while US West Texas Intermediate (WTI) crude futures for January rising 7 cents – or 0.1 percent to $80.11 a barrel in early trading hours on Tuesday
oil market
Saudi Arabia slashes oil exports as it implements OPEC+ supply deal
Saudi shipments were down by about 430,000 barrels a day, or roughly 6%, by mid-November
Middle East
Rush to buy Middle East oil amid Russia supply fears in 2023
Oil buyers uncertain if EU restrictions will impact Russia’s exports
ADIPEC
OPEC predicts world economy to more than double by 2045
The global primary energy demand is also forecast to continue growing in the medium- and long-term, increasing by a significant 23 percent in the period to 2045, according to the 2022 edition of the World Oil Outlook by the oil producers body
crude oil output
Saudi Arabia rejects criticism that OPEC+ decision to cut crude production was politically motivated
A Saudi foreign ministry statement said the OPEC+’s meeting outcomes were based purely on economic considerations, taking into account maintaining balance of supply and demand in the oil markets, as well as o limit volatility that does not serve the interests of consumers and producers
Brent Crude
Opec+ agrees to slash output by 2 million barrels per day
US President Biden ‘disappointed by short-sighted decision’ by Opec+ that will limit supply and could see increased price at the pump in the US
coronavirus restrictions
Above-average crude prices helped UAE sustain strong economic activities in first half of 2022, OPEC report says
The June PMI declined to 54.8 from 55.6 in the prior month, marking the 19th-straight month of growth in non-oil private economic activities, the report said
Annual Statistical Bulletin 2022
Global crude oil production increased marginally in 2021 despite the pandemic hitting major economies
The non-OECD region, particularly the Middle East, China, as well as Africa and India recorded refining capacity additions last year
crude oil output
UAE close to maximum oil production based on OPEC+ baseline
The country is near to its maximum production capacity according to the Minister of Energy and Infrastructure
Arab Light Crude
Oil backs off Saudi-inspired three-month high as India doubles down on Russian crude
India says it wants a new six-month deal for Russian oil, despite the Ukraine invasion, forcing crude prices to slip a little from an earlier rally.
Bahrain
OPEC+ signals small hike in oil output, lifting prices as EU looks to ban Russian crude
Oil has surged more than 40 percent in 2022, with the Russia-Ukraine war disrupting flows, lifting inflation, and causing central banks – including the US Federal Reserve – to start tightening monetary policy
