All articles tagged with #opec
Oil prices hovered near six-month highs and were on track for their first weekly gain in three weeks as traders weighed potential US action against Iran and the risk of supply disruption via the Strait of Hormuz; a US Supreme Court ruling on tariffs had little market impact, while falling inventories and talks of renewed OPEC+ output underpin expectations of higher prices.
Oil prices fell by about $3 a barrel after signs of de-escalation with Iran and a stronger U.S. dollar, with Brent at around $66.30 and WTI near $62.14 as milder U.S. weather also weighed on forecasts. Iran and the United States plan to resume nuclear talks, and OPEC+ kept output unchanged for March, reflecting expectations of a 2026 global inventory build. Analysts say the easing tensions could cap upside for oil in the near term, while still keeping prices sensitive to dollar moves and regional supply dynamics.
OPEC+ kept its March oil output unchanged after lifting quotas earlier, with Brent near six-month highs as Iran–U.S. tensions support prices; the group reiterated full compliance but gave no guidance beyond March, keeping options open for future policy depending on market conditions.
Former Nigerian oil minister Diezani Alison-Madueke, who led OPEC in 2014–15, told a Southwark Crown Court in London that she did not take bribes as she faces five bribery counts and a conspiracy charge tied to 2011–2015. Prosecutors allege she enjoyed a lavish lifestyle funded by oil-contract interests linked to Atlantic Energy and SPOG Petrochemical, while the defence says critical records are missing or delayed, hindering her ability to defend herself.
Trump’s plan to revive Venezuela’s oil is expected to take years and hinge on political and legal reforms, but could shift energy dynamics: U.S. producers like Chevron and Gulf Coast refiners would benefit from access to heavy Venezuelan crude, potentially giving Washington more influence over markets and helping lower domestic gasoline prices; losers could include countries and firms tied to Venezuela or China’s teapot refineries if flows shift or prices fall. Analysts project Venezuelan output rising to about 1.5 million barrels per day in 12–24 months—still a small share of global supply—while investment remains uncertain, with Exxon calling the plan “uninvestable” without governance changes, though Repsol, Eni, Shell and Valero indicate readiness to expand and Canadian heavy-crude exporters may face squeezes.
Russian oil production significantly decreased in December by over 100,000 barrels per day due to US sanctions impacting export sales, marking the largest drop since mid-2024, with difficulties in selling crude overseas and potential effects from Ukrainian airstrikes on production facilities.
Increasing Venezuela’s oil output will require years and billions of dollars, with geopolitical factors like OPEC decisions, Russia's war in Ukraine, and global demand influencing the timeline and feasibility of boosting production.
OPEC+ members decided to keep oil output steady amid geopolitical tensions and a significant drop in oil prices, prioritizing market stability over increasing supply despite internal and external crises affecting member countries.
OPEC+ has decided to maintain current oil production levels through March, opting for caution amid a global surplus and geopolitical uncertainties, including the US capture of Venezuela's Maduro, which may impact supplies. The group aims to avoid adding volatility to an already fragile market, with ongoing challenges from geopolitical conflicts and slowing demand.
Oil prices are expected to fall below $50 in 2026 due to increased global supplies and demand concerns, leading to sector consolidation and a shift towards gas-fueled growth drivers by oil companies.
Oil prices slightly declined at the start of 2026 after experiencing their largest annual loss since 2020, amid oversupply concerns and geopolitical tensions including the Ukraine war and Venezuela sanctions. Brent crude closed at $60.75 and WTI at $57.32, with analysts expecting a range-bound market around $60-65 per barrel in 2026.
Oil prices experienced their steepest annual decline since 2020, dropping nearly 20% in 2025 due to oversupply, geopolitical tensions, and weaker global demand, with prices potentially falling further in 2026, impacting consumers and inflation.
U.S. crude oil prices have dropped to their lowest since early 2021 due to a looming surplus, potential peace in Ukraine, and increased OPEC+ production, with broader economic indicators also showing signs of slowdown.
The article discusses the complex and interconnected global oil market, highlighting recent shifts such as increased demand, OPEC+ production cuts, Russia's strategic moves to export oil eastward, and the geopolitical implications for countries like the US, China, and Venezuela, amidst ongoing conflicts and energy transition efforts.
OPEC+ has agreed to keep oil output quotas steady for 2026 and introduced a new mechanism to evaluate members' maximum production capacity, amid ongoing geopolitical and market considerations.