Despite production restrictions, the global oil market will face a daily surplus of one million barrels next year. This will happen even if the OPEC+ oil cartel decides to maintain current production restrictions, the International Energy Agency (IEA) reports. China is one of the key reasons for the expected surpl... #GlobalOilPrice #IEA #oilmarket #OilProduction #OPEC
The World Bank predicts a historic oil surplus that will cause prices to fall in 2025. The World Bank predicts that in 2024-2025 global oil supply will exceed demand by an average of 1.2 million barrels per day. This surplus will likely limit the price effects from an even wider conflic... #OilDemand #OilProduction #OPEC #worldbank
Saudi Arabia threatens to collapse oil prices to $50, which will hit Russia’s profits. Saudi Arabia will collapse oil prices to $50 per barrel if OPEC+ member countries continue to violate production limits, the country’s oil minister, Abdelaziz bin Salman, warned during a confere... #Iraq #Kazakhstan #Oilmining #OilPrices #OPEC #RussianOil #SaudiArabia
Analysts predict oversaturation of the oil market in 2024 and a drop in oil prices. The increase in oil production in countries that are not part of OPEC+, including the US, may oversaturate global demand, which is growing slowly, and will lead to lower prices. Although the OPEC+ oil... #OilDemand #OilPrices #OilProduction #OPEC
The world is facing its largest oil deficit in 15 years. According to Bloomberg, a week ago the price of Brent oil exceeded $90 per barrel following Saudi Arabia’s decision to extend the production limit of one million barrels per day until the end of... #OilInventories #OilPrices #OilProduction #OPEC
Oil prices have hit a nine-month high. As Trading Economics writes, WTI oil rose above $85 per barrel amid expectations that the leaders of the OPEC+ countries will continue to cut oil production. The Deputy Prime Minister of the Russian F... #OilPrices #OilProduction #OPEC #RussianOil
Oil became cheaper after the price spike at the end of July. Oil prices eased slightly on August 1 after rallying in July amid supply cuts from OPEC+ and positive macroeconomic statistics from the world’s largest economies. The October futures price for B... #GlobalOilPrice #oilfutures #OPEC
OPEC+ will reduce oil production by two million barrels per day. Representatives of the OPEC organization and other oil countries, led by Russia, agreed at a meeting in Vienna to reduce oil production by two million barrels per day. It is expected that the decision... #OilProduction #OPEC #OPECmeeting
OPEC and its allies have agreed to pump more oil to reduce global prices. OPEC and its ten allies agreed to more than expected daily production growth in order to mitigate the effects of rising fuel prices amid Russia’s war in Ukraine, reported the WSJ. The move rep... #GlobalOilPrices #OilProduction #OPEC #OPECagreement
OPEC wants to suspend the agreement with Russia and open doors for Saudi Arabia and UAE. Some OPEC members are exploring the possibility of suspending Russia’s participation in an oil-production deal while they are under Western sanctions. At the same time, a partial European ban has beg... #OilProduction #OPEC #SanctionsAgainstRussia
