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Opec

The presidents of China and Russia, Xi Jinping and Vladimir Putin, held talks in Beijing last week

Oil keeps Russia and China close, but analysts warn it won’t last

Russia was China’s biggest oil supplier once again in April, according to official figures, staying ahead of Saudi Arabia thanks to its cheaper crude. However, crude flows from Riyadh to Beijing are expected to increase as the kingdom strengthens its presence in the Chinese energy sector, analysts have told AGBI. Russia’s crude oil exports to […]

Oil workers in Venezuela, a founder member of Opec. The IEA predicts slower demand growth

IEA and Opec move further apart on global oil demand

The division between the International Energy Agency and oil producers’ group Opec has deepened as the Paris-based energy watchdog once again curtailed its oil demand outlook for 2024, amid softer macro sentiment. In its monthly report, the IEA forecast on Wednesday that world fuel demand will grow by 1.1 million barrels per day (bpd) this […]

An energy company representative submits his company's bid during the latest licensing rounds at the Iraqi Oil Ministry's headquarters in Baghdad

Chinese companies snap up Iraqi oil and gas blocks

Iraq has awarded Chinese companies a large share of oil and gas exploration concessions as it attempts to boost its hydrocarbon reserves and attract investment. Opec’s second largest oil producer hopes to add 1 million barrels per day (bpd) of oil and nearly 3.5 billion cubic feet of gas per day. Out of 22 prequalified […]

Opec predicts global crude demand will rise by around 2 million barrels a day in both 2024 and 2025

Opec maintains stance on oil demand predictions

Opec has kept its global oil demand prediction unchanged for this year as the global economy showed resilience, surpassing initial projections in some instances. The oil producers block said in its monthly report on Tuesday that it believed global crude demand would increase by 2.2 million barrels per day (bpd) in 2024 and by 1.8 […]

Clothing, Hardhat, Helmet A worker makes notes at a Saudi Arabian steel factory; the industrial production index fell from 114 points in March 2023 to 104 in March 2024

Industrial output falls in Saudi Arabia after oil cuts

Saudi Arabia’s industrial output index has fallen almost 9 percent over the past year, largely due to a policy of oil production cuts the government began in mid-2022. The industrial production index fell from around 114 points in March 2023 to 104 in March 2024, as mining and quarrying fell by 14 percent and manufacturing […]

Highway traffic in California. Opec said the upcoming 'driving season' in the US will provide the usual additional demand for fuel

Opec stands by predictions for oil demand growth

Opec predicts robust fuel use this summer and has stuck to last month’s forecast of relatively strong growth in oil demand in 2024 and 2025. The oil producers’ organisation predicted in its monthly report that global demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. […]

Vitol expects global growth of 1.9 million bpd this year, driven by China, India and increased air travel boosting demand for jet fuel

Oil price to hit $100 if Opec+ cuts continue says Vitol chief

Crude prices are likely to reach $100 per barrel in 2024 if Opec+ maintains its output cuts, a global commodity trader has said. The supply-constrained market has already reached an average price of $83 per barrel this year, S&P Global Commodity Insights reported, quoting Vitol CEO Russell Hardy’s speech on Tuesday at a summit in […]

Workers on an Aramco rig. For the first time, the non-oil sector accounted for 50% of Saudi real GDP in 2023

Saudi-listed companies’ total profits tumble by 17%

The total profits of Saudi-listed companies fell 17 percent year on year to SAR126.8 billion ($33.8 billion) in the fourth quarter of 2023, research has found. The drop has been attributed to the country’s economic contraction as oil production cuts continue.  But sectors such as banks, insurance, transport and pharmaceuticals showed improvement in Q4, reflecting […]

An employee inspects a well head in the Yarakta oil field in Siberia. Russia's oil output has been hit by Ukrainian drone attacks on facilities

Oil prices rise again ahead of Opec+ talks on Wednesday

Crude oil prices consolidated on Monday, following a run of increases in the first quarter, fuelled by signs of recovery in China, tighter supplies by the Opec+ producers and geopolitical tensions. Brent was trading slightly higher at $87.28 a barrel in the morning, while West Texas Intermediate rose to $83.45. Brent has gained about 15 […]

oil industry investment gulf oil installation

Oil industry needs trillions in investment, says Opec chief

The global oil and gas industry needs trillions of dollars in investment to sustain stable supply and meet growing energy demand, the secretary general of Opec has warned. Haitham Al Ghais said this week that the upstream sector needed more than $11 trillion, the downstream sector would need just under $2 trillion, and the midstream […]

Drilling rigs in Saudi Arabia's Hasbah field. The country's GDP contracted by 0.8% in 2023

Saudi exports fall 10% on oil output cuts

Saudi Arabia’s exports fell by more than 10 percent in January compared to the previous year due to a reduction in oil exports.  The Saudi economy has taken a hit from Opec+ oil output cuts over the past year, although non-oil exports rose slightly by 0.8 percent.  Riyadh promoted the cuts in an effort to […]

The IEA predicted that world oil demand will grow by 1.3 million barrels per day (bpd) in 2024, but down from growth of 2.3 million bpd in 2023

IEA predicts oil supply will turn to deficit in 2024

Global crude markets supplies will shift from surplus into deficit in 2024, the International Energy Agency (IEA) has predicted, implying higher hydrocarbon prices. The Paris-based watchdog raised its forecast for this year’s oil demand on Thursday on an improved outlook for the US economy and increased bunker fuel use, as attacks by the Houthis on […]

A pump jack in Yates Oilfield in Texas. West Texas Intermediate prices rose to more than $78 a barrel

Oil prices edge up following crude outlook reports

Oil prices rose early on Wednesday, supported by Opec’s encouraging outlook for crude demand and a report by the US Energy Information Administration (EIA) forecasting tighter world oil supplies. Brent prices traded up 1 percent, close to $83 per barrel, while West Texas Intermediate was up the same at just over $78 per barrel. Saudi […]

AlUla Old Town. The heritage site is one of Saudi Arabia's flagship tourism projects

Volatility of crude markets masks Saudi non-oil momentum

Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said.  Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […]

Haitham Al Ghais, secretary general of Opec. The organisation has extended its voluntary output cuts, led by Russia and Saudi Arabia

Opec extends voluntary cuts to support oil market stability

Opec+ producers led by Saudi Arabia and Russia have stretched their additional voluntary crude supply cuts for another three months, as the oil bloc strives to support the stability and balance of sluggish markets. Oil prices traded flat Monday morning after a slight spike following the Opec announcement. Brent crude traded around $83.50 per barrel. […]

Baghdad South power plant: Iraq generates 80% of its power using fossil fuels

Iraq plans push on solar and green hydrogen projects

Iraq is planning to build solar plants and its first green hydrogen project as part of a strategy to tackle power shortages and reduce its carbon footprint. The country’s cabinet has approved a proposal to install 12 gigawatts (GW) of solar power by 2030, said a National Investment Commission representative, Rahim Al Jaafari. Projects capable […]