Latest news with #OPECPlus
Argaam
9 hours ago
- Business
- Argaam
Saudi energy minister says OPEC+ become major oil price guarantor
Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ has become a key guarantor of oil prices and the sector as a whole. In his speech at the St. Petersburg Economic Forum, he also mentioned that OPEC+ is a trustworthy and successful alliance that adapts to changing conditions and has had great success maintaining oil market stability. In response to a question on whether the Kingdom and Russia would step in to replace any potential loss of Iranian oil, he said, 'We only react to realities," Reuters stated. He stated that Saudi Arabia and Russia are working together to create a climate for those wishing to invest in both countries in various ways, including through joint ventures (JVs), emphasizing the need to create a suitable investment climate despite the current circumstances.
Zawya
3 days ago
- Business
- Zawya
OPEC sees solid second-half of 2025 for world economy, trims 2026 supply
OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026. In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April, saying the economic outlook was robust despite trade concerns. "The global economy has outperformed expectations so far in the first half of 2025," OPEC said in the report. "This strong base from the first half of 2025 is anticipated to provide support and sufficient momentum into a sound second half of 2025. However, the growth trend is expected to moderate slightly on a quarterly basis." OPEC also said supply from countries outside the Declaration of Cooperation - the formal name for OPEC+ - will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month's forecast. Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for the wider group to balance the market. Rapid growth from U.S. shale and from other countries has weighed on prices in recent years. (Reporting by Alex Lawler, editing by Emelia Sithole-Matarise)
Arab News
3 days ago
- Business
- Arab News
OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply
LONDON/MOSCOW: OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026. In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April, saying the economic outlook was robust despite trade concerns. 'The global economy has outperformed expectations so far in the first half of 2025,' OPEC said in the report. 'This strong base from the first half of 2025 is anticipated to provide support and sufficient momentum into a sound second half of 2025. However, the growth trend is expected to moderate slightly on a quarterly basis.' OPEC also said supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month's forecast. Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for the wider group to balance the market. Rapid growth from US shale and from other countries has weighed on prices in recent years. (
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
OPEC Sees Lower Supply Growth From Rivals, Keeps Demand Outlook Steady
The Organization of the Petroleum Exporting Countries trimmed next year's forecast for supply growth from the U.S. and other rivals while keeping its oil demand expectations unchanged as it continues to ramp up production. The Vienna-based cartel expects supply from producers outside of the wider OPEC+ alliance to rise by 730,000 barrels a day in 2026, down from 800,000 barrels a day previously. U.S. oil output is projected to grow by 210,000 barrels a day, compared with previous expectations of a 280,000 barrels-a-day increase, reflecting lower capital spending and a slowdown in drilling activity.
Bloomberg
3 days ago
- Business
- Bloomberg
OPEC Says Output Hike Tempered by Compensation From Quota Cheats
Key OPEC+ nations added less oil to the market last month than the headline figure of its output plan, as the cartel's leadership pushed members to atone for earlier over-production. The eight members involved in the group's current accord raised production by 154,000 barrels a day, compared with a headline increase of 411,000 barrels a day, according to a monthly report from OPEC's secretariat. Iraq, the United Arab Emirates and Russia were among those compensating for past excess output.
