OPEC switches to 'call on OPEC+' in global oil demand outlook, sources say
OPEC will stop publishing a calculation of the world's demand for its own crude in its monthly oil report, two sources close to the matter said, focusing instead on forecasts for demand for oil from the wider OPEC+ group.

OPEC is causing market volatility, says Hardeep Puri

Oil will keep drawing strength from Middle East geopolitics, OPEC+ strategy for now
As tensions between Israel and Iran grow, geopolitics is dominating the market narrative for oil. After the recent drone attacks, a military conflict between Iran and Israel could quickly embroil nearby major oil and gas producers, including Tehran's OPEC counterparts -- Saudi Arabia and the UAE, which have previously found their refineries, pipelines and ports targeted by Iranian-backed Houthi rebels in Yemen.

OPEC+ ministers keep output policy steady as oil rallies

Oil Advances After OPEC Affirms Production Cuts Through June
Oil rose toward a five-month high after OPEC confirmed it would maintain its existing supply cuts through the end of June.

OPEC+ unlikely to recommend oil output policy changes: Report
An OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting on Wednesday, five OPEC+ sources told Reuters, as oil prices hit their highest this year.

Spotlight shifts to oil demand as OPEC+ move clears the air on supplies
The decision by OPEC and its allies to extend production cuts until June as well as the surprise decision by Russia of an extra round of reductions have largely laid out a clear near-term supply roadmap for global oil markets.

OPEC expects share of Indian oil imports to rise again

Crude oil up as OPEC+ members extend voluntary output cuts
 

OPEC+ members extend oil output cuts to second quarter

OPEC+ to support Brent at $80/bbl; ONGC/Oil India placed well on dividend pay, valuations
The Organisation of Petroleum Exporting Countries and its allies (OPEC+) will support Brent crude at $80 per barrel and among Indian oil explorers, state-owned Oil India and Oil and Natural Gas Corporation (ONGC) are the most favorably placed to reap results. 

OPEC sees strong oil demand growth in 2024
The OPEC oil cartel said Tuesday it expects robust economic activity in China and air travel to drive strong global demand growth for oil this year.

OPEC Secy General believes long-term demand outlook is robust
Dubai: Saudi Arabia’s decision to postpone oil capacity expansion plans should not be interpreted as an assessment that demand for crude is falling, OPEC’s Secretary General said on Tuesday. “First of all I want to be clear I cannot comment on a Saudi decision ... but this is in no way to be misconstrued as a view that demand is falling,” Haitham Al Ghais told Reuters in Dubai. The Saudi government on January 30 ordered state oil company Aramco, opens new tab to lower its target for maximum sustained production capacity to 12 million bpd, 1 million bpd below a target announced in 2020 and set to be reached in 2027. Saudi Arabia is the world’s largest oil exporter and de-facto leader of the OPEC. OPEC raised its world oil demand forecasts for the medium and long term in its annual outlook published in October. Its World Oil Outlook said it expects world oil demand to reach 116 million barrels a day (bpd) by 2045, around 6 million bpd higher than the previous year’s report.

OPEC sticks to oil demand view, sees better economic growth

Oil sector needs $14 trillion investments globally by 2045: OPEC
The global oil market will require an investment of $14 trillion by 2045 to meet the rising energy demand of the world, said Haitham al-Ghais, Secretary General of the Organisation of Petroleum Exporting Countries on Tuesday.

OPEC+ sticks with oil production cutbacks for first quarter to prevent surplus amid weak demand
OPEC signaled it will stick with oil production cutbacks this quarter, as the group seeks to avert a surplus. A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Thursday, according to delegates who asked not to be identified. 

OPEC losing crude oil market share as it cuts output to lift prices
The crude oil market share of the Organization of Petroleum Exporting Countries (OPEC) has been declining since the cartel  came out with its Declaration of Cooperation (DoC). The share is under increasing threat from non-OPEC+ countries, analysts say. According to research agency BMI, a unit of Fitch Solutions, propping up Brent through DoC has come at a price. “As of 2024, we estimate that their crude, condensate and NGL output has fallen by 3.32 million barrels a day (mbd) compared with 2016,” it said. 

Rising oil supply could lead to tough time for traders, all eyes on OPEC and allies for support
Supply is back in the driver’s seat for global oil markets.

OPEC+ promises unity as group plans monitoring meeting
OPEC said on Wednesday cooperation and dialogue within the wider OPEC+ producer alliance will continue, after OPEC member Angola last month said it would quit, and that it plans a Feb. 1 meeting to review implementation of its latest oil output cut.

Outlook 2024: Oil to hover between $80-$90/barrel in 2024; OPEC+ to dictate trends, say experts
Crude oil futures lost over 10 per cent in 2023 in a volatile year of trading and reported their biggest annual drop since 2020, marked by geopolitical conflict in the Middle East and concerns about the oil output levels of major producers around the world. Organisation of Petroleum Exporting Countries (OPEC) is currently cutting output by around six million barrels per day, representing about six per cent of global supply.

How OPEC+ saw its hold on global oil markets fray despite extra production cuts
The OPEC+ coalition’s grip on global oil markets is looking less secure by the day.

Deeper OPEC+ output cut could hit fuel retailers, stoke inflation fears
The OPEC+ grouping’s decision on Thursday to cut production further could end up resuming pressure on the profitability of state-run fuel retailers, delay possible cuts in interest rates and test the government’s inflation management in the run-up to the general elections next year.

Oil market shows signs of softening before key OPEC+ meeting
Ahead of the delayed OPEC+ meeting on Thursday, there are indications oil supply is starting to run ahead of demand, highlighting the challenge facing the cartel as it prepares to set output policy for 2024.

Oil prices slump 4% after OPEC+ postpones output policy meeting to November 30; Brent drops to $79/bbl
Oil prices plunged 4 per cent on Wednesday, November 22, after the Organisation of Petroleum Exporting Countries and it allies (OPEC+) unexpectedly delayed the policy meeting on output planned for Sunday, raising questions about the future course of crude production cuts. 

Oil extends gains on expectations of further OPEC+ supply cuts
Oil futures edged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict.

India, OPEC discuss availability, affordability in oil energy markets
 

India calls on OPEC to continue to keep stability in oil market
India called upon the Organization of the Petroleum Exporting Countries to continue maintaining and ensuring stability in the oil market for the benefits of consumers, producers, and the global economy.  

India to account for major share of refinery runs in APAC by 2045: OPEC
New Delhi: India, the world’s fourth largest crude oil refiner, will account for a major portion of the refinery runs in Asia Pacific (APAC), excluding China, in 2045.

Share of gas in India’s energy mix to reach 10.6% by 2045: OPEC
New Delhi: The Organization of the Petroleum Exporting Countries (OPEC) in its latest world oil outlook has projected that the share of natural gas in India’s total energy mix will reach 10.6 per cent by 2045 compared to the government’s target of 15 per cent by 2030.

India’s refined petroleum product exports likely to slip in September on reduced outflows of diesel and petrol: OPEC
New Delhi: India’s exports of refined petroleum products (POL) are expected to decline in September, after rising for two consecutive months, on account of lesser outbound shipments of diesel and petrol.