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The Organisation of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), both closely monitoring global oil demand trends, are more divided on the fuel market than they have been in at least 16 years. Reuters reported this calculation.
OPEC predicts that oil consumption w...

By Rhod Mackenzie

Cooperation with OPEC+ will help secure revenues for the Russian budget and maintain oil prices. This was announced by Russian President Vladimir Putin on 12 March at a meeting with the winners of the "Leaders of Russia" management competition.
"OPEC+ is really helping us to mai...

By Rhod Mackenzie

Reuters reports that the OPEC group and the International Energy Agency (IEA) have different forecasts for global oil demand in the next 16 years.
The IEA predicts a record level of oil demand in 2024, with an increase of 1.22 million barrels per day. On the other hand, OPEC pre...

By Rhod Mackenzie

OPEC+ members, led by Saudi Arabia and Russia, have agreed to extend voluntary oil production cuts until the second quarter of 2024. This decision is a three-month extension of the cartel's previous decision made on November 30th of last year.

Saudi Arabia, the leader of OPEC,...

By Rhod Mackenzie

The oil market is currently anticipating a ceasefire in the Gaza Strip and a potential significant decline in production statistics in the United States. Any future developments will depend on the accuracy of the American Energy Information Administration's forecast.

On the mor...

By Rhod Mackenzie

The largest oil company on the planet seems to have revised its oil demand forecast. Based on this sudden 180-degree turn, there have been significant changes in Saudi Aramco's long-term policy. The company, to everyone's surprise, including those in Saudi Arabia, has abandoned p...