Sunday, 19 January 2025

Focus on OPEC+

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/File Photo
AnalysisEconomyIn-DepthOilPoliticsTrade

What is OPEC+ and how does it affect oil prices?

There have been some challenges to OPEC's influence over the years, often resulting in internal divisions. More recently, the global push towards cleaner...

FILE PHOTO: A tug boat pushes an oil barge through New York Harbor in New York City, U.S., May 24, 2022.  REUTERS/Brendan McDermid/File Photo
BusinessFuelNewsOil

Oil flat as firming US gasoline demand offsets rate jitters

Oil prices rose about 1%, but fell for the week on worries that strong U.S. economic data would keep interest rates elevated for...

Miniatures of oil barrels and a rising stock graph are seen in this illustration taken January 15, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FuelNewsOilPoliticsTrade

Global oil markets weaken as sluggish demand leaves overhang

Global crude oil markets are weakening because of soft refinery demand and ample supply, could spell further weakness for crude futures

FILE PHOTO: A Marathon Oil well site is seen, as oil and gas activity dips in the Eagle Ford Shale oil field due to the coronavirus disease (COVID-19) pandemic and the drop in demand for oil globally, in Texas, U.S., May 18, 2020. REUTERS/Jennifer Hiller//File Photo
NewsOil

Oil set for weekly gain on signs of improving demand

Oil prices are edging higher, with global benchmark Brent heading for its first weekly gain in three weeks

FILE PHOTO: An oil tanker sails on Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. REUTERS/Issac Urrutia/File Photo
BusinessNewsOilPoliticsTrade

US to favor existing investors for Venezuela oil licenses: sources

The move appears designed to encourage companies that have projects frozen because of U.S. sanctions, such as Italy's Eni and Spain's Repsol, to...

FILE PHOTO: The International Energy Agency chief Fatih Birol poses during an interview with Reuters in Paris, France, December 15, 2023. REUTERS/Sarah Meyssonnier/File Photo
ClimateNewsPolitics

A second Trump term would target IEA’s green focus, advisers say

Donald Trump would likely push to replace the head of the International Energy Agency if he wins the U.S. presidential election

FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020.  REUTERS/Leonhard Foeger/File Photo
BusinessNewsOil

OPEC sticks to oil demand view, sees potential economic upside

Monthly report announces that world oil demand will rise by 2.25 million barrels per day in 2024, figures unchanged from last month.

Oil company representatives attend the launch of licensing rounds for 29 oil and gas fields in Iraq (AFP)
FuelNewsOil

Iraq hopes oil reserves will exceed 160bn barrels: minister

Iraq, one of the world's biggest oil producers, aims to boost its crude reserves to more than 160 billion barrels, Oil Minister Hayan...

U.S. Secretary of Energy Jennifer Granholm listens to questions from the audience during the PR100 event in Orocovis, Puerto Rico, March 28, 2023.  REUTERS/Gabriella N. Baez/File Photo
ClimateNewsPoliticsTrade

US energy secretary to visit Saudi Arabia, UAE next week, officials say

U.S. Energy Secretary Jennifer Granholm will visit Saudi Arabia and the United Arab Emirates next week to work on "climate co-operation" and other...

FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020.  REUTERS/Leonhard Foeger/File Photo
BusinessNewsOilTrade

OPEC switches to ‘call on OPEC+’ in global oil demand outlook, sources say

From this month, OPEC will reportedly only give estimate of demand for crude from the wider OPEC+ group as it is 'more relevant'.

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