OPEC – NATURALDEPOSIT

OPEC Oil Production Declines in March; Iraq and Nigeria Lead Reduction Efforts

The latest data from the Organization of Petroleum Exporting Countries (OPEC) reveals a decrease in oil production for the month of March, driven primarily by reductions in output from Iraq and Nigeria. This drop follows concerted efforts by OPEC and its allies, known collectively as OPEC Plus, to curtail oil supply in line with existing […]

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OPEC Stresses Strong Energy Partnership with China, Offers Affordable Energy Allocation

News

During the 7th OPEC-China Energy Dialogue in Vienna on Tuesday (March 19), Haitham al-Qais, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), underscored the crucial relationship between OPEC and China in the energy sector, advocating for enhanced cooperation. Mr. Al-Qais affirmed OPEC’s commitment to supplying affordable energy to China to meet the

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IEA Boosts 2024 Global Oil Demand Forecast for Fourth Time Amidst Geopolitical Tensions

News

The International Energy Agency (IEA) has once again revised upwards its projection for global oil demand growth in 2024, marking the fourth adjustment since November 2023. The agency attributes this latest revision to ongoing disruptions caused by Houthi rebel attacks on cargo ships in the Red Sea, significantly impacting shipping activities in the region. Despite

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brown and white factory building during night time

OPEC Forecasts Global Oil Demand Growth of 2.25 Million Barrels/Day in 2024

News

In its latest report, the Organization of the Petroleum Exporting Countries (OPEC) has projected a significant expansion in global oil demand for the year 2024. According to the February oil market report released by OPEC, the world oil demand is expected to increase by 2.25 million barrels per day (bpd) this year, with a further

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India’s Oil Imports from Russia Surge to New Heights, While OPEC Shipments Hit Record Lows

News

Recent data analysis reveals a significant shift in India’s oil import dynamics, with the nation registering a notable spike in crude oil imports from Russia, reaching unprecedented levels. Concurrently, imports from OPEC nations have dwindled to record lows, marking a pivotal transformation in India’s energy sourcing strategy. In 2023, India, ranking as the world’s third-largest

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Oil Prices Plummet as Saudi Arabia Slashes Rates and OPEC Boosts Production

Markets

Crude oil contracts experienced a significant drop of over 4% on Monday (Jan. 8) following Saudi Arabia’s announcement of a substantial oil price cut and the concurrent increase in production by the Organization of the Petroleum Exporting Countries (OPEC). These developments have sparked concerns among investors about weakened demand and an impending oversupply of oil

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Angola’s Reported OPEC Withdrawal Sends Oil Prices Tumbling

Markets

Oil markets closed on a downward trend Thursday (Dec. 21) following reports hinting at Angola’s potential exit from the Organization of the Petroleum Exporting Countries (OPEC). The news cast uncertainty over OPEC’s endeavors to stabilize oil prices through output reductions. WTI crude futures experienced a dip of 33 cents, marking a 0.44% decrease to close

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Oil Prices Surge to $76.41 as OPEC+ Prepares for Production Cuts

Markets

Crude oil contracts rallied more than 2% on Tuesday (Nov. 28) in response to mounting expectations that the Organization of the Petroleum Exporting Countries (OPEC) and allied nations, collectively known as OPEC+, will implement further oil production cuts at their impending meeting. Alongside this sentiment, the market drew strength from the dollar’s decline and reports

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OPEC+ Shifts Nov. 30 Meeting Format to Online Amidst Disputes Over Oil Production Policies

News

The Organization of Petroleum Exporting Countries (OPEC) and its allied nations, OPEC+, have announced a pivotal change in plans for their oil production policy meeting initially rescheduled for November 30. The meeting, previously set for November 25-26 and postponed, will now transition to an online format. The decision to move the meeting online comes as

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India’s Russian Oil Imports Surge to 40%, Shifting the Dynamics of OPEC Share

News

In a significant development in the global oil market, India’s reliance on Russian crude oil has surged to approximately 40% of its total oil imports in the first half of the fiscal year 2023/24, underscoring Russia’s increasing prominence as a critical supplier. This shift in India’s import patterns has been accompanied by a notable reduction

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