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              Opec

              Latest news from the body based in Vienna, regulating global oil production and pricing

              Brent has dropped about 15 per cent since reaching $91 a barrel in April, due to concerns over weakening demand, particularly in China. Getty

              Oil's geopolitical risk premium fades as Israel-Gaza ceasefire talks progress

              EnergyAugust 21, 2024
              A crude oil pump in Walsheim near Landau, Germany. The IEA now expects global oil consumption to grow by 950,000 barrels per day next year. EPA

              China's slump pulls down global oil demand outlook

              EnergyAugust 13, 2024
              North Oil Company installations in the province of Kirkuk, north of Baghdad. AFP

              Iraq joins forces with BP to develop Kirkuk oil and gas fields

              EnergyAugust 01, 2024
              In June, the producer alliance agreed to extend output cuts of 3.66 million barrels per day. Reuters

              Opec+ sticks to output policy amid continued volatility

              EnergyAugust 01, 2024
              Storage tanks at a refinery in Los Angeles, US. Crude production worldwide is projected to reach 104.6 million bpd, according to the EIA. Reuters

              Oil market to be in supply deficit amid Opec+ production cuts

              EnergyJuly 10, 2024
              An oilfield in Midland, Texas. Global oil demand is expected to hit 104.5 million barrels a day this year. Reuters

              Oil makes weekly gain on strong demand outlook

              EnergyJune 14, 2024
              An oil platform in the North Sea. Global oil demand is projected to be 3.2 million bpd higher in 2030 compared to last year, according to the IEA. Reuters

              IEA: Global oil glut looms by decade's end as non-Opec+ supply grows

              EnergyJune 12, 2024
              The Opec+ decision means mildly lower prices for now, but likely higher prices over the longer term as the group regains some market share. Reuters

              Is latest Opec+ decision good or bad for oil prices?

              EnergyJune 10, 2024
              Russia's Deputy Prime Minister Alexander Novak, right, and Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, at the St Petersburg International Economic Forum. Reuters

              Saudi minister blames media and analysts for 'fiddling' with oil market

              EnergyJune 06, 2024
              The Opec logo outside its headquarters in Vienna, Austria. Opec expects strong economic growth from emerging economies. Reuters

              Oil prices dip despite Opec+ extending production cuts

              EnergyJune 03, 2024
              Opec+ member countries have been co-ordinating output cuts to stabilise oil markets. Reuters

              Opec+ extends output curbs until end of 2025

              EnergyJune 02, 2024
              Crude oil storage tanks at the Cushing oil hub in Oklahoma. US crude stocks decreased by 4.2 million barrels in the week that ended on May 24. Reuters

              Oil set to record monthly loss on growing supply glut concerns

              EnergyMay 31, 2024
              Saudi Aramco shares closed at 29.1 riyals on Thursday. Reuters

              Saudi Arabia aims to raise up to $12bn from sale of Aramco stake

              EnergyMay 31, 2024
              Exxon is set to acquire Pioneer Natural Resources in a $60 billion deal. Reuters

              Former US oil executive accused of trying to collude with Opec

              EnergyMay 02, 2024
              Brent prices finally jumped above $90 per barrel last week for the first time since October. Reuters

              Why the road ahead for Opec+ matters for oil prices

              EnergyApril 08, 2024
              Oil prices have gained more than 16 per cent since the beginning of the year. Reuters

              Oil closes in on $90 after Opec+ sticks to supply cuts until June

              EnergyApril 03, 2024
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