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Oil market update ShareCafe19:15 14-Jul-24
In the last 7 days
Nigeria Boosts Oil Output to Lead Africa The Rio Times02:25 12-Jul-24
ING Sees $88 Brent In Q3 2024 OilPrice.com12:06 11-Jul-24
Iran’s crude oil price rises in H1 2024: OPEC Mehr News Agency08:50 11-Jul-24
Oil Market Report - July 2024 International Energy Agency04:04 11-Jul-24
OPEC sees world oil demand rising by 2.25m bpd in 2024 Business Recorder, Pakistan22:39 10-Jul-24
Global oil market will be in supply deficit next year: EIA The Daily Star, Bangladesh15:52 10-Jul-24
OPEC daily crude output falls by 0.3% in June Anadolu Agency10:55 10-Jul-24
Russia overshot OPEC+ target by 560,000 bpd in April-June Interfax International09:13 10-Jul-24
OPEC cuts calls on OPEC+ crude for 2024, 2025 S&P Global Platts09:06 10-Jul-24
Rystad Energy: oil update 9 July 2024 World Pipelines04:00 9-Jul-24
Oil: Has Senegal really joined OPEC? The Africa Report10:00 8-Jul-24
In the last month
Hydrocarbons' demand to hit peak in 2030 - OPEC The Nation, Nigeria09:52 2-Jul-24
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15 Jul 15:31

About our OPEC news

Latest news on OPEC, the Organisation of the Petroleum Exporting Countries, which is an organisation enabling the co-operation of leading oil-producing countries to collectively influence the global market and maximise profit. OPEC+ is a larger group that includes OPEC and 10 other major oil-producing countries, such as Russia, that have aligned with OPEC to form an alliance to have more control over the global crude oil market. OPEC and OPEC+ influence oil prices by setting production targets for their member nations, affecting the global supply and demand of oil.

As of June 2024, several OPEC+ countries have announced the extension of additional voluntary cuts of 2.2 million barrels per day for the second quarter of 2024. Saudi Arabia, the de facto leader of OPEC, has extended its voluntary cut of 1 million barrels per day through the end of June, maintaining its production at around 9 million barrels per day. Russia has also committed to an additional cut of 471,000 barrels per day. These measures are aimed at supporting market stability amid economic uncertainty and fluctuating demand.


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