Opec news on crude oil

Here are some recent news updates on crude oil from OPEC (Organization of the Petroleum Exporting Countries):

Latest News:

  1. OPEC+ agrees to increase oil production: On July 18, 2022, OPEC+ (OPEC and non-OPEC oil-producing countries) agreed to increase oil production by 648,000 barrels per day (b/d) in August and September, in an effort to ease global oil supply concerns and stabilize prices. (Source: Reuters)
  2. OPEC crude oil production rises in June: According to OPEC's Monthly Oil Market Report (MOMR) for July 2022, OPEC's crude oil production rose by 130,000 b/d in June to 28.44 million b/d, driven by increases from Saudi Arabia, Iraq, and the United Arab Emirates. (Source: OPEC)
  3. OPEC sees oil demand growth slowing: In its MOMR for July 2022, OPEC revised down its forecast for global oil demand growth in 2022, citing concerns over the impact of high inflation, interest rates, and the ongoing COVID-19 pandemic. (Source: OPEC)

Recent Developments:

  1. OPEC+ production cuts: In April 2020, OPEC+ agreed to cut oil production by 9.7 million b/d, or about 10% of global output, in response to the COVID-19 pandemic and plummeting oil demand. The cuts were implemented in May 2020 and were initially set to last for six months.
  2. OPEC's oil production share: OPEC's share of global oil production has been declining in recent years, from around 40% in the early 2000s to around 30% in 2020. This is due to the growth of non-OPEC oil producers, particularly the United States.
  3. OPEC's oil reserves: OPEC has significant oil reserves, with an estimated 1.4 trillion barrels of oil in place, according to the U.S. Energy Information Administration (EIA). This is equivalent to around 80 years of current global oil consumption at 2020 levels.

Upcoming Events:

  1. OPEC's next meeting: OPEC's next meeting is scheduled for September 2022, where the organization is expected to discuss oil production levels and market conditions.
  2. OPEC's oil market report: OPEC publishes its Monthly Oil Market Report (MOMR) on the 12th of each month, which provides an overview of the global oil market, including oil demand, supply, and prices.

Please note that the information provided is subject to change and may not reflect the current market situation. It's always a good idea to check with reliable sources for the latest news and updates on crude oil and OPEC.