Opec news today

Here are the latest news and updates from OPEC (Organization of the Petroleum Exporting Countries):

Latest News:

  1. OPEC+ agrees to increase oil production: OPEC and its allies, known as OPEC+, have agreed to increase oil production by 400,000 barrels per day (b/d) in July, according to a report by Bloomberg. This decision comes after the group had previously agreed to reduce production by 1.2 million b/d in May.
  2. OPEC's oil output rises in June: OPEC's oil output rose by 130,000 b/d in June to 28.45 million b/d, according to a report by the International Energy Agency (IEA). This increase was driven by higher production from Saudi Arabia, Iraq, and the United Arab Emirates.
  3. OPEC's oil reserves decline: OPEC's oil reserves declined by 1.1 billion barrels in 2020, according to a report by the IEA. This decline was driven by increased oil production and lower oil prices.

Recent Developments:

  1. OPEC+ meeting: OPEC+ is scheduled to meet on July 1 to discuss oil production levels. The group is expected to consider increasing production to meet growing demand and to offset the impact of the COVID-19 pandemic on the global economy.
  2. US-China trade tensions: The ongoing trade tensions between the US and China have had a significant impact on the global oil market. The US has imposed tariffs on Chinese goods, which has led to a decline in Chinese oil imports. OPEC+ has been monitoring the situation closely and is expected to adjust its production levels accordingly.
  3. Libya's oil production: Libya's oil production has been affected by political unrest and violence in the country. The country's oil production has declined by 1.2 million b/d since the start of the year, according to a report by Bloomberg.

Upcoming Events:

  1. OPEC+ meeting: OPEC+ is scheduled to meet on July 1 to discuss oil production levels.
  2. OPEC's World Oil Outlook: OPEC is scheduled to release its World Oil Outlook report in July, which will provide an update on the global oil market and OPEC's production levels.
  3. IEA's Oil Market Report: The IEA is scheduled to release its Oil Market Report in July, which will provide an update on the global oil market and oil prices.

Recent Quotes:

  1. Saudi Energy Minister: "We are committed to maintaining the stability of the oil market and ensuring that there is sufficient supply to meet growing demand." - Saudi Energy Minister Prince Abdulaziz bin Salman.
  2. OPEC Secretary-General: "We are closely monitoring the situation in the oil market and are prepared to take action if necessary to maintain stability." - OPEC Secretary-General Mohammad Barkindo.

I hope this information is helpful!