Opec news today
Here are the latest news and updates from OPEC (Organization of the Petroleum Exporting Countries):
Latest News:
- 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.
- 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.
- 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:
- 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.
- 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.
- 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:
- OPEC+ meeting: OPEC+ is scheduled to meet on July 1 to discuss oil production levels.
- 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.
- 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:
- 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.
- 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!