Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories.
OPEC Feed Atom
OPEC+ plans to halt production hikes in early 2026, scaling back market-share ambitions amid looming oversupply risks.
OPEC+ is set to agree on Sunday on another modest increase in oil output targets, three sources familiar with the talks said, as the producers' group moderates plans to regain market share due to rising supply glut fears.
Iraq has increased oil exports following the gradual unwinding of voluntary production cuts under an OPEC+ agreement, the country's state oil marketer SOMO said on Sunday.
Iran’s oil production fell slightly in July as output continued to suffer from the impacts of a war of aggression the country fought with the Israeli regime in June, and despite a general rise in production by members of the Organization of the Petroleum Exporting Countries (OPEC).
The 61st meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) was held via video conference with the oil minister as the 2025 OPEC Conference president in attendance.
In 2024, Iran had the highest oil revenue growth in OPEC at nearly 14%, while overall OPEC oil export earnings fell by 4%, largely due to revenue drops in Saudi Arabia and Kuwait.
By 2050, global energy demand is expected to rise by 23% due to changing lifestyles and a 20% increase in urbanization rates.
With a refining capacity of 2.237 million barrels per day, Iran holds a 16% share of OPEC’s total refining capacity, making it the second-largest refiner among the organization’s member countries. Iran also accounts for 2.1% of global refining capacity.
OPEC+ agreed to increase production by 548,000 barrels per day in August, marking the first meeting since oil prices surged and then retreated following attacks on Iran.
The Organization of the Petroleum Exporting Countries (OPEC) launched the 2025 edition of its Annual Statistical Bulletin (ASB) on Wednesday, July 2 2025, at the OPEC Secretariat in Vienna, Austria.
Members of the Organization of the Petroleum Exporting Countries (OPEC) produced a combined 27.022 million barrels per day (bpd) of oil in May, according to the group’s latest report.
The Organization of the Petroleum Exporting Countries (OPEC) has extends condolences over the recent aggression by the Zionist regime against Iran, a key member of the oil-producing bloc, in a formal letter addressed to Iranian officials.
Saudi Arabia is expected to burn more crude oil for power generation this summer than last as it ramps up output after OPEC+ eases supply controls and as fuel oil has become costly, analysts and trade sources said.
Members of the Organization of the Petroleum Exporting Countries (OPEC) produced a combined 26.71 million barrels per day (bpd) of oil in April, according to the group’s latest report.
OPEC+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day, the group said on Saturday, despite falling prices and expectations of weaker demand.
Goldman Sachs on Friday said it expects OPEC+ to announce a second consecutive increase in supply for June on Saturday, due to modest compliance from Kazakhstan, lower-than-expected OECD inventories, and Saudi Arabia's ability to handle lower oil prices.
The Iranian Oil Minister expressed confidence that the OPEC+ Joint Ministerial Monitoring Committee (JMMC), using its experience in accurately assessing market developments, will help member countries play an active, accurate, and prudent role in the oil market.
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on April 3, 2025, to review global market conditions and outlook.
Iran’s minister of economy announced negotiations with the head of the OPEC Fund, along with an agreement to secure financing for Iranian contractors in international projects through the fund.