By 2050, global energy demand is expected to rise by 23% due to changing lifestyles and a 20% increase in urbanization rates.
OPEC Feed Atom
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.
According to the latest monthly report from OPEC, Iran’s heavy crude oil prices rose significantly in January, increasing by $6.65, or 9.1%, compared to December, 2024.
The 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Monday, 03 February 2025.
India's oil product demand increased 7.9% in November 2024, driven by increased consumption of diesel, gasoline, and LPG, according to the OPEC monthly oil market report.
Iran remains the third-largest producer in OPEC, with daily oil output reaching 3.314 million barrels in December 2024, according to the first 2025 report.
Iran’s crude oil production increased by 37,000 barrels per day (bpd) in November compared to the previous month, according to the latest report from the Organization of the Petroleum Exporting Countries (OPEC).
Iranian Oil Minister Mohsen Paknejad has been elected as the rotating president of the Organization of the Petroleum Exporting Countries (OPEC) for 2025.
The Declaration of Cooperation between OPEC member countries and non-OPEC oil-producing countries has turned eight on Tuesday, according to a press release by OPEC.