The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ held a meeting on 2 October and reviewed the current market situation.
OPEC Feed Atom
64 years ago, in this day the representatives of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela came together in Baghdad to found an organization to defend their rights on making just revenue from oil exports and creating stability in the oil market. OPEC has issued a statement on the occasion, having honored 64 years of its achievements to this end which follows below:
The Organization of Petroleum Exporting Countries (OPEC) in its latest report has said Iran produced 3.277 million barrels per day (bpd) of crude oil in August, registering a 4,000-bpd increase compared to the previous month.
India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation's oil secretary Pankaj Jain said on Thursday.
In a letter, the Secretary General of OPEC congratulated Mohsen Paknejad for his appointment as the Minister of Petroleum of the Islamic Republic of Iran, wishing his rich experience to enrich OPEC's discussions in its efforts to sustain stability in the oil markets.
OPEC Plus alliance members extend voluntary supply reduction of 2,200,000 barrels per day until November 2024, starting gradual supply increase plan from December 1st.
OPEC Secretary General Haitham Al Ghais has acknowledged that Iran made significant progress in its oil industry in recent years despite crippling sanctions imposed on the country by the United States.
On the eve of the 64th anniversary of the founding of OPEC, the Secretary General of OPEC Haitham al-Ghais announced that the organization “has an instrumental role to play for decades to come on the path towards an inclusive energy transition for our global energy future.”
OPEC+ could extend the group's current oil production cuts into 2021 or deepen them further if market conditions require, Algeria's energy minister told an industry event on Wednesday.
The weekly price of the OPEC basket of twelve crudes fell by 1.47 dollars during the week ending on August 1.
The weekly price of the OPEC basket of twelve crudes fell by 2.77 dollars during the week ending on July 25.
The latest issue of the OPEC Bulletin concerns the importance of the oil industry heritage and the necessity of contribution to its preservation.
The weekly price of the OPEC basket of twelve crudes fell by 1.24 dollars during the week ending on July 11.
The price of the OPEC basket of twelve crudes rose by 3.91 dollars month-on-month from 83.22 dollars on May 31 to 87.13 on June 30.
Iran has risen to become the fourth largest oil exporter within the Organization of the Petroleum Exporting Countries (OPEC) due to a surge in oil production and sales.
Iran has overtaken Kuwait and Nigeria to be the fourth largest crude/condensate exporter of OPEC.
The weekly price of the OPEC basket of twelve crudes rose by 13 cents during the week ending on June 27.
The weekly price of OPEC basket of twelve crudes rose by 2.04 dollars during the week ending on June 20.
OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday.
OPEC’S daily oil price has risen consistently since 3rd June, a day after it fell considerably after holding 188th OPEC and 37th OPEC+ Ministerial Meetings on June 2.