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.
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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.
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024.
OPEC’s weekly basket price fell by 3.79 dollars during the week ending on June 6.
OPEC Secretariat announced the price of OPEC basket of twelve crudes stood at $87.17 a barrel on 3 June, compared with $81.30 the previous day.
While Nigeria, Africa’s largest oil producer, continues to grapple with production and export challenges, Iran is experiencing a significant rebound in its oil exports.
Iranian Minister of Petroleum, Javad Owji, says OPEC+ has decided to continue its collective oil production cuts up to the end of 2025.
Saudi Arabia has invited OPEC+ oil ministers to Riyadh to hold their June 2 policy meeting to discuss a complex deal that may extend deep oil production cuts into 2025.
U.S. oil drillers are sticking to pledges to temper spending on boosting output, keeping the world's top crude producer on course for slower growth in 2024 in what may ease pressure on OPEC+ to make further supply cuts this weekend.
The 188th Meeting of the OPEC Conference, the 54th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) will convene via videoconference on Sunday, 2 June 2024.
Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), HE Haitham Al Ghais, issued a statement offering his condolences on the demise of the Iranian president, Ayatollah Ibrahim Raisi, who lost his life on Sunday in a chopper crash.
Iran produced 3.212 million barrels per day (bpd) of crude oil in April, registering a 14,000 bpd increase compared to the previous month, according to OPEC’s latest monthly report.
Overtaking Iraq, Iran has become the second producer of liquid fuels in the Organization of Petroleum Exporting Countries (OPEC).
OPEC Secretary General, Haitham Al Ghais, has said that sanctions against Iran distorts the way that oil usually flows.
Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1.