OPEC+ adds barrels as Hormuz shipping impasse jolts oil markets
Sopuruchi Onwuka, with agency reports In response to the escalating shipping crisis at the Strait of Hormuz triggered by recent strikes on Iran, key members of the OPEC+ oil cartel have agreed to a modest increase in oil production, seeking…
OPEC+ producers to keep output steady in March
Sopuruchi Onwuka, with agency reports The Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will keep crude oil production unchanged in March. The decision was reached on Sunday at a meeting of key OPEC+ members,…
OPEC+ to maintain current oil supply volumes into Q1, 2026
OPEC and its non-member partners agreed over the weekend to maintain current oil supply volumes through the first quarter of 2026, confirming a pause on production hikes as the global market moves toward a major surplus. The group signaled that…
OPEC+ stokes oversupply fears with 137,000 new barrels
Sopuruchi Onwuka Members of the Organization of Petroleum Exporting Countries and nonmember allies (OPEC+)are billed to pump in significant 137,000 barrels per day of new supply into the increasingly bearish oil market, heightening concerns that possible supply surge would dilute…
Trump’s Middle East tour weighs on oil market fundamentals
Sopuruchi Onwuka Progress made on US-China trade negotiations and the improvement in the US-Iran nuclear negotiations have joined to erode pessimism on oil demand at a time the OPEC+ supply bloc has indicated nearly half a million barrels of incremental…
Bearish sentiments rule oil market as OPEC+ agree to boost oil production
Sopuruchi Onwuka World’s biggest petroleum supply bloc, OPEC+, has announced decision to increase petroleum liquids output, a move that analysts fear would now mount downward pressure on the value of the commodity in the global market. The decision is expected…
Trump becomes new oil price factor
Sopuruchi Onwuka The new economic and trade policies of President Donald Trump of the United States appear to establish as a third major factor in the global oil price dashboards as threats of crippling sanctions on Russian, Venezuelan and Iranian…
Nigeria records 39kbd rise as OPEC+ overpumps by 53 kbd in June
Sopuruchi Onwuka Nigeria’s total crude oil output in the month of June increased by 39,000 barrels per day, according to estimates by Rystad Energy which tracks crude oil trade among producers, traders and refineries across the world. The increase in…
OPEC+ countries extend 2.2 mbd voluntary cuts for Q2
Sopuruchi Onwuka The OPEC Secretariat has declared the announcements of several OPEC+ countries extending additional voluntary cuts of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets. These voluntary cuts are calculated from the…
Capacity crunch: OPEC+ squeezes additional 100 kbd output
The world’s major oil producers hosted in the Organization of Petroleum Countries (OPEC) and its nonmember coalition countries will increase their controlled oil output by only 100,000 barrels per day under the its scheduled supply restoration. OPEC and its allies,…
