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Discover Latest #OPEC News, Articles and Videos with Contenting
OPEC OPEC (Organization of the Petroleum Exporting Countries) is a group of 13 major oil-exporting nations, including Saudi Arabia, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates, Venezuela and Indonesia. The mission of the organization is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. OPEC works to ensure the stability of global oil prices and promote the development of economic and social projects in member countries. OPEC also works to reduce global dependence on oil and promote the use of alternative energy sources.
Good News from China - Action Forex
A set of Chinese data released earlier today looked better-than-expected; the fixed asset investment unexpectedly accelerated in February, growth in industrial production slowed less than expected – a slowdown due to the Chinese new year break, while growth in retail sales accelerated to 4%, more than expected. The unemployment rate rose, however, and the worries regarding the property crisis and the shrinking population remain on the back of investors’ mind despite the AI-led boost in Chinese equities this year. To address the issues while the momentum is in favour, the Chinese authorities pledged to provide more support to stabilize stock and property markets, support wages and more importantly do something to boost the shrinking birth rates. The Hang Seng is up this morning by around 0.70% at the time of writing, the CSI 300 index shows reluctance to extend Friday’s nearly 2.50% jump before more details are unveiled from the Chinese authorities. Oil gained on Chinese stimulus prospects early Monday, but the gains are fully given back as the worsening trade war, its negative impact on growth global growth prospects, the possibility of a potential end to the Ukrainian war and OPEC+ production restoration plans keep the upside potential limited near the $68pb, with potential of a further fall toward the $65pb.
Baystreet.ca - Goldman Sachs Cuts Oil Price Outlook Amid Oversupply Fears
Goldman Sachs commodity analysts cut the bank’s price outlook for crude oil, basing the revision on expectations of slower U.S. economic growth and additional OPEC+ supply. “While the $10 a barrel selloff since mid-January is larger than the change ...
Baystreet.ca - Why OPEC+ is Supporting a Potentially Disastrous Rise in Oil Production
Oil prices have fallen fast since the 3 March announcement from OPEC+ that it will go ahead with a planned rise in its collective oil production. The prospect of increased supply from the group has added to the bearish tone created by rising supply from ...
Baystreet.ca - Goldman Sachs: Risk in Oil Markets Is Skewed to the Downside
The tariff wars and high spare capacity, mostly from the OPEC+ producers, are skewing the oil price risk to the downside in the medium term, according to Goldman Sachs. “While we reduced our Brent forecast range by $5/bbl to $65-80, we expect oil ...
Oil prices rise for second consecutive week on expected tighter supply
NEW YORK (Reuters) -Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply. Brent crude futures rose 16 cents, or 0.2%, to settle at $72.16 a barrel. On Thursday, the U.S. Treasury announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China.
Oil Futures Little Changed as Tariff Boost Wanes
Crude futures settle mixed as an early push from U.S. tariffs against buyers of Venezuelan oil loses steam. The tariff threat cast "fresh doubt over the reliability of global supply," Rystad Energy's Mukesh Sahdev says in a note. "However, with OPEC+ poised to ease production cuts from April, the p
Oil slips on recession fears but posts 3rd weekly gain
NEW YORK (Reuters) -Oil prices fell on Friday on worries that U.S. tariff wars could spark a global recession, but gained for a third consecutive week after Washington ratcheted up pressure on OPEC members Venezuela and Iran. U.S. President Donald Trump plans to announce reciprocal tariffs targeting a wide range of imports, effective on April 2.
Baystreet.ca - Russia's Central Bank Warns of Prolonged Oil Price Slump
Russia’s central bank issued a warning to the government that oil prices could enter a prolonged slump on the back of higher U.S. and non-OPEC production this year. The warning came earlier this year and was quite likely linked to the multiple forecasts ...