News
Entertainment
Science & Technology
Life
Culture & Art
Hobbies
News
Entertainment
Science & Technology
Culture & Art
Hobbies
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.
Oil Steadies as OPEC+ Signals Caution With Modest Output Hike
West Texas Intermediate crude edged up 0.6% to settle above $62 a barrel after losing more than 3% last week, when it became apparent that an output hike was on the way. The Organization of the Petroleum Exporting Countries and its partners decided to add 137,000 barrels a day in October, a smaller increment than they’d scheduled for the previous two months, leading investors to roll back bearish positioning. “The market priced in the hike last week and is now focused on whether we start to see inventory builds and what reduced spare capacity could mean going forward,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.
Crude Oil Settles Higher as OPEC+ Boosts Crude Production Below Expectations
October WTI crude oil (CLV25 ) on Monday closed up +0.39 (+0.63%), and October RBOB gasoline (RBV25 ) closed down -0.0056 (-0.29%). Crude oil and gasoline prices on Monday settled mixed. Crude found support Monday from a weaker dollar and after OPEC+ raised its production at a lower rate than...
Analysis-ConocoPhillips' deep layoffs highlight need for capital discipline, analysts say
HOUSTON (Reuters) -ConocoPhillips must sharpen its focus on capital discipline and investment priorities in order to regain its competitiveness against peers as oil prices and revenues fall, investors and analysts said, after the company announced last week it would lay off up to 25% of staff to cut costs. The third-largest U.S. oil producer joins majors Chevron and BP, and the world's largest oil service providers SLB and Halliburton, in cutting staff as increased output from OPEC+ and economic uncertainty due to unpredictable U.S. trade policy have contributed to a slump in crude prices, pushing down oil company earnings to their lowest since the COVID-19 pandemic. Crude prices, which have fallen around 12% this year, are expected to decline again in 2026 as supply outpaces demand, according to the U.S. Energy Information Administration.