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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.
November WTI crude oil (CLX25 ) on Tuesday closed up +0.04 (+0.06%), and November RBOB gasoline (RBX25 ) closed down -0.0077 (-0.40%). Crude oil and gasoline prices on Tuesday settled mixed. Crude prices rose on carryover support from Sunday when OPEC+ agreed to a smaller-than-expected increase in its crude production...
Oil prices are trading almost flat this morning, with the market focused on Friday’s Trump-Putin meeting. OPEC's expectations of increasing output to ease a supply shortfall next year further weighed on prices, ING's commodity experts Ewa Manthey and Warren Patterson note.
Oil prices dipped Friday amid doubts about US sanctions on Russia's top oil firms. Brent and US crude futures saw declines after initial gains. These sanctions aim to pressure Russia over the Ukraine war. Chinese and Indian refiners are expected to reduce Russian oil purchases. OPEC stated readiness to cover any market shortages.
The U.S. expanded sanctions on Russian oil firms this week, while maintaining hiked tariffs on Indian goods in an effort to pressure Moscow’s key export partner. Despite the spike in oil prices, elevated OPEC production and softer global demand point to continued easing in energy inflation into year-end.