OPEC

The Organisation of Petroleum Exporting Countries (OPEC) on Wednesday mourned the demise of its outgoing secretary-general, Mohammad Barkindo. 63-year-old Mr Barkindo died at about 11p.m on Tuesday. His demise was announced by Mele Kyari, the Group Managing Director of the NNPC Limited in the early hours of Wednesday. Mr Kyari confirmed that Mr Barkindo will be buried in his home town in Yola, Adamawa State, on Wednesday. The circumstances surrounding Mr Barkindo’s death remained unclear…

By CATHY BUSSEWITZ NEW YORK (AP) — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. The increase of 648,000 barrels per day in August leaves the world thirsty for oil as it rebounds from the COVID-19 pandemic and runs up against the inability of the 23-member OPEC+ alliance to meet its production quotas. OPEC+, which includes Russia,…

NEW YORK — Oil prices are high, and drivers are paying more at the pump. But the OPEC oil cartel and allied producing nations may not be much help as they decide Thursday how much more crude to send to world markets. That’s because the 23-member OPEC+ alliance, which includes Russia, is struggling to produce enough oil to keep up with the rebounding demand for fuel since the COVID-19 pandemic. Plus, Western buyers are shunning barrels from Russia over its war in Ukraine, meaning there’s less oil on the market to go…

The move offers modest relief for a global economy suffering from soaring energy prices and the resulting inflation. The move to increase production faster than planned comes as rising crude prices have pushed gasoline to a record high in the US. (AP…

The Organisation of Petroleum Exporting Countries (OPEC) on Thursday agreed to increase its planned monthly oil output, as the European Union agreed in principle to cut 90 per cent of oil imports from Russia by the end of the year. OPEC disclosed this at its 29th OPEC and non-OPEC ministerial meeting, according to a statement released by the organisation on Thursday. It noted that global refinery intake is expected to increase after seasonal maintenance. The meeting highlighted the…

Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more, OPEC delegates said. Exempting Russia from its oil-production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates and other producers in the Organization of the Petroleum Exporting Countries to pump significantly more crude, something that the U.S. and European…

The Organisation of Petroleum Exporting Countries (OPEC) on Thursday agreed to maintain its planned monthly oil output, as the European Union proposes a ban on Russian oil. OPEC disclosed this at its 28th OPEC and non-OPEC ministerial meeting, according to a statement released by the organisation on Thursday. It noted geopolitical factors and issues related to the ongoing pandemic as reasons for its decision. The development came a day after the European Union announced it is proposing to…