The global oil market could face a crippling shortfall of 23 million barrels per day by 2030 if immediate and sustained investments in the upstream sector are not made, the Secretary General of the ...

The OPEC Fund for International Development (OPEC Fund) has approved over US$720 million in new development financing to ...

Building on the momentum from May, Nigeria outpaced Libya, which produced 1.36 million bpd, Algeria (920,000 bpd), and Congo (268,000 bpd). OPEC said data obtained from secondary sources indicated ...

OPEC's cautious supply return strategy is being seen by many as a price war, but it aims more to balance long-term market share and avoid severe budget impacts than to sharply undercut prices.

For the second time this week, crude traders shifting from worrying about global oversupply to supply tightness and then, on Friday, back again as expectations were high for the Organization of the ...

Earlier this year, OPEC began reversing the deep oil production cuts it had maintained since late 2022. This group is led by eight core members-Saudi Arabia, Russia, Iraq, United Arab Emirates ...

OPEC got tired of losing market share and let prices fall from $115 in mid-2014 to under $30 by early 2016. Oil was in freefall for almost two years. That stretched the pain out.

Meanwhile, a Bloomberg survey released Thursday showed that OPEC’s actual output fell by 200,000 bpd in April, down to 27.24 million—contradicting the group’s planned increase.

On the supply side, the bank sees a market oversupply building to 900,000 bpd for 2025 as a whole, and 1.1 million bpd for the remaining three quarters of the year. This estimate is higher than ...

Crude oil has had a rough start to 2025, with a nearly 15% decline year to date. Prices dropped to $61.99 per barrel on Friday — the lowest level since 2021 — pressured by mounting recession ...

VIENNA, 6th April, 2025 (WAM) – The OPEC Fund for International Development (OPEC Fund) has approved over US$600 million in new development financing to support sustainable infrastructure ...

With a focus on building long-term resilience, the OPEC Fund remains committed to driving economic progress and social well-being in the regions it serves. As these projects move forward, they are ...