Latest news with #DeclarationofCooperation
Observer
5 days ago
- Business
- Observer
Oil prices rise, global economy stabilises in June
VIENNA: The Organization of the Petroleum Exporting Countries (Opec) announced on Wednesday a significant increase in oil prices in June, with the average Opec basket rising by $6.11 to $69.73 a barrel, in addition to the stability of the global economy in the same month. Opec reported in its monthly report that Brent crude rose by $5.79 to $69.80 and West Texas Intermediate crude rose by $6.39 to $67.33. On the economic front, the report indicated that the global economy continued its stable growth, supported by strong performance in the first half of this year, with growth forecasts remaining stable at 2.9 per cent for 2025 and 3.1 per cent for 2026. The report indicated that forecasts for the world's largest economies remained stable during 2025 and 2026, led by the United States at 1.7 per cent and 2.1 per cent, China at 4.6 per cent and 4.5 per cent, and India at 6.5 per cent. In addition, forecasts for Japan, the Euro zone, Brazil and Russia remained stable. Global oil demand remained unchanged, with an expected growth of 1.3 million barrels per day for 2025 and 2026, an increase of 100,000 barrels per day from OECD countries and 1.2 million barrels per day from non-OECD countries. Regarding supplies, Opec expects oil production from countries not participating in the Declaration of Cooperation to grow by 800,000 barrels per day in 2025 and 700,000 barrels per day in 2026, led by the United States, Brazil, Canada and Argentina. The report indicated that crude oil production from Opec countries participating in the agreement recorded a monthly increase of 349,000 barrels per day in June, reaching approximately 41.56 million barrels per day. The Opec report also addressed Europe's imports of crude oil and products, indicating an 11 per cent increase. Japan's imports of crude oil declined, although they remained higher than the previous year's levels, and its product exports declined. The report indicated that commercial oil inventories in OECD countries rose by 34.5 million barrels in May to 2,771 million barrels, but they remain approximately 184 million barrels below the 2015-2019 average, with both crude oil and product inventories rising. — ONA
Iraq Business
08-07-2025
- Business
- Iraq Business
OPEC+ Reaffirms Oil Market Strategy, Adjusting August Production
By John Lee. The eight OPEC+ countries, including Iraq, have reaffirmed their coordinated approach to oil market stability and announced a collective production adjustment for August 2025. In a virtual meeting held on 5 July, the group cited healthy market fundamentals and a stable global economic outlook as the basis for a 548,000 barrels per day increase in production from July levels. This adjustment forms part of a phased rollback of the 2.2 million bpd voluntary cuts initially agreed in April and November 2023, and formally endorsed on 5 December 2024. The phased increases will unfold over four monthly increments, but the group reserved the right to pause or reverse these measures depending on market developments - a move designed to maintain price and inventory stability. The countries also committed to accelerating compensation for any overproduction since January 2024 and reiterated full compliance with the Declaration of Cooperation. Compliance and market conditions will be monitored through monthly meetings, with the next scheduled for 3 August 2025 to decide on September output levels. Full statement from OPEC: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2025, to review global market conditions and outlook. In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 548 thousand barrels per day in August 2025 from July 2025 required production level. This is equivalent to four monthly increments as detailed in the table below. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 3 August 2025 to decide on September production levels. (Source: OPEC Secretariat)
Al Etihad
06-07-2025
- Business
- Al Etihad
Global oil demand hit record 103.84 mb/d in 2024: OPEC Annual Bulletin
6 July 2025 21:38 ABU DHABI (ALETIHAD)Global oil demand grew by 1.49 million barrels per day (mb/d) year on year (YoY), or 1.5%, to reach a new high of 103.84 mb/d in 2024, according to the 2025 edition of the Annual Statistical Bulletin (ASB) released by the Organisation of the Petroleum Exporting Countries (OPEC).The findings were presented by OPEC Secretary General Haitham Al Ghais at a special event held at the OPEC Secretariat in report said oil demand increased YoY across almost every region of the world, with the most significant gains recorded in non-OECD Asia, China, India, the Middle East, Africa, Latin America and OECD Europe. Demand within OPEC member countries remained firm, rising by 0.12 mb/d, or 1.3%, over the previous while demand rose, global crude oil production fell by 0.77 mb/d, or 1%, in 2024, marking the first annual decline after three consecutive years of increases since average world crude oil output stood at 72.58 mb/ from OPEC countries fell by 0.57 mb/d (2.1%) and from non-OPEC participants in the Declaration of Cooperation (DoC) by 0.78 mb/d (5.2%). In contrast, non-DoC countries saw an output rise of 0.58 mb/d (1.8%).World refining capacity also saw significant growth, expanding by 1.04 mb/d to reach 103.80 mb/d. Notably, capacity additions were concentrated in non-OECD countries, especially China, India and the Middle East. In the OECD region, refinery capacity increased for the first time since 2019 by 0.16 mb/d, with growth in the Americas outweighing shutdowns in Europe and Asia refinery throughput rose by 0.52 mb/d (0.6%) to reach 85.97 mb/d in member countries exported an average of 19.01 mb/d of crude oil in 2024, a decline of 0.70 mb/d (3.5%) from the previous year. Asia remained the dominant destination, receiving 71.9% of these exports or 13.67 mb/d. Exports of petroleum products from OPEC countries increased by 6.1% to reach 5.07 mb/d in 2024. Meanwhile, world proven crude oil reserves stood at 1,567 billion barrels at the end of 2024, up by 2 billion barrels (0.1%) compared to 2023. Reserves held by OPEC members remained unchanged at 1,241 billion barrels. Source: Aletihad - Abu Dhabi
Gulf Insider
05-07-2025
- Business
- Gulf Insider
OPEC+ Further Accelerates Oil Output Hike By 548,000 bpd In August
Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective oil production by 548,000 barrels per day in August. The decision to further accelerate oil output hike was taken during a virtual meeting of the eight member countries, comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The group held its first meeting—since oil prices jumped and then retreated following Israeli and U.S. attacks on Iran—to review oil market developments and future outlook. They had been expected to increase their output by a smaller 411,000 barrels per day. This increase, which is equivalent to four previous monthly increments, is in line with 'a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories,' the OPEC Secretariat said in a statement. 'The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,' the statement emphasized. Saturday's decision builds on the previous agreement on December 5, 2024, regarding the gradual and flexible restoration of the voluntary production adjustments of 2.2 million barrels per day, which began on April 1, 2025. The alliance initially set out to boost their production by 137,000 barrels per day every month until September 2026, but only sustained that pace in April. The group then tripled the hike to 411,000 barrels per day in each of May, June, and July, and is further accelerating the pace of their increases in August. The OPEC+ countries indicated that these increases are subject to adjustment or temporary suspension depending on market dynamics, giving it the flexibility needed to support market stability. They also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The OPEC+ countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024, the statement pointed out.
Gulf Today
05-07-2025
- Business
- Gulf Today
Opec+ group committed to market stability
The eight Opec+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2025, to review global market conditions and outlook. In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5th December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1st April 2025, the eight participating countries will implement a production adjustment of 548 thousand barrels per day in August 2025 from July 2025 required production level. This is equivalent to four monthly increments as detailed in the table below. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight Opec+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on 3rd April 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight Opec+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 3rd August 2025 to decide on September production levels. WAM
