Latest news with #OrganizationofthePetroleumExportingCountries
Observer
6 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
Business Recorder
6 days ago
- Business
- Business Recorder
OPEC says world economy may do better in second half of year
LONDON: OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and refineries' crude intake would remain elevated to meet the uptick in summer travel, helping to support the demand outlook. In a monthly report on Tuesday, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026 after reductions in April, saying the economic outlook was robust. 'India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year,' OPEC said in the report. 'With this, the second-half 2025 economic growth may turn out better than currently expected.' A solid economy shrugging off trade conflicts would make it easier for OPEC+, which groups OPEC plus Russia and other allies, to proceed with its plan to pump more barrels to regain market share after years of cuts aimed at supporting the market. OPEC+ agreed on July 5 to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped, then retreated, following Israeli and US attacks on Iran. Oil prices have not significantly fallen despite the larger than expected OPEC+ hike and US President Donald Trump's 50-day deadline for Russia to end the Ukraine war , finding support from rising seasonal demand. Global refinery crude intake posted a sharp increase of 2.1 million bpd in June from May as refiners returned from maintenance, a sign of a stronger oil market, OPEC said in the report, adding that throughput was likely to stay high. 'Refinery intakes globally, and particularly in the US, are expected to keep throughputs elevated to meet the seasonal uptick in transport fuel demand, especially that of gasoline, jet/kerosene and residual fuel,' OPEC said. OPEC's demand forecasts are at the higher end of the industry range, as the agency expects a slower energy transition than some other forecasters. The International Energy Agency last week trimmed its demand forecasts but said the market may be tighter than it appears as refineries ramp up processing to meet summer travel demand. Brent crude was steady after OPEC published the report, trading close to $69 a barrel. OUTPUT RISING OPEC's report also showed that in June OPEC+ pumped 41.56 million bpd, up 349,000 bpd from May. This is slightly less than the 411,000 bpd hike called for by the group's increase in its June quotas.
The Star
7 days ago
- Business
- The Star
Kazakhstan's crude oil output, exports rise in first half of 2025
ALMATY, July 15 (Xinhua) -- Kazakhstan's crude oil output in the first half of 2025 rose 11.6 percent year on year to 49.9 million tonnes, Kazinform news agency reported Tuesday. Kazakhstan's Energy Minister Yerlan Akkenzhenov said at a government briefing that the country's oil exports rose 11.9 percent in the same period to 39.6 million tonnes, and the export target for the full year is 70.5 million tonnes. Prime Minister Olzhas Bektenov reaffirmed Kazakhstan's commitment to the Organization of the Petroleum Exporting Countries and its partners (OPEC+), saying the country is doing its best to meet its obligations under the voluntary output agreement. However, Bektenov acknowledged that Kazakhstan had faced temporary difficulties in meeting production quotas due to an ongoing expansion project at the Tengiz oil field, the country's largest oil field. Once the project is completed, Kazakhstan will raise its projected obligations, he said. According to the Energy Ministry, Kazakhstan supplied 1.86 million barrels of crude oil per day in June, up from 1.78 million barrels in May and staying above its voluntary OPEC+ quota.
Libya Review
7 days ago
- Business
- Libya Review
Libya Tops Africa in Oil Reserves with 48.36 Billion Barrels
Libya has reaffirmed its position as Africa's leading country in proven oil reserves, maintaining a total of 48.36 billion barrels, an amount that has remained unchanged since 2013. The latest annual statistical bulletin released by the Organization of the Petroleum Exporting Countries (OPEC) shows that Libya continues to dominate the continent's oil reserve rankings, despite a slight continent-wide decline in total reserves in 2024. According to OPEC data, Africa's confirmed crude oil reserves dropped slightly to 119.36 billion barrels in 2024, down from 119.58 billion barrels in 2023. This follows a modest increase in 2023 when reserves rose by 533 million barrels from 119.05 billion barrels in 2022. Despite these fluctuations, Libya's reserves have remained stable for over a decade. Nigeria holds the second-largest oil reserves on the continent, with 37.28 billion barrels, although it experienced a decline of 220 million barrels in 2024—the only African country on the list to report a drop. In contrast, other countries saw their reserves either increase or remain stable. In terms of production, Nigeria leads Africa with an average output of 1.34 million barrels per day in 2024, followed by Libya with approximately 1.13 million barrels per day. Algeria ranks third with reserves of 12.2 billion barrels, unchanged since 2006. Sudan and South Sudan are jointly listed by OPEC with stable reserves at 5 billion barrels. Egypt holds 3.3 billion barrels in confirmed reserves, consistent with figures reported since 2021. Angola maintains 2.55 billion barrels for the third consecutive year, a significant drop from the 7.23 billion barrels it reported in 2020 before revisions. Other notable figures include Gabon with 2 billion barrels, the Republic of the Congo with 1.81 billion barrels, and Equatorial Guinea with 1.1 billion barrels—all stable since their last updates. Looking ahead, OPEC warns that total crude production capacity among African OPEC+ members, including Libya and Nigeria, may drop to 4.2 million barrels per day by 2030. This projection is driven by persistent security challenges and difficulties in attracting foreign investment. Tags: AfricagaslibyaoilOPEC
Wall Street Journal
7 days ago
- Business
- Wall Street Journal
OPEC Expects Progress on Trade, Holds Oil-Demand Outlook Steady
The Organization of the Petroleum Exporting Countries said it expects global trade tensions to ease in the coming weeks and kept its oil-demand forecast unchanged as it continues to ramp up output. The Vienna-based cartel said economic growth in the second half of the year could exceed expectations, citing resilient fundamentals and optimism that the U.S. will strike trade agreements with most partners.
