OPEC

OPEC+ pushed its November meeting back by four days in a possible sign of disunity in the oil cartel.

Member countries of OPEC+ have collectively reduced their operational oil capacity by 5.2 million barrels per day in 2023, constituting approximately 5% of global oil production.

Exxon opened a third offshore development in Guyana on Tuesday, accelerating the small South American country's rapid rise in oil production.

Oil production and demand are both on the rise, according to the IEA, marking a contrast from the organization's "peak oil" proclamation in October.

Despite mounting efforts to limit climate change, the OPEC oil cartel said Monday it expects demand for crude to continue to grow for the next two decades.

An OPEC+ panel recommended Wednesday that the oil cartel keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices.

There are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet on Sunday in a bid to prop up prices.

In April, countries were caught off guard when several OPEC+ members agreed to voluntarily cut production by more than one million barrels per day (bpd), which briefly buttressed prices but failed to bring about lasting recovery.

U.S. retail gasoline prices are expected to average around $3.50 per gallon this summer, peaking between $3.60 per gallon and $3.70 per gallon in June.

Saudi Arabia's and Russia's power to set oil prices may have surprised some, as the U.S, not Saudi Arabia, is the world's largest oil producer these days.

A slump in U.S. manufacturing activity in March to its lowest level in nearly three years, and weak manufacturing activity in China last month have raised concerns about oil demand.

U.S. oil prices are surging again just as OPEC+ said it would cut supplies. More price increases could follow.

Oil prices are rising closer to $100 a barrel but there are warning signs that it will climb even higher if Russia invades Ukraine at a time when producers are struggling to keep pace with excess demand.

Oil prices crossed the $90 a barrel mark on Friday, but some analysts believe that lingering pain from the pandemic and geopolitical tensions will push it higher later this year.

OPEC and a coalition of other major producers came to an agreement to boost production. Concerns remain about production capability and geopolitical tensions.

Analysts are predicting that oil prices will strike $100 a barrel in 2022 amidst mounting fears that production will fail to keep up with ravenous demand for energy and geopolitical tensions that add to supply fears.

OPEC said they would continue to pump more crude despite concern about what kind of threat the COVID-19 Omicron variant poses to the global economy.

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