Iran is ranked third, possessing 208,600 million barrels, or 208 billion barrels. Iraq takes fourth place with 145,019 ...

He was appointed to Nigeria’s delegation to OPEC in 1986 and served as Nigeria’s National Representative on OPEC’s Economic Commission Board from 1993 to 2008. From 2009 to 2010, he was the ...

OPEC+ members committed to unwinding oil production curbs starting in April. The oil cartel has held back supply in an effort to boost crude prices globally. The April timeline is surprising ...

In a statement posted on its website recently, OPEC said it “welcomes the decision approved … by the National Energy Council of the Federative Republic of Brazil (CNPE) that formally paves the ...

The Nation Newspaper OPEC resolutions back Fed Govt’s 2.06mbpd budget projection. Tuesday, June 24, ... While officials refrained from providing a completion timeline, ...

Updated 12/5/24 to correct timeline in first sentence. OPEC+ will delay the start of oil output increases by another 3 months—pushing the timeline to April 2025—while also extending the full ...

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Crude oil futures fell 2% Monday after OPEC reduced its oil demand outlook for 2024 and 2025 once again, citing data received so far this year.

Brazil's crude output in April fell by 162,000 bpd month-on-month to average 3.2 million bpd, OPEC said in its report. The drop in output was primarily driven by maintenance, operational issues ...

The prospect of sluggish demand growth below OPEC's estimates of 2.25 million bpd growth in 2024, coupled with the plan to potentially start tapering the cuts as early as this year and a 300,000 ...

The head of the OPEC oil cartel, alarmed that nations gathered at the United Nations climate summit in Dubai are considering an agreement to phase out fossil fuels, has directed the group’s ...