Oil market will face supply shortage by end of 2025, Occidental CEO says

The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday. About 97% of the oil produced today was discovered in the 20th century, she said. The world has replaced less than 50% of … Read more

Angola is leaving OPEC oil cartel after 16 years after dispute over production cuts

LONDON — Angola announced Thursday that it’s leaving the OPEC oil producers cartel, coming after it battled with the group over lower production quotas this year. Diamantino de Azevedo, the African nation’s oil minister, said Angola “does not gain anything by remaining in the organization,” according to state news agency Angop. The country joined OPEC … Read more

Angola’s OPEC exit shows group tensions – but market won’t be rattled

Angola’s announcement on Thursday that it will quit the oil producers’ Organization of the Petroleum Exporting Countries (OPEC) brings to a head longstanding tensions within the powerful group, but market impact is likely to be limited, according to analysts. The move “did not come as a surprise, [as] the writing was on the wall already … Read more

Oil prices set to rise in 2024 after OPEC+ voluntary cuts

Processing towers stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Andrey Rudakov | Bloomberg | Getty Images Oil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily pledged to cut output. The oil cartel on Thursday released a statement that did … Read more

Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Thursday, July 6, 2023. Bloomberg | Bloomberg | Getty Images The influential Organization of the Petroleum Exporting Countries coalition and its allies, collectively known as OPEC+, on Thursday opted against formally deepening production cuts, while de facto leader Saudi Arabia … Read more

Brazil confirms OPEC+ invite, minister says eager to join

By Lisandra Paraguassu and Roberto Samora BRASILIA/SAO PAULO (Reuters) – Brazil hopes to join the OPEC+ group of oil-producing countries in January after a technical analysis of the charter for cooperation, the country’s energy minister said on Thursday, although the nature of Brazil’s participation remained unclear. President Luiz Inacio Lula da Silva’s office confirmed receiving … Read more

OPEC+ suppliers struggle to agree on cuts to oil production even as prices tumble

LONDON — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia will try to agree Thursday on cuts to the amount of crude they send to the world, with prices having tumbled lately despite their efforts to prop them up. That’s been a good thing for U.S. drivers, who have been … Read more

Oil little changed as OPEC+ decision awaits, Black Sea storm disrupts supply

By Yuka Obayashi and Muyu Xu TOKYO/SINGAPORE (Reuters) – Oil moved in a narrow range on Wednesday as investors turned cautious ahead of a crucial OPEC+ meeting to decide output policy in the next months, while a supply disruption in the Black Sea provided a floor for prices. Brent crude futures dipped 3 cents to … Read more

CNBC Daily Open: Singing the OPEC blues

A view of the Minion balloon at the 2023 Macy’s Thanksgiving Day Parade on November 23, 2023 in New York City. Gotham | Getty Images Entertainment | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to … Read more

Oil group OPEC and its allies delay policy-setting meeting

Opec logo displayed on a smart phone with Opec seen in the background, in this photo illustration. On 10 September 2023. In Brussels, Belgium. (Photo illustration by Jonathan Raa/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images Meetings of the influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, … Read more