AllSides Balanced Search

LAUNCESTON, Australia, Sept 2 (Reuters) - OPEC+ has two problems and two solutions. The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia. The second issue is that crude demand has so far disappointed the somewhat optimistic

Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading the producers cartel to slightly revise down the robust projections it made in July. "The world oil demand growth forecast for 2024 is revised down slightly by 135,00 barrels a day from the previous month’s assessment," the Organization of Petroleum Exporting Countries said in a

Economic uncertainty in China is having a crude effect on the global energy outlook. OPEC’s latest monthly oil market report says that it now expects the world to use up 2.1 million barrels of oil a day more than it did last year, instead of the 2.2 million barrels per day it had forecasted. “This slight revision reflects actual data received for 1Q24 and in some cases 2Q24, as well as

America's 'Mini OPEC': Major US Refiners Slash Capacity Amid Global Glut Fears Following the series of mega-mergers in the oil exploration and production space, a potential US refining cartel—a 'mini OPEC on American soil'—could be taking shape with some of the first coordinated policies to reduce refining capacity this quarter as demand falters and concerns about a global glut of crude mount