LONDON—OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6 percent, the Organization of the…

ABU DHABI—OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition. The view from the Organization of the Petroleum Exporting Countries, in its 2022 World Oil Outlook, contrasts with that…

Commentary For decades, Saudi Arabia has allied with the United States based on the exchange of oil for security. The Saudis pump when the oil price gets too high, and America promises to come to Saudi Arabia’s defense when, for example, Iraq or Iran start lobbing missiles. Thus, America never sinks too far into oil-starved…

The Saudi Arabian energy minister indirectly slammed the decision by the Biden administration to release oil from the Strategic Petroleum Reserve (SPR) as an attempt to “manipulate markets.” This is the latest spat between Riyadh and Washington over crude production. Saudi Energy Minister Prince Abdulaziz bin Salman did not directly mention President Joe Biden over…

Members of the International Energy Agency (IEA) can tap into its oil reserves to alleviate any supply issues, the agency’s executive director Fatih Birol said in a recent interview. The recent “unfortunate decision” by OPEC+ to cut down oil output threatens price outlook, and comes at a time when global economies are on the brink…

The recent move by OPEC+ to decrease oil output came at the “worst possible moment” and will have “wide-ranging” impacts, according to a U.S. official. On Oct. 5, OPEC+, an alliance of oil-producing nations led by Saudi Arabia and Russia, reduced their oil output target for November by 2 million barrels per day. During her…

The recent move by OPEC+ to decrease oil output came at the “worst possible moment” and will have “wide-ranging” impacts, according to a U.S. official. On Oct. 5, OPEC+, an alliance of oil-producing nations led by Saudi Arabia and Russia, reduced their oil output target for November by 2 million barrels per day. During her…

ABU DHABI—The United Arab Emirates believes OPEC+ made the correct technical choice when it agreed to cut production targets and the unanimous decision had nothing to do with politics, energy minister Suhail al-Mazrouei said on Tuesday. His comments came after several members of the oil producers group endorsed the steep cut to output targets agreed…

Saudi Arabia’s defense minister, Khalid bin Salman, has rejected claims that the kingdom has sided with Russia in its war with Ukraine following OPEC’s decision to slash oil production by 2 million barrels a day. Taking to Twitter on Oct. 16, the defense minister re-tweeted a post from Ukrainian President Volodymyr Zelenskyy dated Oct. 14 in which the leader thanked…

OPEC+ member states lined up on Sunday to endorse a steep production cut agreed upon earlier this month following accusations from top Biden administration officials against the Saudi government. But Iraq, the second largest producer in OPEC, said the move was based on economic indicators and done unanimously. “There is complete consensus among OPEC+ countries…