Oil could plunge to $40 in 2025 if OPEC unwinds voluntary production cuts, analysts say
Given that oil demand growth next year probably won't be much more than 1 million barrels a day, a full unwinding of OPEC+ supply cuts in 2025 would "undoubtedly see a very steep slide in crude prices, possibly toward $40 a barrel," Henning Gloystein, head of energy, climate and resources at Eurasia Group, told CNBC.
OPEC again cuts 2024, 2025 oil demand growth forecasts
OPEC cut its forecast for global oil demand growth in 2024 and lowered its projection for next year on Tuesday, highlighting China, India and other regions, marking the producer group's fourth consecutive downward revision.
With Oil Prices Weak, OPEC Plus Postpones Increases Again
Saudi Arabia, which leads the group, appears wary of unsettling markets just before the U.S. presidential election on Tuesday.
OPEC again reduces 2024, 2025 oil demand growth forecasts, Reuters reports
OPEC lowered its forecast for global oil demand growth for 2024 and 2025 on Tuesday, highlighting weakness in China, India and other regions,
Oil prices edge up slightly amid OPEC demand cut forecast
Oil prices on the New York fuel exchange are slightly rising, but they remain close to this month's lowest levels. Brokers say investors are focused on the fuel demand outlook after OPEC countries lowered their oil demand growth forecasts for this and next year.
July Non-OPEC And World Oil Production
World oil production increased by 406 kb/d in July to 81,591 kb/d. For December 2025, production is expected to be 84,634 ...
China's weak economy and record US production will lead to a surplus of one million barrels of oil a day next year, IEA says
Oil markets are facing a supply glut, with non-OPEC producers on track expand production by 1.5 million barrels of oil a day, ...
Legit on MSN15h
OPEC reveals Nigeria's actual crude oil production in October
The Organisation of Petroleum Exporting Countries (OPEC) has said that Nigeria's crude oil production for October 2024 stood ...
Marketplace11d
OPEC postpones plans to increase production — again
Yet again, OPEC has postponed plans to increase oil production until at least the end of the year. That drove oil futures ...
Crude Oil Prices2d
OPEC Oil Production Jumps by 470,000 Bpd as Libyan Output Returns
OPEC's oil production increased in October due to Libya's return to full capacity, offsetting declines from other members.
EIA slightly raises US, global oil production forecasts
Both U.S. and global oil production are set to rise to slightly larger record highs this year than prior forecasts, the U.S.
OPEC’s Oil Output Recovers After Libya Resolves Political Crisis
OPEC’s oil production rose last month as Libya restored output that was halted during a brief political crisis.
Crude Oil Prices11h
Nigeria’s Oil Recovery: A War Room, Some Luck, and a Dash of Ambition
Nigeria has cranked up its oil production to a respectable 1.8 million barrels per day, and now claims it could hit 2 million bpd of production by year's end ...
Trump said he'll unleash an oil boom. ExxonMobil CEO says not so fast.
ExxonMobil CEO Darren Woods said there's not much opportunity for the oil industry to increase production in the short term.
Oil prices end higher to pare some of the week's losses
Oil futures settled higher for a third session in a row on Thursday, but that wasn’t enough to shake off their losses for the week so far, with prices for ...