The total global oil demand is anticipated to reach 98.83mn bpd in 2018; Opec’s latest monthly bulletin has shown.
Brent crude oil futures rose 89 cents to $74.64 per barrel by 10:18 am EDT and US West Texas Intermediate (WTI) crude futures were up 52 cents at $69.53 a barrel.
Iran's oil minister on Saturday accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding Iranian oil production and exports had not changed ...
Congo Republic, one of Africa's major oil producers, has joined the Organization of the Petroleum Exporting Countries (Opec), Opec said in a statement on Friday.
Opec agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.
Opec's leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet rising global demand.
US President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming Opec for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran.
The 'Declaration of Co-operation' agreement between Opec (Organisation of the Petroleum Exporting Countries) and allied non-Opec countries effective from January 1, 2017, has been very successful, the minister said.
Iraq on Monday accused other oil-producing countries of extracting more barrels of crude than agreed by OPEC and its partners, ahead of a meeting of the cartel next week.
Brent crude oil futures slid for a second session on Monday as the market was weighed down by a climb in US output to a record-high and expectations that Opec members will raise supplies.