The world will need as much as 19.5 million barrels per day (bpd) of new refining capacity by 2050 to meet rising global oil demand, OPEC said in its 2025 World Oil Outlook (WOO) with forecasts ...

Many groups, including the International Energy Agency, predict that the world’s peak oil production is close, and global oil demand will drop starting in the next decade as more renewables come ...

OPEC is pursuing a long-term strategy to increase its market share and is unwinding production cuts, with oil prices remaining strong due to factors beyond OPEC's direct control. The rise in oil ...

LONDON, June 16 (Reuters) - OPEC said on Monday it expected the global economy to remain resilient in the second half of this year and trimmed its forecast for growth in oil supply from the United ...

LONDON, July 15 (Reuters) - OPEC said the global economy may perform better than expected in the second half of the year despite trade conflicts and refineries' crude intake would remain elevated to ...

Eight producers, led by Saudi Arabia, will continue boosting production despite forecasts that supply will soon exceed demand. By Stanley Reed Eight countries that belong to the oil cartel known as ...

OPEC is going for volume again. Delegates from the alliance confirmed they’ve agreed in principle to increase production next month. The plan is to add about 137,000 barrels per day, starting in ...

Saudi Arabia and the United Arab Emirates see a chance to ratchet up production in July, the third consecutive month of accelerated increases. By Stanley Reed Reporting from London Eight members of ...