Eight members of the oil cartel agreed on Sunday to a small increase but said they would now pause in adding more oil, reflecting market concerns about an oversupply.

Major oil producers have little reason to celebrate with crude prices down by more than 10% so far this year and market forecasts for the biggest global supply surplus on record.

B ig Oil leaders Exxon Mobil, Chevron, and Shell continue to hike their crude oil production volumes from West Texas’s Permian Basin to the Gulf of Mexico to deepwater Guyana despite concerns of a rising global oil glut as OPEC nations keep exporting more barrels each month.

LONDON (Reuters) -World oil supply is expected to closely match demand next year as the wider OPEC+ group increases production, an OPEC report showed on Monday, marking a change from last month's outlook, which projected a supply shortfall in 2026.

Global oil prices are signalling that the market is tipping into a protracted period of oversupply, but the huge disparity in forecasts for OPEC’s production will likely limit the selloff.

OPEC has kept its global oil demand growth forecasts unchanged for 2025 and 2026, expecting continued robust economic growth to drive demand. The cartel anticipates global oil demand to reach an average of 105.1 million barrels per day (bpd) this year and ...

Saudi Arabia, Russia and six other key members of the OPEC+ alliance are likely to agree to raise crude output when they meet virtually on Sunday, with analysts divided over the size of the expected hike. The meeting by the group of eight oil-producing ...

Oil prices are trading stronger this morning after OPEC+ decided to keep output levels steady over the first quarter of next year

Iraq was in negotiations over the size of its quota within its available capacity of 5.5 million barrels per day.