The industry is bracing for the OPEC Plus oil cartel’s meeting on Saturday, which is widely expected to further increase oil production despite weak demand.

Kazakhstan is unable to reduce its oil production due to its lack of authority over Western-run oilfields, undermining OPEC+ output limits.

Meanwhile, analysts polled by Reuters expect global oil demand to grow by an average of 775,000 barrels per day in 2025, with many pointing to elevated trade uncertainty and the risk of economic slowdown as key concerns. This compares to the 740,000 bpd 2025 average demand growth forecast from the International Energy Agency earlier this month.

OPEC controls around 40% of global oil output and Riyadh has previously ... who are expanding operations at some of the country’s most productive fields. Even the UAE has pushed past its limits ...

Saudi Arabia and Kuwait have announced a new oil discovery in their shared Partitioned Zone, marking the first such find since the resumption of operations in 2020.

Continental Resources and TPAO unveil a potential 6.1 billion barrel shale oil reserve in Turkey's Diyarbakir Basin. The discovery could surpass some major OPEC members' reserves. Turkey eyes energy independence and enhanced security with this find,