Results for: OPEC

OPEC (Organization of the Petroleum Exporting Countries) and its allies, collectively known as OPEC+, play a significant role in regulating the global oil market. Founded in 1960, OPEC comprises 12 member countries, accounting for approximately 30% of the world’s oil production. OPEC+ includes 10 additional non-OPEC oil exporters, including Russia, and represents around 41% of global oil output. The group’s primary objective is to manage the supply of oil to the global market, influencing prices and affecting the global economy.

OPEC has requested that Iraq resume oil exports from Kurdistan to the Turkish port of Ceyhan. According to Iraqi media, the request has been forwarded to Iraqi Prime Minister Mohammed Shia al-Sudani. The news comes just a week after the Iraqi federal government announced it was repairing its own oil pipeline to Turkey, signaling a potential end to Kurdish semi-autonomy.

According to Citi, the energy sector is expected to maintain its strong performance due to elevated oil prices driven by geopolitical risks. The sector has outpaced the broader market this year, driven by rising energy demand and production cuts from OPEC+. While the oil market has cooled following tensions between Israel and Iran, prices remain significantly higher than last year. Citi analysts foresee continued support for oil prices in the short term due to global economic growth and geopolitical uncertainties, despite reduced demand growth projections for 2025.