OPEC announced a production cut of 2 million barrels per day.
欧佩克宣布每日减产200万桶。
The Organization of the Petroleum Exporting Countries (
OPEC) holds regular meetings to discuss oil market conditions.
石油输出国组织（
OPEC）定期举行会议，讨论石油市场状况。
In response to falling global demand,
OPEC decided to prolong its production freeze.
面对全球需求下降，欧佩克决定延长减产协议。
OPEC members agreed to reduce output quotas to stabilize prices.
欧佩克成员国同意削减配额以稳定油价。
OPEC plays a significant role in determining the world's crude oil prices.
欧佩克在决定世界原油价格上发挥着重要作用。
Non-
OPEC countries have been urging the cartel to increase production to counteract low oil prices.
非欧佩克国家一直敦促该卡特尔增加产量以对抗低油价。
OPEC nations are considering implementing a new strategy to compete with US shale producers.
欧佩克成员国正在考虑实施新策略以与美国页岩生产商竞争。
The
OPEC+ alliance successfully coordinated a joint production reduction last year.
欧佩克+联盟去年成功协调了联合减产行动。
OPEC's decision to maintain current output levels has led to a surplus in the global oil market.
欧佩克维持现有产量的决定导致全球石油市场供应过剩。
Despite economic sanctions,
OPEC managed to maintain its influence over the crude oil market.
尽管面临经济制裁，欧佩克仍能维持其对原油市场的影响力。
"Global benchmark Brent crude averaged 21 percent higher in 2017 than the year before as OPEC and its allies cut output.
Al Ghais of Kuwait assumed the post of secretary general in August, succeeding the late OPEC chief Mohammad Barkindo, who died in July last year.
"We are very confident in the Chinese economy and the strength of the leadership and the government and the people of China," said the OPEC chief.
"OPEC and China have had a long-standing relationship and great dialogue, which we as well as our member countries have enjoyed over so many years," he noted.
In its monthly oil market report released on Tuesday, OPEC stuck to its global oil demand forecast for this year despite an improving economic outlook in top crude importer China.
For China, the OPEC kept its economic growth forecast unchanged at 4.8 percent for 2023.
For 2023, OPEC kept its world oil demand growth projection unchanged at 2.2 million bpd, with the OECD members growing by 0.3 million bpd and non-OECD members by 1.9 million bpd.
As a policy, OPEC does not forecast or comment on oil prices but only on supply and demand, Al Ghais explained.
"OPEC's forecast from today until 2045 is that we see a requirement of $12.1 trillion to be invested in the oil industry.
OPEC今日发布的预测显示，从现在到2045年，石油行业将需要12.1万亿美元的投资。
The OPEC chief said that the world "will require all sources of energy," which fits in line with the Chinese green energy transition, where all sources of energy will be required.
欧佩克组织负责人表示，世界“将需要所有类型的能源”，这一观点与中国绿色能源转型相契合，中国在转型过程中也将要求利用所有类型的能源。
"The OPEC is struggling to restore production as planned, with spare capacity confined to just a few members, he said.
OPEC and its allied producers agreed on June 2 to boost oil production by over 200,000 more barrels a day than expected in July and August, a move that may help ease surging oil prices and rising inflation over the high-demand summer months, in addition to helping overcome Russian production shortages.
OPEC+ refers to a group of nations that are allied with OPEC to cut production in order to boost oil prices beginning 2016.
While not formal members of the cartel, the countries have worked with OPEC on production quotas through the COVID pandemic.
Dan Dicker, a longtime energy trader at the New York Mercantile Exchange, media commentator and founder of The Energy Word newsletter, said, "For those (oil-producing) players that are left, like OPEC and Russia, and the majors here in the United States, they've got no appetite to ramp up more because they lost money for six years.
Not only did US oil producers slow production down, but OPEC did as well.
"OPEC, the Organization of the Petroleum Exporting Countries, has said it will gradually raise production targets by 400,000 barrels a day, but that was mainly to offset 5.8 million barrels per day of existing output cuts.
OPEC will next meet on Thursday.
The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday further raised its forecast for the growth in China's oil demand in 2023 due to "better-than-expected performance in China's economy," although it kept the projections for this year's global total demand unchanged.
In its monthly report for June, OPEC said it expected China's oil demand in 2023 to increase by 840,000 barrels per day (bpd) to 15.7 million bpd.
"OPEC left the forecast for this year's global oil demand steady, predicting a year-on-year growth of 2.3 million bpd.
"OPEC on Tuesday also kept its forecast of global economic growth of 2.6 percent in 2023 unchanged.
OPEC and its allies, a group known as OPEC+, announced on June 4 that they would deepen production cuts throughout 2024 by slashing another 1.393 million barrels of crude oil production each day.
OPEC attributes the growth to optimized COVID-19 measures and a stronger economy compared with 2022, when the country's oil use contracted for the first time in years due to the pandemic.
China's oil demand is on course to rebound and a plan to expand fiscal spending is also likely to support demand, OPEC said in a note.
Xinhua citied an energy analyst at Commerzbank Research as saying the positive sentiment came from vaccine news, which was making the market increasingly confident that the economy would gradually normalize, and that an agreement at next week's meeting of OPEC and its allies (OPEC+) will be reached.
新华社引用了德国商业银行研究部的一名能源分析师的话说，这种积极情绪源于疫苗消息，这使得市场越来越相信经济将逐步恢复正常，而且在下周举行的石油输出国组织（欧佩克）及其盟友（欧佩克+）会议上将会达成协议。
NEW YORK -- Oil prices advanced on Thursday as the Organization of the Petroleum Exporting Countries (OPEC) and its allies stressed importance of compliance with output cuts quotas.
纽约——周四，石油输出国组织(欧佩克)及其盟友强调遵守减产配额的重要性，油价因此上涨。
Meanwhile, demand concerns lingered on the oil market as the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast.
同时，由于石油输出国组织(欧佩克)下调了其预测，油市的需求担忧仍然存在。
In its closely-watched monthly report on Monday, the OPEC said that "in 2020, the global oil demand contraction is revised down further by 0.4 mb/d (million barrels per day), now contracting by 9.5 mb/d, to average 90.2 mb/d. "
在周一备受关注的月度报告中，石油输出国组织（OPEC）表示，“2020年全球石油需求减少的幅度进一步向下修正了0.4百万桶/日，目前为9.5百万桶/日，平均为90.2百万桶/日。”
The moves came after the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global crude demand.
这句话的中文翻译为"这些举措是在石油输出国组织（OPEC）下调全球原油需求预测之后出台的。
In its closely-watched monthly report on Monday, the OPEC said "in 2020, the global oil demand contraction is revised down further by 0.4 mb/d (million barrels per day), now contracting by 9.5 mb/d, to average 90.2 mb/d.
在周一发布的备受关注的月度报告中，石油输出国组织（OPEC）表示，“2020年，全球石油需求的收缩进一步下调了0.4百万桶/日，现在预计收缩9.5百万桶/日，平均需求量为90.2百万桶/日。”
Li Li, energy research director at ICIS China, a firm that tracks China's energy market, said there is still profit room for CNOOC and PetroChina thanks to OPEC's efforts.
ICIS China的能源研究主任李丽表示，由于欧佩克的努力，中海油和中国石油仍有盈利空间。
OPEC says country's consumption recovery building momentum as economy reboundsThe Organization of the Petroleum Exporting Countries has forecast that China's crude oil demand will surge next year, as the nation's economic activity recovers strongly following the COVID-19 outbreak.
Despite a contraction of 6.8 percent year-on-year in the first quarter of this year, China's GDP growth may recover faster than expected, as production resumed in the nation over the past three months, according to OPEC's monthly report published on Tuesday.
The oil sector recovery, supported by the efforts of OPEC and non-OPEC oil-producing nations to rebalance the market, has been an important contributor to further buoying global economic development.
Li Li, research director at energy consulting company ICIS, said: "The recently reached crude output reduction of 9.7 million barrels per day for May-June by OPEC and other crude producers led by Russia has definitely played its role, but the reduction is still far from enough considering the economic damage caused by the coronavirus pandemic and gloomy prospects for a rebound," she said.
The Saudi move came after Russiaxa0last week rejected a proposal by OPEC to cut 1.5 million barrels of production per day.
Saudi Arabia took the action after OPEC talks fell apart Friday.
International energy prices dropped by around 6 percent month-on-month, and the OPEC price also decreased from the previous month.
Weak demand to keep WTI, Brent depressed despite OPEC output cutsNEW YORK－Downside risks persist for crude oil following a 2018 year-end rout in both benchmark prices, despite a pledge led by the Organization of Petroleum Exporting Countries to cut output this year.
There is widespread concern that the global market will face a supply glut in 2019, despite an agreement among OPEC members and other major oil producing countries, including Russia, to trim production this year.
OPEC members pledged a cut of 800,000 barrels per day, while non-OPEC producers pledged to reduce their output by 400,000 barrels per day.
""When demand is weak, OPEC members and non-OPEC producers cutting production will be the most important force for the oil market to rebound," Yuan added.
"In the short term, investors are advised to wait and see, waiting for whether the actual production reduction from OPEC members and non-OPEC producers in January 2019 can meet market expectations.
"In the end, OPEC's interests came out first, as we expected, and the rest of the world came second.
"That compares to our forecast for oil demand to increase by just 1.1 million bpd in 2019, leaving little room for a significant increase in OPEC production next year and making a production cut necessary to stabilize prices," said Ann-Louise Hittle, vice-president for macro oils at Wood Mackenzie.
OPEC and non-member producers are expected to meet next in April 2019.
DUBAI, United Arab Emirates —xa0The tiny, energy-rich Gulf Arab nation of Qatar says it will withdraw from OPEC, the Organization of the Petroleum Exporting Countries, in January.
The NDRC predicted that short-term oil prices will be affected by gloomy economic outlook and potential extension in output reduction by OPEC.
It estimated that crude prices will hover at around $50 per barrel over the rest of the year, tempered by rising US output and falling production of OPEC.
While Iraq is the second-largest oil-producing member of the Organization of Petroleum Exporting Countries, the CBI's latest move may prompt other OPEC members to follow suit and increase RMB usage, according to Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.
In a monthly report released on March 14, OPEC increased its projection for China's oil demand to 710,000 barrels per day, up from the estimate of 590,000 bpd a month earlier.
Chances are high that OPEC will follow suit in the years to come, considering the volume of China's oil imports, he said.
Iraq is OPEC's second largest producer, with crude oil exports accounting for over 90 percent of the country's annual fiscal income.
It has also signed memorandums on cooperation with financial institutions, such as the OPEC Fund for International Development and the Development Bank of Latin America, to jointly promote global development problem-solving.
The report follows a deal by OPEC and Russia to sharply reduce production.
OPEC and its allies also failed to reach an agreement on extending current production cuts under a deal that will expire on April 1.
Saudi Arabia's move to raise oil production significantly after OPEC's supply cut agreement with Russia collapsed sent ripples across global financial markets already panicking about the impact of the coronavirus outbreak.
Trump's comment followed remarks from Saudi Arabia's energy minister saying OPEC was considering cutting supply next year, citing softening demand.