OPEC Update, October 2022
The OPEC Monthly Oil Market Report (MOMR) for October 2022 was published recently. The last month reported in most of the OPEC charts that follow is September 2022 and output Continue Reading
U.S. Senate panel advances bill to rein in OPEC+ over oil output cut
A U.S. Senate committee this week quietly advanced a bill that seeks to rein in OPEC+ after the oil producer group led by Saudi Arabia and Russia this month agreed Continue Reading
OPEC Secretary-General: move to cut oil output was unanimous
The OPEC+ oil producers group moved unanimously to cut output to prevent a crisis and stem a tide of volatility, OPEC’s secretary-general told an energy conference in South Africa on Continue Reading
NOPEC Bill Would Mean The End Of Aramco And OPEC As We Know Them
Simon Watkins is a former senior FX trader and salesman, financial journalist, and OPEC+ decision to cut output by 2 million bpd has sparked angers in the White House. Bipartisan Continue Reading
OPEC+ Cuts Could Lead To Supply Deficit In Oil Markets
OPEC+ decision to cut output may lead to supply deficit in oil markets. Global oil inventories are in a decline that would be difficult to reverse. U.S. distillate inventories are Continue Reading
IMF Recession Warning Deals Blow To Oil Prices
Crude oil prices extended their slide after the International Monetary Fund reported an update to its global economic projections for this year, which deepened fears of recession. In the latest Continue Reading
OPEC+ oil supply cuts could tip world into recession, IEA says
A decision by the OPEC+ oil producer group last week to rein in output has driven up prices and could push the global economy into recession, the International Energy Agency Continue Reading
OPEC cut spurs U.S. hedging – but against lower oil prices
The decision by the Organization of the Petroleum Exporting Countries and allies last week to cut oil production has spurred a flurry of activity in the options market – but Continue Reading
OPEC+ Cut Will Further Raise Tensions with the West
‘This has led to speculation that Washington may seek to further ramp-up pressure on the group, including via revival of the NOPEC bill’. OPEC+’s latest production cut will further raise Continue Reading
OPEC+ crude oil production rises in September, but still widely lags quotas: Platts survey
OPEC+ output rises 170,000 b/d, quota gap at 3.6 mil b/d Saudi Arabia pumps near quota, but Russia stagnates Nigeria hits lowest since Platts survey began in 1988 Not registered? Continue Reading
OPEC+ move reignites Americans’ top worry ahead of November midterms
production cut by the OPEC+ oil cartel is reigniting U.S. voters’ No. 1 fear – high inflation – and handing a potential boost to Republican candidates less than five weeks Continue Reading
OPEC+ Output Cut Sends A Clear Message To The Market
OPEC+ on Wednesday decided to cut output quota by 2 million bpd. Heightened volatility in oil markets has been one of the key reasons for OPEC+ to cut output. A Continue Reading
White House Reacts to OPEC+ Move
U.S. President Joe Biden is disappointed. U.S. President Joe Biden is disappointed by OPEC+’s decision to cut production quotas, according to a White House statement from National Security Advisor Jake Continue Reading
White House accuses Opec+ of aligning with Russia
The White House has accused Opec+ of aligning with Russia after Saudi Arabia led the group in agreeing deep oil production cuts, prompting a backlash from countries already battling surging Continue Reading
OPEC+ oil output cut ahead of winter fans inflation concerns
Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC+ group of nations announced its largest supply cut since 2020 ahead of European Union embargoes Continue Reading
The White House Is In A Panic To Stop The OPEC+ Production Cut
The White House is up in arms to try and prevent a potentially major production cut in OPEC+ just a month before midterm elections when the current administration least needs Continue Reading
Oil Jumps as OPEC+ Mulls Biggest Production Cut Since Pandemic
The OPEC+ group of oil producers will consider cutting output by more than 1 million barrels a day, according to delegates. Stephen Stapczynski reports. Oil surged near $83 a barrel Continue Reading
IEA: Global Gas Markets To Remain Tight Through 2023
The International Energy Agency (IEA) has predicted that global gas markets will remain tight next year as Russian piped gas supplies dwindle despite gas demand falling in Europe in response Continue Reading
Oil Forges Higher as OPEC+ Must ‘Do Something’ at Vienna Meeting
WATCH: Fereidun Fesharaki of FGE,discusses the possibility of OPEC+ cutting its production by 1 million barrels a day, what the cut will mean for prices and where he sees them Continue Reading
OPEC+ to Consider Output Cut of More Than 1 Million Barrels
Goldman’s Currie: Oil Market Will Continue to Tighten Sign up for our Middle East newsletter and follow us @middleeast for news on the region. OPEC+ will consider cutting oil output Continue Reading
OPEC+ to hold Oct. 5 meeting in person in Vienna
OPEC+ will hold its meeting on Oct. 5 in person in Vienna, an OPEC source told Reuters on Saturday. A virtual option will also be available for some delegations due Continue Reading
OPEC oil output in Sept hits highest since 2020 – survey
OPEC oil output rose in September to its highest since 2020, surpassing a pledged hike for the month, after production in Libya recovered from disruption and Gulf members boosted output Continue Reading
OPEC+ has begun talks on output cut at Oct. 5 meeting – OPEC source
Leading OPEC+ members have begun discussions about an oil output cut at the group’s next meeting on Oct. 5, three sources told Reuters. One OPEC source told Reuters a cut Continue Reading
Russia seen suggesting OPEC+ cuts oil output by 1 mln bpd – source
Russia is likely to propose that OPEC+ reduces oil output by around 1 million barrels per day at its next meeting in October, a source familiar with the Russian viewpoint Continue Reading
IMF says UK fiscal measures will ‘likely increase inequality,’ urges rethink
WASHINGTON, Sept 27 (Reuters) – The International Monetary Fund on Tuesday took aim at new British financial plans that have roiled markets, warning that “large and untargeted fiscal packages” would Continue Reading
OPEC+ supply shortfall now stands at 3.5% of global oil demand
OPEC+ is now producing below its targets by a record 3.58 million barrels per day – about 3.5% of global demand – highlighting underlying tight supply in the oil market, Continue Reading
OPEC Update, September 18, 2022
View full article at peakoilbarrel.com
OPEC+ falls short of oil output target by 3.583 mln bpd in August -document
OPEC+ fell short of its oil production target by 3.583 million barrels per day (bpd) in August, an internal document showed, having missed target by 2.892 million bpd in July. Continue Reading
All Eyes On OPEC+ As Oil Prices Drop Below $90
OPEC+ cut its production target by 100,000 bpd this week, a move that was largely symbolic due to the group’s underproduction. After an initial spike in prices, markets appear to Continue Reading
OPEC+ crude oil output rises but quota shortfall hits record high: Platts survey
Highlights OPEC+ production up 260,000 b/d in August Kazakh, Nigerian losses temper Libyan, Gulf gains Output is 3.61 mil b/d below target, most in OPEC+ history Not registered? Receive daily Continue Reading
Further OPEC+ Production Cuts Could Be Looming
OPEC+ cut oil production targets by 100,000 barrels per day for the month of October. Though the cut was minimal, it could signal that further production cuts are on the Continue Reading
OPEC+ gives Saudi chairman power to intervene to address market developments
OPEC+ members have trusted their chairman, Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud, to intervene whenever necessary to stabilize crude markets through calling for a meeting at any time Continue Reading
OPEC+ Cuts Production Despite Resistance From Russia
OPEC+ meeting ends with small production cut decision. Russia was said to have resisted a production cut ahead of the meeting. OPEC+ decided that it could call a meeting at Continue Reading
OPEC+ cuts oil production quotas by 100,000 b/d despite tight market
Wary of a global economic slowdown, OPEC and its allies will trim their production quotas by 100,000 b/d in October, despite what appears to be a tight physical market, as Continue Reading
OPEC+ Expected To Keep October Output Quota Flat
OPEC+ is expected to keep its October crude oil production target stable from the September quota when the group meets on September 5 to review oil market conditions, a majority Continue Reading
OPEC+ JTC raises 2022 oil market surplus forecast
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger Aug 31 Continue Reading
OPEC Update, August 2022
The OPEC Monthly Oil Market Report (MOMR) for August 2022 was published recently. The last month reported in most of the OPEC charts that follow is July 2022 and output Continue Reading
OPEC+’s Complains About Volatility, But Here’s What They Really Want
Numerous OPEC+ ministers have bemoaned oil prices volatility in recent weeks. Standard Chartered: when OPEC+ says volatility, what they really mean is ‘falling crude prices’ StanChart sees oil’s fundamentals as Continue Reading
UAE Likely To Support OPEC Oil Production Cuts
The UAE could support OPEC+ production cuts. Some OPEC+ producers, including Iraq, Venezuela, and Kazakhstan, have also signaled support for new production restrictions. OPEC+ meets next on September 5 to Continue Reading
OPEC President Is Open to Cutting Oil Production
High oil prices have been beneficial for OPEC+, an alliance of oil-producing countries that controls more than half of the world’s output. WSJ’s Shelby Holliday explains what OPEC+ countries are Continue Reading
OPEC+ Is Now Almost 3 Million Bpd Behind Its Production Target
OPEC+ sources: members produced 2.9 million bpd below output targets in July. The gap between overall quota and actual oil production from the OPEC+ members has been growing for more Continue Reading
OPEC Sec Gen says oil slide driven by fear, upbeat on 2023 outlook
A recent oil-price slide reflects fears of economic slowdown and masks physical market fundamentals, OPEC’s new secretary general told Reuters, as he took a relatively optimistic view on the outlook Continue Reading
Al Ghais: OPEC Isn’t Responsible For Inflation
While OPEC often finds itself the usual suspect when it comes to high crude oil and gasoline prices, it is not behind the current inflation trend, OPEC Secretary General Haitham Continue Reading
Oil Market Surplus Strengthens Case For New OPEC Output Cuts
Latest OPEC MOMR sees oil market surplus. OPEC sees slower crude demand growth than the IEA. OPEC may be moving to cut production again after it wound down output cuts Continue Reading
OPEC, IEA oil demand views converging, optimistic over risks
A model of 3D printed oil barrels is seen in front of displayed stock graph going down in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration LAUNCESTON, Australia, Aug 15 Continue Reading
OPEC Sets The Stage For New Output Cuts
OPEC expects global oil markets to tip into surplus this quarter. The surprising revision, which comes at a time of unprecedented pressure by western nations. Analysts are wondering whether OPEC+ Continue Reading
OPEC’s Oil Production Rises But Still Well Below OPEC+ Target
OPEC’s total crude oil production rose by 216,000 barrels per day (bpd) in July compared to June, but combined production from the 10 OPEC members part of the OPEC+ pact Continue Reading
OPEC, in contrast to IEA, sees lower 2022 oil demand growth
OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation Continue Reading
IEA raises 2022 oil demand growth forecast by 380,000 b/d
Highlights Raises OPEC+ output ‘call’ for 2022 by 700,000 b/d, lowers 2023 estimate Oil output hits post-pandemic high, 1 million b/d rise seen by end-2022 Raises H2 Russian oil supply Continue Reading
OPEC+ Flags Severely Limited Availability of Excess Capacity
The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Wednesday, offered several warnings. The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Continue Reading