Saudi Oil Minister: OPEC+ needs to remain cautious with its approach to oil production adjustments despite rising prices OPEC+ is adding 400,000 bpd to its combined output every month Some Continue Reading
Putin: “Currently, the OPEC+ countries are increasing production volumes, even slightly more than they agreed to do, but not everyone can do it,” Some OPEC+ members—including OPEC’s Angola and Nigeria Continue Reading
Even if OPEC+ were to boost oil supply to the market, as major consuming nations have called for, it wouldn’t have much difference on the global natural gas market, Saudi Continue Reading
Saudi Aramco has cut prices for Asia-bound cargoes in November 2021 by 10-50 cents per barrel, with the heaviest Arab Heavy stream seeing the most marked month-on-month change Seemingly eager Continue Reading
The International Energy Agency’s annual World Energy Outlook, the latest edition of which was published on Wednesday, is probably the closest thing to a bible in the energy world. It Continue Reading
The OPEC+ group saw its overall compliance with the collective oil production cuts at 115 percent in September, a delegate told Argus on Monday, down from the 116-percent compliance in Continue Reading
OPEC+ compliance with oil cuts fell slightly to 115% in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face Continue Reading
The OPEC Monthly Oil Market Report for October 2021 was published this past week. The last month reported in each of the charts that follow is September 2021 and output Continue Reading
Only 5 producers in the OPEC+ alliance are able to significantly boost output in the short term Africa’s oil giants Nigeria and Angola are the hardest hit, with the pair Continue Reading
The energy crisis that has pushed the prices of fossil fuels to highs not seen in years is threatening the global recovery from the coronavirus pandemic, the International Energy Agency Continue Reading
Global oil stockpiles will continue to drain for the rest of the year, but things could look very different in 2022, with supply set to exceed demand if the OPEC+ Continue Reading
Permian oil production could reach pre-pandemic levels soon Control over the market’s marginal oil supply and oil prices is firmly in the hands of OPEC+ Overall, America’s production growth next Continue Reading
A global energy crunch is expected to boost oil demand by half a million barrels per day (bpd) and could stoke inflation and slow the world’s recovery from the COVID-19 Continue Reading
A global energy crunch is expected to boost oil demand by half a million barrels per day (bpd) and could stoke inflation and slow the world’s recovery from the COVID-19 Continue Reading
Highlights Energy crisis, gas-to-oil switching could boost oil demand by 500,000 b/d IEA revises up oil demand growth to 5.5 mil b/d in 2021, 3.3 mil b/d in 2022 Q4 Continue Reading
In this month’s report, OPEC revised downward its 2021 estimate due to lower-than-expected actual data for the first three quarters of the year In its closely watched Monthly Oil Market Continue Reading
When it comes to coffee beans, what happens in Brazil doesn’t stay in Brazil. In July and August, a bad frost hit the country’s coffee-producing region and analysts say Brazil’s Continue Reading
OPEC+ is producing less oil than it is supposed to, a survey by Platts has revealed, as cited by Forex Live. The oil cartel was supposed to pump a combined Continue Reading
This year’s oil price rally will help Middle Eastern oil producers book current account surpluses of $165 billion in 2021, compared to current account deficits of $6 billion in 2020, Continue Reading
The U.S. is likely to ask OPEC member states to pump more crude to help ease a surge in energy prices, according to oil historian Daniel Yergin. “Joe Biden knows Continue Reading
Concern that demand for oil may weaken in the future was one of the reasons OPEC+ didn’t add additional barrels OPEC+ members aren’t keen to derail the current oil price Continue Reading
The use of low-carbon hydrogen and ammonia in fossil fuel plants could be key to ensure security in electricity supply while the world is moving toward cleaner energy sources, the Continue Reading
Highlights ‘Closely monitoring’ gas, LNG markets amid record prices in Europe, Asia LNG helping Asia energy transition but not enough for net zero emissions A few million mt/year global hydrogen Continue Reading
OPEC+ holds both the knife and the cake in the oil market, according to Rystad Energy. OPEC+ holds both the knife and the cake in the oil market, especially as Continue Reading
Oil was steady on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and recovery from the Continue Reading
OPEC and a Russia-led group of oil producers agreed to continue increasing production in measured steps, delegates said Monday, deciding against opening the taps more widely, and driving U.S. crude Continue Reading
Three sources at OPEC+ told Reuters that the group were likely to keep the 400,000-bpd monthly increase for November. Bakr: One option is to ease the cuts by 400,000 bpd Continue Reading
The OPEC+ meeting has ended with rather disappointing news for President Biden and others who were hoping for a surprise increase in oil production OPEC+ decided in the middle of Continue Reading
Oil prices raced past $81 today as OPEC+ refused to increase production by more than the agreed-upon 400,000 bpd this month There are now fears in the market that OPEC+ Continue Reading
OPEC and its allies are likely to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources said Continue Reading
OPEC+ is likely to stick to an existing deal to add 400,000 barrels per day (bpd) to its output for November when it meets next week, sources said, despite oil Continue Reading
The Organisation of Petroleum Exporting Countries (OPEC) has once more warned that reducing investment in the oil and gas industry due to pressure from activists and climate change crusaders might Continue Reading
Highlights Global oil demand forecast to grow almost 20% from 2020-2045 Oil to comprise 28% of 2045 energy demand, renewables 10% Aviation sector won’t fully recover from pandemic until 2024 Continue Reading
Goldman Sachs claims that oil has entered a structural bull market, reaffirming their $90 oil prediction Oil inventories are seeing their largest daily drawdowns ever, and the growing global natural Continue Reading
OPEC is forecasting an unlikely winner amid an energy shift away from hydrocarbons, predicting the cartel itself will dramatically boost its influence in the global oil market over the next Continue Reading
Over the weekend, Morgan Stanley’s global energy head Martijn Rats shared a comprehensive yet streamlined analysis of what happened in 2021 that has sent many commodity prices, including Europe’s natural Continue Reading
OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike. (Bloomberg) — OPEC and Continue Reading
The OPEC+ group lifted its production in August, but underinvestment and maintenance work has hampered the group’s ability to raise production—and supply could be insufficient to meet the world’s growing Continue Reading
The International Energy Agency has called on Russia to send more gas to Europe to help alleviate the energy crisis, becoming the first major international body to address claims by Continue Reading
OPEC+ compliance with oil production cuts rose to 116% in August from 109% in July, two sources from the producer group told Reuters. Subscribe for our daily curated newsletter to Continue Reading
The OPEC Monthly Oil Market Report for September 2021 was published this past week. The last month reported in each of the charts that follow is August 2021 and output Continue Reading
World oil demand will rise back above 100 million barrels per day, a level last reached in 2019, as soon as the second quarter of next year, according to major Continue Reading
After three consecutive months of declines due to the Delta variant, global oil demand is set to rebound with a 1.6-million-bpd jump in October and continue rising through the end Continue Reading
China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg Continue Reading
After a three-month slide in global oil demand due to the spread of the Delta variant of COVID-19 and pandemic restrictions especially in Asia, vaccine roll-outs are set to power Continue Reading
The impact of Hurricane Ida and other oil supply outages will take a sizable chunk out of global oil production this year, the International Energy Agency said Tuesday. In its Continue Reading
OPEC saw its crude oil production rise by 150,000 barrels per day (bpd) in August, data from secondary sources in the cartel’s monthly report showed, but even at higher quotas, Continue Reading
OPEC could revise down its forecasts for global oil demand in 2022, in view of the increased uncertainty with the Delta variant, two OPEC+ sources told Reuters on Friday. OPEC Continue Reading
Highlights Alliance fails to take full advantage of rising quotas Iraq, Russia, Saudi Arabia, UAE post biggest increases Kazakhstan maintenance, Nigeria oil spill limit gains OPEC and its allies nudged Continue Reading
The head of Russia’s No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were “comfortable” for consumers and that the OPEC+ group of leading oil-producing nations was Continue Reading
