The Net-Zero Narrative Is Riddled With Holes
When the International Energy Agency released its Roadmap to Net Zero report, OPEC slammed it as “destabilizing.” Russia said the IEA’s plan could push oil to $200 per barrel. Even Continue Reading
OPEC, Energy Industry Should Thank Saudi Arabia For Oil Price Recovery
OPEC—as well as the entire energy industry—should be thanking Saudi Arabia for its “magnificent” job in managing their production during the Covid-19 pandemic, according to Robert Yawger, executive director of Continue Reading
Pandemic recovery to push emissions to all-time high – IEA
The global rebound from the COVID-19 pandemic is set to drive emissions of greenhouse gases that stoke climate change to all-time highs, the Paris-based International Energy Agency said in a Continue Reading
OPEC Could Double Its Control Over Oil Market
OPEC could double its control over the oil market, to between 70% and 80%, according to Lukoil’s Vice President. OPEC will win its increased share by default, Leonid Fedun, Vice Continue Reading
OPEC+ gives the market more crude, but could leave some members behind
Highlights Deal calls for monthly 400,000 b/d output increases Some members will struggle to produce at their quotas Saudi Arabia, UAE, Russia hold most spare capacity OPEC and its allies Continue Reading
More OPEC+ Crude is Needed, How Much Depends on Who You Believe
The world needs the OPEC+ group to open the taps further to balance the oil market in the coming months, on that everyone agrees. But there’s less unanimity on just Continue Reading
OPEC+ Agrees to Boost Oil Output as Demand Roars Back
OPEC and its Russia-led oil-producing allies agreed to unleash millions of barrels of bottled-up crude over the next two years, committing to restore all the cuts they made at the start Continue Reading
Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal
OPEC+ has overcome an internal dispute and salvaged a deal to add more barrels to the market, with the group set to boost output by 400,000 barrels a day each Continue Reading
OPEC Update, June 2021
The OPEC Monthly Oil Market Report for July 2021 was published this past week. The last month reported in each of the charts that follow is June 2021 and output Continue Reading
Saudi Arabia And UAE To Lead OPEC Oil Production Increase
OPEC pumped 26.03 million barrels per day (bpd) of oil in June—up by 590,000 bpd from May, the cartel said on Thursday as it predicts demand for its crude at Continue Reading
OPEC sees world oil demand reaching pre-pandemic level in 2022
OPEC forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and Continue Reading
UAE Closes In on Oil Output Deal to Resolve Standoff With OPEC+
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
The Conflict Within OPEC Is Far From Over
As expected, OPEC leaders Saudi Arabia and UAE have reached a so-called solution to the current export quota conflict. For two weeks, the global oil market was shocked by the Continue Reading
The OPEC+ Stalemate Isn’t Over Just Yet
The battle over oil production quotas within OPEC+ is not yet resolved, according to an official statement from the UAE, although some earlier reports suggested that this was so. But Continue Reading
UAE Closes In on Oil Output Deal to Resolve Standoff With OPEC+
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
The IEA Warns Of Another Oil Price War
The oil market has been on edge for a week now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said on Continue Reading
OPEC Spat Spotlights Saudi Arabia’s Struggle to Kick Oil Dependency – WSJ
Saudi Arabia’s crown prince pledged five years ago to unshackle the economy from oil by 2020. But as the world’s top crude exporter seeks to maintain growth and generate jobs, Continue Reading
OPEC+ Uncertainty, Virus Variant Worries Linger in Oil Market, IEA Says
The recent failure of OPEC and its allies to agree on a plan to ease production cuts in August means oil-market investors face the contradictory worries of both undersupply and Continue Reading
Why Saudi Arabia Is Likely To Win The OPEC+ Standoff
OPEC+ could take until August to decide whether to adjust production baselines, Arab News reported , citing JP Morgan analyst Christian Malek. According to Malek, the oil cartel could take Continue Reading
OPEC+ Still Far From Resolving UAE-Saudi Spat
The odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and Continue Reading
OPEC+ impasse risks price war as demand surges, says IEA
Stalled talks by top oil producers over releasing more supply could deteriorate into a price war just as COVID-19 vaccines are sending demand for oil surging, the International Energy Agency Continue Reading
OPEC+ yet to make progress in resolving impasse, sources say
OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting Continue Reading
IEA Warns of Much Tighter Oil Market Unless OPEC+ Boosts Supply
Global oil markets are set to “tighten significantly” unless the OPEC+ alliance resolves its standoff and agrees to increase production, the International Energy Agency warned. Deadlocked by a dispute between Continue Reading
OPEC+ Uncertainty, Virus Variant Worries Linger in Oil Market, IEA Says
The recent failure of OPEC and its allies to agree on a plan to ease production cuts in August means oil-market investors face the contradictory worries of both undersupply and Continue Reading
The IEA’s Climate Warnings Grow Louder, But Is Anyone Listening?
Earlier this month the International Energy Agency had yet another dire warning for those concerned about the welfare of the planet. Natural gas demand, the IEA said, was improving faster Continue Reading
OPEC’s Spat Isn’t Even About Oil
The UAE took oil market watchers by surprise this month when it dug its heels in and refused to agree to an extension of the current OPEC+ production control deal Continue Reading
OPEC+ hikes June output by 540,000 b/d amid higher demand for crude
Saudi pumps at a five-month high of 8.97 mil b/d Russian output flat at 9.51 mil b/d OPEC+ quota compliance dips to 110% Iraq, Nigeria improve their compliance OPEC and Continue Reading
OPEC Agreement At Risk As UAE Prepares To Open The Taps
In a relatively rare example of disagreement — or, at least, such public disagreement — usually close allies Saudi Arabia and the United Arab Emirates (UAE) have failed to reach Continue Reading
Opec ‘gets a pass to lift oil prices’ as hedging losses hobble US shale
Some of America’s biggest oil groups are racking up tens of billions of dollars in hedging losses despite soaring crude prices, as contracts signed during last year’s crash left them Continue Reading
The Real Reason OPEC Talks Broke Down
Major cracks appear to be forming in the OPEC+ alliance. After several years of unprecedented cooperation between OPEC members and non-OPEC producers, the growing regional economic and power conflict between Continue Reading
Saudi-UAE still at impasse as Russia steps in to rescue OPEC+ deal
Russia is leading efforts to close divisions between Saudi Arabia and the United Arab Emirates to help strike a deal to raise oil output in coming months, three OPEC+ sources Continue Reading
U.A.E. Pushes to Produce More Crude, Creating OPEC Deadlock
The pandemic stalled factories and shut down businesses around the world, causing a historic drop in oil demand just as production was reaching new highs. (Originally published April 16, 2020) Continue Reading
A UAE spat to ‘one of the worst meetings’: a history of OPEC and others at odds
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina LONDON, July Continue Reading
Goldman says crude oil output path uncertain as OPEC+ talks cease
Goldman Sachs said on Tuesday the collapse of OPEC+’s oil output talks had introduced uncertainty into the prospects for output, but maintained its view that Brent crude would be around Continue Reading
OPEC Stalemate Could Spark A New Oil Price War
Nearly a week of formal and side talks and behind-the-scenes negotiations failed to resolve a dispute over baseline production levels at OPEC+. The discord threw the group in its most Continue Reading
Analysis: OPEC disagreement lays bare growing UAE-Saudi economic rivalry
Rare public disagreement between the United Arab Emirates and Saudi Arabia over OPEC policy points to a growing economic rivalry between the two largest Arab economies which only looks set Continue Reading
Oil and Dollars: Why the UAE Is Risking a Falling-Out With OPEC+
The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic. The United Arab Emirates, the group’s fourth-biggest producer, argued against Continue Reading
Asian oil buyers fret over margin impact of cancelled OPEC+ meeting
Crude oil buyers in Asia are concerned that an unexpected cancellation of an OPEC+ meeting to discuss a rise in output could drive oil prices even higher and hurt their Continue Reading
High-Stakes Oil Diplomacy Puts Future of OPEC+ Deal at Risk
A high-stakes game of oil diplomacy pits Saudi Arabia against long-time ally Abu Dhabi. And the result of their fight will shape not just the price of oil for the Continue Reading
Vitol Sees Oil Rising on Assumption OPEC+ Steps Will Fall Short
The world’s largest independent oil trader expects crude’s rally to continue on the assumption any OPEC+ output hikes will fail to keep pace with growth in demand. The Organization of Continue Reading
Opec impasse shows UAE’s ‘flexing its muscles’ against Saudi Arabia
A few years ago, the United Arab Emirates and Saudi Arabia went as far as secretly drawing a plan for a political union.While a confederation did not materialize, the Gulf’s Continue Reading
Seeds of OPEC+ discord planted by the UAE’s oil expansion ambitions
Highlights UAE’s ADNOC spending $122 bil through 2025 ADNOC boosting capacity to 5 mil b/d by 2030 It wants Murban futures to become benchmark OPEC is no stranger to squabbles, Continue Reading
UAE supports OPEC+ easing cuts through Dec, but current baseline production ‘unfair’
Current Oct 2018 baseline is unfair: UAE energy ministry Wants extension of current pact beyond April 2022 to be discussed later OPEC+ to meet virtually July 5 to resume talks Continue Reading
Iraq backs OPEC+ output hike from August, extension of pact beyond April 2022
OPEC+ ministers set to meet July 5 to resolve impasse Saudi and UAE disagree over extension of current pact Iraq is OPEC’s second biggest producer Iraq supports the proposal to Continue Reading
OPEC+ agrees new oil deal but without UAE agreement, source says
OPEC+ agreed on Friday to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer, even though the Continue Reading
OPEC+ Standoff Drags On With Inflationary Price Spike at Stake
OPEC+ allies were locked in a tense diplomatic standoff on Friday amid a dispute that threatens to send oil prices sharply higher. A day after the alliance was forced to Continue Reading
OPEC’s Production Soared By 855,000 Bpd In June
As agreed in April, OPEC opened the taps in the second quarter of the year to meet a rebound in global oil demand, boosting crude production by 855,000 barrels per Continue Reading
OPEC+ Fails to Make Day 2 Deal
OPEC+ abandoned efforts to break a deadlock within the cartel for a second night, increasing the risk its failure to act will unleash an inflationary spike in oil prices. Friday’s Continue Reading
OPEC+ Fails to Reach Output Deal With Talks Kicked to Monday
OPEC and its allies abandoned oil-supply negotiations until Monday as a rebellion by a key member threatened the unity of the alliance. Talks ended without a deal to increase output Continue Reading
Opec talks end in deadlock over raising oil production
Opec and its allies failed to reach an agreement on raising oil production on Friday as talks hit a deadlock for a second day, with the UAE remaining opposed to Continue Reading