IMF head says global economy now in recession
The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the Continue Reading
Global Economic Fallout Grows as Coronavirus Cases Pass 600,000
Concerns about the financial toll of the coronavirus pandemic continued to grow as the number of infections globally topped 600,000 Saturday, with the International Monetary Fund warning of an economic Continue Reading
OPEC February Production Data
It is thousand barrels per day and is through February 2020. The OPEC data no longer includes Ecuador. OPEC 13 was down 546,000 barrels per day in February. The only Continue Reading
Ten signs the oil industry is bent out of shape
The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to Continue Reading
World Trade Rocked by Virus Sees Worst Collapse in a Generation
The global economy’s most abrupt and consequential shock in at least a generation is unfolding at ports and other hubs of international commerce as the U.S. and Europe struggle to Continue Reading
Countries Starting to Hoard Food, Threatening Global Trade
It’s not just grocery shoppers who are hoarding pantry staples. Some governments are moving to secure domestic food supplies during the conoravirus pandemic. Kazakhstan, one of the world’s biggest shippers of Continue Reading
Surveys show coronavirus pandemic savaging global economy
Evidence of the devastation wreaked on the global economy by the coronavirus pandemic mounted on Tuesday as activity surveys for March from Australia and Japan showed record falls, with surveys Continue Reading
OPEC-Shale Peace Prospects Crumble Hours After Historic Call
Just hours after one of the most powerful officials in the biggest U.S. oil state was invited to OPEC’s inner sanctum in June, propspects for a rapprochement between two historically Continue Reading
OPEC, U.S. Shale Producers Open Talks Amid Oil Rout
U.S. oil industry regulators opened a dialogue with OPEC in talks that could help foster a truce between the world’s three largest oil producers and potentially resolve a Saudi-Russian price Continue Reading
OPEC+ losses influence on the market, but participants should continue to talk: Sechin
Rosneft CEO Igor Sechin said Friday that OPEC+ has lost its ability to influence the market, but the world’s biggest oil producers should continue to talk. Receive daily email alerts, Continue Reading
OPEC, U.S. Shale Producers Open Talks Amid Oil Rout
U.S. antitrust laws prevent a formal deal and there is no suggestion the two sides would coordinate on production decisions. But the Texas regulator is considering curtailing output in America’s Continue Reading
IEA Calls For Emergency Clean Energy Aid Package
The coronavirus pandemic will almost certainly trigger a global economic recession , and the recession may have already started with major economies grinding to a standstill. The U.S. government has Continue Reading
OPEC+ Panel Cancels Next Week’s Meeting
The March 18 meeting of the OPEC+ panel monitoring the oil market and producers’ compliance with quotas has been canceled, a source in one delegation told Russia’s news agency TASS Continue Reading
Exclusive: Russia to OPEC: deeper oil cuts won’t work
This week’s oil price rout had become inevitable and cutting output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will Continue Reading
Russia Might Not Be Done With OPEC Just Yet
Despite the break-up of the OPEC+ production cut agreement, “the doors aren’t closed” to future cooperation between Russia and OPEC, Russia’s Energy Minister Alexander Novak told local news channel Rossiya Continue Reading
IEA: Oil Demand To Drop For First Time Since 2009
Global oil demand is set to drop this year for the first time since the financial crisis in 2009, the International Energy Agency (IEA) said on Monday, as it slashed Continue Reading
Oil Market Report – March 2020
Covid-19 (coronavirus) has spread beyond China and our 2020 base case global oil demand forecast is cut by 1.1 mb/d. For the first time since 2009, demand is expected to Continue Reading
Oil plunges as Opec output cut talks with Russia collapse
Talks between Opec and Russia over whether to cut oil production in response to the coronavirus outbreak collapsed without a deal on Friday, sending crude prices plunging more than 9 Continue Reading
OPEC Compliance Hit 136% Before Talks Failed
OPEC+ oil producers overcomplied with their collective production cut deal in January, thanks to overcompliance from OPEC members, Russia’s TASS news agency reported on Friday, quoting two sources in OPEC+ Continue Reading
OPEC Slashes Oil Demand Growth Forecast To 480,000 Bpd
The coronavirus outbreak is dealing a heavy blow to global oil demand, which is now expected to grow by just 480,000 bpd in 2020, compared to expectations of 1.1-million-bpd growth Continue Reading
OPEC unveils plan to tackle coronavirus oil market crisis but asks Russia to make the call
Saudi Arabia has put all of its eggs in Vladimir Putin’s basket, allowing the Russian president to decide the course of the OPEC+ alliance’s production policy and, indeed, whether their Continue Reading
Saudi Aramco Waits For OPEC+ Decision To Price Its April Oil
Saudi Arabia’s oil giant Aramco usually tells customers on the 5 th of each month how much they will pay for Saudi crude oil for the following month. But this Continue Reading
OPEC Meeting March 5, 2020: Effort to Bridge Saudi-Russia Divide
OPEC ministers agreed among themselves that oil production should be cut by 1.5 million barrels a day to offset the huge demand hit from the coronavirus epidemic, gambling that they can Continue Reading
OPEC Oil Production Dives To 10-Year Low
OPEC’s crude oil production fell to the lowest in more than ten years last month as a number of producers cut more deeply than they had agreed to and Libya’s Continue Reading
Oil News: OPEC+ Experts Urge More Oil-Output Curbs on Virus
Experts from OPEC+ recommended that oil ministers consider a larger production cut when they meet this week, as the havoc wrought on the world economy by the coronavirus prompted Wall Continue Reading
OPEC for now plans March 5-6 meeting, pending final decision: sources
OPEC for now is planning to hold its ministerial meeting as scheduled this week, pending a final decision Monday with a teleconference under consideration, sources told S&P Global Platts. “At Continue Reading
OECD warns coronavirus could halve global growth
The OECD sounded the alarm about coronavirus on Monday, warning that it could halve global economic growth this year from its previous forecast. The Paris-based group lowered its central growth forecast Continue Reading
OPEC+ Could Cut Up To 2.7 Million Bpd
OPEC could agree further oil production cuts at its meeting in Vienna this week, even if Russia decides not to join them, unnamed sources in the know told Reuters. In Continue Reading
A $30 Oil Price Is the Real Virus Threat to OPEC
It’s finally upon us. The week when ministers from the oil-producing countries of OPEC and their allies meet to decide on the future of their latest round of output cuts. Continue Reading
OPEC for now plans March 5-6 meeting, pending final decision: sources
OPEC for now is planning to hold its ministerial meeting as scheduled this week, pending a final decision Monday with a teleconference under consideration, sources told S&P Global Platts. Receive Continue Reading
Putin says current oil price acceptable, backs continued OPEC+ cooperation
Russian President Vladimir Putin said Sunday that current oil prices are acceptable for Russia and he backed continued cooperation through the OPEC+ agreement to ensure market stability and combat the Continue Reading
Saudi Arabia seeks bigger oil cut as coronavirus slashes demand
Saudi Arabia is pushing to make a substantial cut in oil production when Opec and its allies meet next week, as global energy producers scramble to respond to the coronavirus Continue Reading
IEA: Coronavirus May Hit Oil Demand Growth More Than Expected
The coronavirus outbreak could hit global oil demand growth more than currently expected, the head of the International Energy Agency (IEA) said on Tuesday, adding that the agency could additionally Continue Reading
Oil prices under pressure due to coronavirus, excess oil supply: IEA’s Birol
Oil prices are under downward pressure and have been immune to geopolitical risk due to a market awash with crude and the impact of the coronavirus on demand, the International Continue Reading
Saudi Arabia: OPEC Should Pay Serious Attention To Coronavirus
The OPEC+ group should not be complacent about the impact of the coronavirus outbreak on oil demand, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told reporters on Tuesday, a Continue Reading
Saudi energy minister has confidence in OPEC+, Russia still engaged
Saudi energy minister Prince Abdulaziz bin Salman on Tuesday said he has confidence in OPEC+ and Russia, which is leading the non-OPEC members in the OPEC+ alliance, as Moscow is Continue Reading
Russia keeps brakes on OPEC proposal for further output cuts
Russia is in no rush to announce its position on additional cuts proposed by OPEC, as nothing urgent is happening in the oil market and there are two more weeks Continue Reading
Russia, OPEC Will Not Move Forward Their Next Meeting
Despite the uncertainty on the oil market amid the coronavirus outbreak, there is a common understanding among the OPEC+ coalition that ministers do not need to move forward their meeting Continue Reading
OPEC+ formally scraps plans for earlier meeting, confirms March 5-6 date in Vienna
OPEC and its allies will meet in Vienna on March 5-6, officials confirmed Wednesday, formally abandoning plans to hold an earlier summit to confront the coronavirus’ impact on oil markets. Continue Reading
IMF chief hopes for global policy response to mitigate coronavirus impact
The International Monetary Fund hopes governments and central banks will work on a response to the coronavirus outbreak once the economic impact becomes clear, IMF Managing Director Kristalina Georgieva said Continue Reading
OPEC Aims To Balance Oil Markets Against All Odds
As 2019 came to a close, oil prices were under pressure from the continued surge of U.S. shale oil. Although OPEC and its partners had already cut production by more Continue Reading
Global Oil Inventories Set To Soar As OPEC Fails To Take Action
The coronavirus outbreak in China will curb global oil demand growth by at least a quarter this year, and the production cuts of 600,000 barrels per day (bpd) proposed by Continue Reading
OPEC January Production Data
All OPEC data below is from the February edition of the OPEC Monthly Oil Market Report. The data thousand barrels per day and is through January 2020. OPEC Monthly Oil Continue Reading
The Coronavirus May Mark The End Of Russia-OPEC Cooperation
A week ago, at an emergency meeting of the OPEC’s Joint Technical Committee, Russia refused to agree to the cartel’s proposal to reduce production by an additional 600 000 barrels Continue Reading
IEA working on global roadmap to cut emissions by 2030
The Paris-based International Energy Agency is working on a global roadmap to bring about rapid cuts to greenhouse gas emissions by 2030, for release this summer, its executive director Fatih Continue Reading
IEA slashes 2020 oil demand forecast by 480,000 b/d on coronavirus impact
The International Energy Agency Thursday slashed its oil demand forecast for 2020 by almost 500,000 b/d and said demand will contract for the first time in a decade during the Continue Reading
OPEC Sees Oil Demand Grow By 990,000 Bpd In 2020
OPEC slashed on Wednesday its global oil demand growth forecast for 2020, expecting the coronavirus outbreak to weigh heavily on fuel demand in the world’s oil demand growth driver, China. Continue Reading
Russia deliberates on OPEC+ cuts as Novak meets with companies, Kazakh minister
Russia’s energy minister Alexander Novak held a series of meetings Wednesday, first with his new Kazakh counterpart and later with Russian oil producers, as the country moves towards a decision Continue Reading
Russia Still Elusive On Deeper OPEC+ Oil Production Cuts
Russia is still reviewing the recommendation of the OPEC+ technical panel for additional cuts of 600,000 bpd in response to the slump in oil demand over the coronavirus outbreak, Russian Continue Reading
OPEC Panel Wants Cuts Extended, Russia Undecided
The technical panel of the OPEC+ group recommended extending the oil production cuts agreed last December to the end of 2020, the current president of OPEC, Algeria’s oil minister, told Continue Reading