Oil tanker owners and shipbrokers are set to suffer longer than expected from the massive OPEC+ production cuts after the coalition surprised the oil and tanker markets on Thursday by Continue Reading
Saudi Arabia and its OPEC+ allies shocked the oil market with a decision to keep supply in check, sending prices surging and adding inflationary pressure to the global economy as Continue Reading
Caution about the pandemic took the upper hand Thursday at a meeting of the OPEC oil cartel and allied countries, as they left most of their production cuts in place Continue Reading
OPEC and its allies appear intent on turbocharging the tightening of the oil market, agreeing to largely leave their hefty production cuts unchanged for April – including Saudi Arabia’s extra Continue Reading
OPEC and its allies kept oil-watchers guessing about their next move, after a day of preliminary talks offered few clues as to whether the market will get the April supply Continue Reading
Rystad Energy’s latest analysis indicates that OPEC+ could raise production by 1.3 million barrels per day in April and keep the market balanced. Rystad Energy’s latest analysis indicates that OPEC+ Continue Reading
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices. There’s a widespread view within the group that the market Continue Reading
Rallying oil prices in recent weeks have intensified speculation that this week the OPEC+ group will decide to put more oil on the market as of April to prevent an Continue Reading
Saudi Arabia’s unilateral additional cut in oil production sent the total OPEC output down by 870,000 barrels per day (bpd) in February, the first monthly drop in the cartel’s production Continue Reading
From trading houses in Geneva to Wall Street banks, much of the oil world agrees that global markets could use some more barrels. The big question is whether OPEC+ will provide Continue Reading
The chance of OPEC and its allies agreeing to increase crude output by 1.5 million b/d for April will hinge on a successful rollout of the COVID-19 vaccines and its Continue Reading
The OPEC+ group of producers complied at 103 percent with the oil output cuts in January, higher than the estimated compliance in December, Argus reports , citing three delegates from Continue Reading
OPEC+ will discuss the possibility of increasing its oil production levels at the next meeting, OPEC+ sources told Reuters on Wednesday. The group is set to meet on March 4, Continue Reading
The leaders of the OPEC+ alliance, Saudi Arabia and Russia, are reportedly once again at odds over oil supply management ahead of another crucial meeting of the group next week. Continue Reading
Saudi Arabia plans to increase its oil output in the coming months, reversing a recent big production cut, say advisers to the Kingdom, a sign of growing confidence over an Continue Reading
In early 2021 Russia secured an increase to its oil output quota under the OPEC+ agreement for February and March, the latest sign that Russia’s comparatively strong economic position is Continue Reading
The OPEC Monthly Oil Market Report for January 2020 was published this past week. The last month reported in each of the charts that follow is January 2021 and output Continue Reading
While the oil market rebalancing looks fragile in the first quarter of 2021, global oil stocks are expected to rapidly draw down in the second half of this year as Continue Reading
OPEC raised its estimate of 2021 global oil demand from last month, saying growth especially for industrial fuels in the second half will be led by positive economic developments supported Continue Reading
OPEC expects oil demand to rise by 5.8 million barrels per day (bpd) this year, down by around 100,000 bpd from last month’s projection due to lockdowns in major developed Continue Reading
OPEC+ will meet again on March 4, but the group will likely agree to keep the same level of oil production through April 2021, Iraqi Oil Minister Ihsan Abdul-Jabbar said Continue Reading
President Biden said the U.S. won’t make the first move to restart negotiations with Tehran over the 2015 nuclear accord, indicating he would only lift sanctions if Iran stops enriching Continue Reading
The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group wrapped up their monthly meeting on Wednesday in record time and, as widely expected, did not make any recommendation about Continue Reading
With Brent prices within spitting distance of $60/b and Saudi Arabia shouldering an extra load of production cuts, OPEC+ ministers concluded a speedy monitoring committee meeting Feb. 3 with an Continue Reading
Oil shipments from OPEC’s Persian Gulf producers slipped last month, even as output restrictions were eased and production volumes increased. Combined shipments of crude and condensate — a light form of oil extracted from Continue Reading
OPEC+ expects global oil demand to rise by 5.6 million barrels per day (bpd) this year—lower estimated growth than OPEC’s assessment of 5.9-million-bpd demand increase from less than three weeks Continue Reading
OPEC+ ministers will convene Feb. 3 for a monitoring committee meeting that could provide the first signs of whether festering divisions will re-emerge when the alliance must decide how much Continue Reading
OPEC and its partners estimate they implemented 99% of their agreed oil-supply curbs in December, according to a delegate who asked not to be named. The 23-nation alliance known as OPEC+ Continue Reading
OPEC’s crude oil production has increased by 160,000 barrels per day (bpd) in January as the OPEC+ alliance is easing the output cuts in the first month of 2021, the Continue Reading
The Organization of Petroleum Exporting Countries withheld some 1.3 billion barrels of oil supply last year to keep prices from falling even further, the secretary-general of the cartel said. “I Continue Reading
Massive investment in renewable energy in the developing economies, which are set to produce most of the global emissions in the coming years and decades, will be necessary to achieve Continue Reading
Stability in the oil market will be critical to the energy transition, OPEC Secretary General Mohammed Barkindo said Jan. 27, arguing that volatile prices would harm the global economy and Continue Reading
The producers part of the OPEC+ alliance complied with the oil output cuts at 99 percent in December 2020, down from 101 percent compliance in November, sources at the OPEC+ Continue Reading
Global vaccination campaigns and the resumption of international air traffic will support oil prices within $55-$60/b in the near term, but OPEC will be closely watching for clearer signals from Continue Reading
The global COVID-19 vaccine roll-out is putting oil fundamentals on a stronger trajectory for the year, with both supply and demand shifting back into growth mode following 2020’s collapse, according Continue Reading
The International Energy Agency lowered forecasts for global oil demand as renewed lockdowns to contain the pandemic temper the recovery expected this year. “The global vaccine roll-out is putting fundamentals on a Continue Reading
Global oil demand will be lower in 2021 than previously expected, the International Energy Agency said on Tuesday, as renewed lockdowns to contain the coronavirus pandemic hit consumption. The IEA said Continue Reading
OPEC’s crude oil export revenues for 2020 could decline to $323 billion, the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue Continue Reading
OPEC Monthly Oil Market Report for December 2020 was published this week. The last month reported in each of the charts that follow is December 2020 and the output reported Continue Reading
Global oil stockpiles fell to a seven-month low in November but OPEC, which kept its 2021 demand outlook little changed from last month’s forecast, has signaled it is still trying Continue Reading
The pandemic and the pace of economic and oil demand recovery from the coronavirus-inflicted crisis are posing a major challenge to oil producers in rebalancing the market, according to Tim Continue Reading
Countries dependent on oil revenues for much of their budgets will become increasingly vulnerable to problems caused by the global energy transition, the head of the International Energy Agency, Fatih Continue Reading
OPEC+ group’s compliance with the oil production cuts fell to 75 percent in December 2020—one of the lowest levels since the pact was enacted in May 2020, tanker tracking firm Continue Reading
OPEC and its allies raised their crude oil production by 280,000 b/d in December to a seven-month high, as Libya pumped its most since mid-2013 and several other countries posted Continue Reading
A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in Continue Reading
OPEC’s production rose for a third month in December as a continued cease-fire in crisis-torn Libya enabled it to restore more supplies. While the group’s dominant producer, Saudi Arabia, startled oil markets Continue Reading
OPEC+ was nearing a consensus that would hold its oil output steady next month, after the group rejected Russia’s proposal for a production increase. Negotiations were ongoing and not all Continue Reading
Saudi Arabia will make additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers Continue Reading
Saudi Arabia said it would unilaterally cut 1 million barrels a day of crude production starting next month, a surprise move signaling the kingdom’s worry that a resurgent coronavirus is Continue Reading
Saudi Arabia warned Opec and allies outside the oil cartel against unleashing more barrels on to a fragile market, putting the kingdom at loggerheads with rival Russia. Prince Abdulaziz bin Salman, Continue Reading
