Oil Tumbles as Virus Lockdowns in China Pummel Economy Saudi Arabia’s energy minister said a dearth of refining capacity meant that gasoline and other oil products would remain expensive even Continue Reading
IEA: slowing demand growth and rising production from other major oil economies will help weather the effect of sanctions on Russia. IEA revises demand growth figures for 2022. Accelerating inflation Continue Reading
Group of Seven finance chiefs are set to make their biggest appraisal yet of how the world has changed since the start of Russia’s war in Ukraine some 80 days Continue Reading
OPEC cuts world economic growth estimate to 3.5% from 3.9% last month. OPEC now sees growth of 3.36 million bpd in 2022 compared to 2021. OPEC: Demand in 2022 is Continue Reading
Crude oil production by OPEC and its partners fell to a six-month low of 41.58 million b/d in April as Russian production took a battering from Western sanctions, the latest Continue Reading
Ministers warn that energy investment at crisis levels No current shortage in the oil market, Mazrouei says OPEC+ blamed unfairly for high prices, Prince Abdulaziz says Targeted by so-called NOPEC Continue Reading
Leaders of the G-7 countries pledged to ban the import of Russian oil in response to Putin’s war in Ukraine. Tony Czuczka reports. Leaders of the Group of Seven most Continue Reading
OPEC+ concludes Ministerial meeting with very small additional production increase. OPEC leaves EU ban of Russian crude undiscussed. EU sanction drive against Russia has proved to be a boon for Continue Reading
U.S. Senate Judicial Committee passed the NOPEC bill on Thursday. Washington ups the ante on former Middle East allies. The NOPEC bill could have serious consequences for OPEC as a Continue Reading
Almost half the shortfall in planned oil supply by OPEC and its allies is down to Nigeria and Angola, data seen by Reuters shows, reflecting a number of factors including Continue Reading
OPEC+ will likely stick to modest oil output increases on Thursday arguing it is not responsible for geopolitics and supply disruptions while stressing its worries over the demand outlook due Continue Reading
OPEC+ sees a surplus of 1.9 million barrels per day (bpd) in 2022, 600,000 bpd higher from a previous forecast, amid expectations of slower demand growth this year, a report Continue Reading
U.S. President Joe Biden on Wednesday said he would speak with other leaders from the Group of Seven advanced economies this week about potential additional sanctions against Russia over its Continue Reading
OPEC+ sees a surplus of 1.9 million barrels per day (bpd) in 2022, 600,000 bpd higher from a previous forecast, amid expectations of slower demand growth this year, a report Continue Reading
Force majeure in Libya and under-production in Nigeria have led to a much lower increase in OPEC production for the month of April than was called for by the cartel’s Continue Reading
OPEC+ expected to boost production by 400,000 in June. Many group members have consistently failed to deliver the agreed production increases. The total production of OPEC+ for March was 1.45 Continue Reading
World bank: Russian invasion of Ukraine will alter energy trade flows for years to come. Elevated commodity prices will worsen inflationary pressures globally. The World Bank expects crude prices to Continue Reading
The last time Russia invaded Ukraine, in 2014, outraged world leaders booted Russia out of the Group of Eight industrialized nations, which quickly rebranded itself the Group of Seven. Eight Continue Reading
The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices Continue Reading
OPEC+ produced 1.45 mln barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West, a report from the Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for April 2022 was published last week. The last month reported in each of the charts that follow is March 2022 and output Continue Reading
The IEA and OPEC have both revised their oil demand projections, hinting that prices could see a meaningful decline in the coming months. China’s latest COVID lockdowns are also adding Continue Reading
China consumption estimate reduced by 925,000 b/d in April Global market now seen in balance for much of the year The International Energy Agency cut its forecast for global oil Continue Reading
The International Energy Agency has lowered its global oil demand forecast because of surging coronavirus cases in China and weaker than expected demand in the US and other developed countries. Continue Reading
A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about U.S. influence on the figures, sources close to the Continue Reading
OPEC raised its oil production by just 57,000 barrels per day (bpd) in March from February, as African members’ struggles to pump more crude partially offset increases at the core Continue Reading
OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to Continue Reading
OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigeria’s Petroleum Minister Timipre Sylva told Anadolu Agency on Friday. Continue Reading
Crude oil production by OPEC and its allies fell in March from February for the first time in more than a year, the latest S&P Global Commodity Insights survey found, Continue Reading
International Energy Agency member countries have agreed to release 120 million barrels of oil from storage, which includes 60 million barrels from the US, as part of its overall draw Continue Reading
The IEA’s Member Countries agreed to a new release of oil from emergency reserves due to market turmoil caused by Russia’s invasion of Ukraine. The International Energy Agency’s 31 Member Continue Reading
Follows US’ record 180-million-barrel SPR release move IEA’s initial stock release was for almost 62 million barrels Russian crude production shut-ins estimated at 2.8 million b/d The International Energy Agency Continue Reading
Oil prices fell on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a huge planned release Continue Reading
The International Energy Agency has called an emergency ministerial meeting on Friday at 1200 GMT to discuss the state of the oil market, a spokesperson for Australian energy minister Angus Continue Reading
The Organization of Petroleum Exporting Countries and its allies will no longer use oil data from the International Energy Agency to assess compliance with production quotas amid a deepening rift Continue Reading
OPEC’s Joint Technical Committee has revised its estimates for Q1 supply and demand. In the Committee’s estimation, the supply surplus has shrunk to 600,000 bpd, versus its previous estimate of Continue Reading
Gulf oil producers slam hypocritical attitude towards fossil fuels. The UAE and Saudi Arabia look to boost production capacity this decade. OPEC has its priorities, and it is sticking to Continue Reading
The unprecedented financial sanctions imposed on Russia after its invasion of Ukraine threaten to gradually dilute the dominance of the US dollar and result in a more fragmented international monetary Continue Reading
Oil Pares Losses After Dipping Below $100 OPEC and its allies are expected to rebuff calls this week to fill in the supply gap left by falling oil exports from Continue Reading
OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the group said, despite a surge in prices due to the Continue Reading
U.S. President Joe Biden said he thinks Russia should be removed from the Group of Twenty (G20) major economies and the topic was raised during his meetings with world leaders Continue Reading
OPEC: EU oil embargo on Russia to hurt consumers. OPEC+ and OPEC have not officially commented on the Russian invasion of Ukraine. Nothing is off the table about additional EU Continue Reading
Over the past 120 years, a Beirut bakery has survived civil war, Lebanon’s financial crisis and the Covid-19 pandemic. Fighting in Ukraine , disrupting food and energy supplies world-wide, may Continue Reading
Russia’s invasion of Ukraine has sent oil prices soaring and could soon deprive oil markets of more than four million barrels of Russian oil. For decades, OPEC has been looked Continue Reading
The International Energy Agency has released a 10-point plan aimed at reducing global oil consumption by as much as 2.7 million barrels daily. The focus of the measure that the Continue Reading
Compliance with OPEC+ output cuts jumps to 136% in February. For more than seven months now, OPEC+ has actually added lower volumes to the market than the projected 400,000 bpd Continue Reading
Highlights Birol urges ‘good’ response at next OPEC+ meeting March 31 Japanese PM latest to talk with Saudi crown prince on output Birol says countries need to show they are Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for March 2022 was published this week. The last month reported in each of the charts that follow is February 2022 and output Continue Reading
IEA: large-scale supply disruptions are increasingly likely as a result of sanctions on Russia. IEA: Global oil demand growth will decline due to a slowdown in economic growth. The IEA Continue Reading
The International Energy Agency has revised lower its global refinery throughput estimates for this year following Russia’s invasion of Ukraine , in its latest monthly report March 16. Not registered? Continue Reading
