Goldman’s Currie: Oil Market Will Continue to Tighten Sign up for our Middle East newsletter and follow us @middleeast for news on the region. OPEC+ will consider cutting oil output Continue Reading
OPEC+ will hold its meeting on Oct. 5 in person in Vienna, an OPEC source told Reuters on Saturday. A virtual option will also be available for some delegations due Continue Reading
OPEC oil output rose in September to its highest since 2020, surpassing a pledged hike for the month, after production in Libya recovered from disruption and Gulf members boosted output Continue Reading
Leading OPEC+ members have begun discussions about an oil output cut at the group’s next meeting on Oct. 5, three sources told Reuters. One OPEC source told Reuters a cut Continue Reading
Russia is likely to propose that OPEC+ reduces oil output by around 1 million barrels per day at its next meeting in October, a source familiar with the Russian viewpoint Continue Reading
WASHINGTON, Sept 27 (Reuters) – The International Monetary Fund on Tuesday took aim at new British financial plans that have roiled markets, warning that “large and untargeted fiscal packages” would Continue Reading
OPEC+ is now producing below its targets by a record 3.58 million barrels per day – about 3.5% of global demand – highlighting underlying tight supply in the oil market, Continue Reading
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OPEC+ fell short of its oil production target by 3.583 million barrels per day (bpd) in August, an internal document showed, having missed target by 2.892 million bpd in July. Continue Reading
OPEC+ cut its production target by 100,000 bpd this week, a move that was largely symbolic due to the group’s underproduction. After an initial spike in prices, markets appear to Continue Reading
Highlights OPEC+ production up 260,000 b/d in August Kazakh, Nigerian losses temper Libyan, Gulf gains Output is 3.61 mil b/d below target, most in OPEC+ history Not registered? Receive daily Continue Reading
OPEC+ cut oil production targets by 100,000 barrels per day for the month of October. Though the cut was minimal, it could signal that further production cuts are on the Continue Reading
OPEC+ members have trusted their chairman, Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud, to intervene whenever necessary to stabilize crude markets through calling for a meeting at any time Continue Reading
OPEC+ meeting ends with small production cut decision. Russia was said to have resisted a production cut ahead of the meeting. OPEC+ decided that it could call a meeting at Continue Reading
Wary of a global economic slowdown, OPEC and its allies will trim their production quotas by 100,000 b/d in October, despite what appears to be a tight physical market, as Continue Reading
OPEC+ is expected to keep its October crude oil production target stable from the September quota when the group meets on September 5 to review oil market conditions, a majority Continue Reading
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger Aug 31 Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for August 2022 was published recently. The last month reported in most of the OPEC charts that follow is July 2022 and output Continue Reading
Numerous OPEC+ ministers have bemoaned oil prices volatility in recent weeks. Standard Chartered: when OPEC+ says volatility, what they really mean is ‘falling crude prices’ StanChart sees oil’s fundamentals as Continue Reading
The UAE could support OPEC+ production cuts. Some OPEC+ producers, including Iraq, Venezuela, and Kazakhstan, have also signaled support for new production restrictions. OPEC+ meets next on September 5 to Continue Reading
High oil prices have been beneficial for OPEC+, an alliance of oil-producing countries that controls more than half of the world’s output. WSJ’s Shelby Holliday explains what OPEC+ countries are Continue Reading
OPEC+ sources: members produced 2.9 million bpd below output targets in July. The gap between overall quota and actual oil production from the OPEC+ members has been growing for more Continue Reading
A recent oil-price slide reflects fears of economic slowdown and masks physical market fundamentals, OPEC’s new secretary general told Reuters, as he took a relatively optimistic view on the outlook Continue Reading
While OPEC often finds itself the usual suspect when it comes to high crude oil and gasoline prices, it is not behind the current inflation trend, OPEC Secretary General Haitham Continue Reading
Latest OPEC MOMR sees oil market surplus. OPEC sees slower crude demand growth than the IEA. OPEC may be moving to cut production again after it wound down output cuts Continue Reading
A model of 3D printed oil barrels is seen in front of displayed stock graph going down in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration LAUNCESTON, Australia, Aug 15 Continue Reading
OPEC expects global oil markets to tip into surplus this quarter. The surprising revision, which comes at a time of unprecedented pressure by western nations. Analysts are wondering whether OPEC+ Continue Reading
OPEC’s total crude oil production rose by 216,000 barrels per day (bpd) in July compared to June, but combined production from the 10 OPEC members part of the OPEC+ pact Continue Reading
OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation Continue Reading
Highlights Raises OPEC+ output ‘call’ for 2022 by 700,000 b/d, lowers 2023 estimate Oil output hits post-pandemic high, 1 million b/d rise seen by end-2022 Raises H2 Russian oil supply Continue Reading
The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Wednesday, offered several warnings. The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Continue Reading
OPEC+ has agreed to raise oil production by 100,000 bpd following calls from other world powers to ramp up output. The lackluster response from OPEC hints that the bloc may Continue Reading
The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Wednesday, offered several warnings. The 31st OPEC and non-OPEC ministerial meeting, which was held via videoconference on Continue Reading
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels Continue Reading
OPEC pumped an extra 310,000 barrels of oil per day in July as rising supply from the Gulf offset outages in Nigeria and Libya, a Reuters survey showed on Monday, Continue Reading
OPEC’s new secretary general said that Russia’s membership in OPEC+ is vital for the success of the agreement, Kuwait’s Alrai newspaper reported on Sunday, quoting an exclusive interview with Haitham Continue Reading
OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output Continue Reading
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the outside of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader/File Photo July Continue Reading
After calling on all member states to reduce gas consumption by 15% in the face of the threat of a complete Russian gas cutoff, the IEA says the European Union Continue Reading
OPEC and the International Energy Agency are both predicting an especially tight market for oil next year. Recovering demand in China and continued growth in India will play a key Continue Reading
The International Monetary Fund will cut its global economic growth outlook “substantially” in its next update, as finance chiefs grapple with a shrinking list of options to address the worsening risks. Surging Continue Reading
Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the Middle East, a senior U.S. energy envoy said on Sunday. Continue Reading
OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. OPEC producers will need to Continue Reading
Europe needs to drastically slash natural gas consumption in the next few months to prepare for what is likely to be “a long, hard winter,” the head of the International Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for July 2022 was published recently. The last month reported in most of the OPEC charts that follow is June 2022 and output Continue Reading
High fuel prices is beginning to weigh on consumption. The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd. “Higher prices and a deteriorating economic environment Continue Reading
The global economic outlook remains extremely uncertain, the head of the International Monetary Fund said on Wednesday, warning that further disruption in the natural gas supply to Europe could plunge Continue Reading
The G7 idea to place a price cap on Russian oil should include a cap on the prices of gasoline and diesel, too, Fatih Birol, Executive Director of the International Continue Reading
The ten OPEC producers in the OPEC+ pact pumped 24.8 million barrels per day (bpd) of crude oil in June, OPEC data showed on Tuesday, with production falling 1 million Continue Reading
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen inside its headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/ World demand growth to slow to Continue Reading
