IEA Sees Lower-Than-Previously Expected Demand Loss This Year
Global oil demand is set to crash by 7.9 million barrels per day (bpd) this year, the International Energy Agency (IEA) said on Friday, but this forecast is slightly more Continue Reading
IEA warns rise in Covid-19 cases ‘casting a shadow’ over oil recovery
The resurgence of coronavirus cases in several parts of the world is “casting a shadow” over the oil market’s nascent recovery, the International Energy Agency has warned. “In some countries, [the] Continue Reading
IEA raises 2020 oil demand forecast but warns COVID-19 clouds outlook
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA Continue Reading
IEA Global Oil-Demand Forecast: Coronavirus Risk for OPEC+
The International Energy Agency bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the Continue Reading
Coronavirus’s Worst Impact on Oil Demand Has Passed, IEA Says
The International Energy Agency bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the Continue Reading
OPEC+ cuts deeper in June on pressure to boost oil market recovery: Platts survey
OPEC slashed its crude output in June to a three-decade low, according to an S&P Global Platts survey, as the bloc and its allies, including Russia, continued their campaign to Continue Reading
Russia Expects OPEC+ To Ease Cuts Next Month
OPEC+ is not discussing or planning changes to its production cut agreement, which should see the oil producers ease the cuts in August, Russia’s Energy Minister Alexander Novak said at Continue Reading
OPEC Production Falls To Three Decade Low
OPEC’s oil production in June came in at the lowest level since May 1991 during the Gulf War, and collectively meeting its promised cut. For June, OPEC cut its production Continue Reading
OPEC Cuts Output to Lowest Since 1991 as Virus Slams Oil Demand
1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the extra curbs promised in June, Continue Reading
OPEC+ likely to roll back oil cuts in August, as market continues to recover: delegates
Oil cuts set to ease to 7.7 million b/d in August Current talks focused on ensuring compliance JMMC scheduled to meet July 15 OPEC and its allies have not discussed Continue Reading
IMF raises its forecast of Gulf economies contraction to 7.6% for 2020
The economy of the six-member Gulf Cooperation Council will shrink 7.6% in 2020, worse than April projections, due to weak oil prices and the coronavirus outbreak, an International Monetary Fund Continue Reading
OPEC Secretary General: Oil Not Out Of the Woods Just Yet
The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. Continue Reading
OPEC+ Is Still Producing Too Much Oil
OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led Continue Reading
IEA: EU Needs To Do More To Meet Ambitious Climate Goals
The European Union (EU) has a commendable green recovery plan, but it needs more robust policies than those currently in place if it were to meet its ambitious targets to Continue Reading
The Real Reason Russia Joined OPEC+
Russia is offering Mohammed bin Salman a slew of beneficial deals in order to lure Saudi Arabia away from the U.S. and into Putin’s sphere of influence. Saudi Arabia is Continue Reading
Charting Global Economy: U.S. Sales Jump, Euro-Area Demand Lags
A record jump in U.S. retail sales offered some hope the world’s largest economy is emerging quickly from a deep recession, while demand is lagging behind an improvement in euro-area capacity. Here Continue Reading
How the Coronavirus Will Reshape World Trade
When the global economy finally gets beyond the pandemic, expect it to be less globalized than before. Governments, including many longtime advocates of global trade, are using the crisis to Continue Reading
Extra oil cuts from deliquent OPEC+ members could shrink the market by 1 million b/d
Highlights Iraq, Kazakhstan submit plans to make up for overproduction OPEC+ still awaiting cut schedules from Nigeria, Angola Loading programs suggest cuts are in the works London — OPEC+ crude Continue Reading
OPEC May 2020 Oil Production
All OPEC charts below were taken from the latest OPEC Monthly Oil Market Report . All data is through May 2020 and is in thousand barrels per day. OPEC crude Continue Reading
OPEC+ Confident Its Members Will Reach 100% Compliance
OPEC+ emerged from its Joint Ministerial Monitoring Committee (JMMC) on Thursday confident that all members would reach their respective production quotas as laid out in the Declaration of Cooperation—eventually. The JMMC Continue Reading
IMF says deeper-than-expected contraction in U.S. economy likely in second quarter
A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in Continue Reading
Global oil demand could hit record growth rate next year, IEA warns
Fatih Birol, executive director of the International Energy Agency, forecasts that the world’s daily oil demand will climb by 5.7m barrels next year. The world’s oil demand could climb at Continue Reading
OPEC: Global Oil Demand To Drop By 6.4 Million Bpd In Second Half 2020
Global oil demand will start to recover in the second half of the year from the crash in the second quarter, but it will still be down by 6.4 million Continue Reading
OPEC forecasts improving oil demand in H2 2020, ahead of key committee meeting
In its latest monthly oil market report released June 17, OPEC kept its 2020 forecasts largely unchanged from the May outlook, noting a historic contraction in oil demand but improving Continue Reading
OPEC+ Meeting Ends Without Recommendation For Further Cuts
The OPEC+ technical committee that met today did not make any additional recommendations for further production cuts, focusing instead on members who are failing to adhere to the current agreement, Continue Reading
Russia Nearly Hits OPEC+ Oil Production Cuts Target
The leader of the non-OPEC group of the OPEC+ pact, Russia, is showing an unprecedented commitment to the ongoing record collective production cuts by almost complying with its share of Continue Reading
IEA: The Energy Sector Will Never Be The Same Again
In its annual report World Energy Investment 2020 , published late last month, the International Energy Agency describes ‘drastically altered’ energy markets in the wake of the Covid-19 Pandemic. It Continue Reading
Oil Demand Is Headed for Record Rebound in 2021
The coronavirus pandemic will hammer global growth and oil demand this year, but supply cuts from producers and a record rebound in demand next year will help to rebalance the Continue Reading
OPEC+ Deal Will Bring Oil Back to ‘Normal’ as Producers Commit
Oil-production limits adopted by a group of major crude suppliers will soon bring prices back to “normal,” according to the oil minister from the United Arab Emirates. When energy markets Continue Reading
The End Of The OPEC Deal Could Be The Start Of A New Oil Price War
Few markets have been hit harder by coronavirus than United States shale. While global oil prices as a whole have taken quite a beating from a fall in oil demand, Continue Reading
OPEC+ may be able to ramp up oil production in 2021: IEA
Faster oil market rebalancing could present OPEC and other producers with an opportunity to ramp production in 2021, the International Energy Agency said in its latest monthly report, as it Continue Reading
OPEC Gets Chance to Gain Upper Hand in Long Battle With Shale
Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC. For the time being, the Organization of Continue Reading
Monthly OPEC decisions not good for the market: Oman oil minister
Deciding the OPEC+ oil production cuts on a monthly basis during the oil price and COVID-19 crises undermines market stability, Oman’s oil minister Mohammed Al-Rumhy has told S&P Global Platts. Continue Reading
OPEC+ monthly talks plan meets resistance with OSP timing a concern: sources
Several delegates within the OPEC+ alliance have voiced concerns over plans for the group to meet monthly to assess production levels, casting doubt on a cornerstone of its strategy to Continue Reading
OPEC+ delivers 85% compliance on oil output cuts in May:
OPEC and its allies slashed almost one-fifth of their crude oil production in May, the first month of their landmark supply accord, according to the latest S&P Global Platts survey Continue Reading
Is OPEC’s No.2 Finally Complying With Output Cuts?
OPEC’s second-largest producer, Iraq, which also happens to be the least compliant member of OPEC+ since the group started managing supply to the market in 2017, may have finally started Continue Reading
Mexico Bails On OPEC+ Deal
Non-OPEC Mexico, which was the surprise holdout in the OPEC+ meeting in April, bailed out of the group’s one-month extension of the record production cuts. But Mexico’s share of the Continue Reading
Iraq reiterates commitment to OPEC+, but seeks new future rules: finance minister
Iraq wants OPEC+ to take into consideration the economic and living conditions of countries when assigning quotas in oil production cuts, the country’s finance minister said, as OPEC’s second-largest oil Continue Reading
Saudi Arabia and Russia Unite to Tackle OPEC’s Pinocchio Problem
A deal to extend record OPEC+ output cuts was going smoothly — until Saudi Arabia and Russia discovered just how much some of their allies had been cheating. In private conversations, Saudi Continue Reading
OPEC, Russia meet to extend record oil cuts, push for compliance
OPEC and its allies led by Russia meet on Saturday over plans to extend record oil production cuts and to push countries such as Iraq and Nigeria to comply better Continue Reading
OPEC+ Meets to Extend Cuts That Trump Says Saved Oil Industry
OPEC+ gathers on Saturday to ratify a deal for at least an extra month of record production cuts that U.S. President Donald Trump said saved the American oil industry. After a Continue Reading
OPEC+ to meet Saturday on extending cuts, pushing for compliance
OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such Continue Reading
Loathe to cut oil production from the start, Iraq draws OPEC+ fire for its quota busting
Ever since OPEC teamed with Russia and other allies in late 2016 to tackle a global oil glut through production cuts, Iraq has been a reluctant participant, repeatedly flouting its Continue Reading
Did Iraq Just Doom The OPEC Deal?
OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to Continue Reading
Russia’s Energy Minister Sees Shortage In Oil Market Next Month
Russia’s Energy Minister Alexander Novak is predicting a shortage in the oil market next month, Ifax reported on Thursday. Novak said that the global oil markets could see a shortfall Continue Reading
OPEC+ Cheats Get Ultimatum That Puts Cuts Extension in Doubt
The leaders of OPEC+ gave fellow members an ultimatum: stop cheating on oil-output quotas or the strict measures that have revived oil prices may start to be phased out. Saudi Continue Reading
OPEC+ keen to keep U.S. shale in check as oil prices rally
When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a Continue Reading
Saudi Arabia And Russia Agree To Extend Production Cuts
Saudi Arabia and Russia have reached a preliminary agreement to extend the current level of the OPEC+ production cuts by one month, provided that the laggards in compliance ensure over-compliance Continue Reading
Oil’s Rally Encourages U.S. Shale and Complicates Task for OPEC+
As OPEC+ producers head toward a consensus on extending their output curbs, oil’s rally is prompting some U.S. producers to open their taps once again. With U.S. futures rising as Continue Reading
Will OPEC+ Extend Its Historic Production Cut Agreement?
OPEC+ is set to bring forward its meeting to Thursday, with a short extension of the current production cuts as the most likely outcome. Originally scheduled to take place on Continue Reading