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
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
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
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
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
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
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
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
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
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
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
OPEC leaves oil demand growth forecast unchanged in its latest MOMR. War in Ukraine, quickly rising inflation may have an impact on short-term crude demand. The cartel still expects world Continue Reading
Kpler’s lead Americas oil analyst shares his thoughts. According to Matt Smith, Kpler’s lead Americas oil analyst, OPEC’s meeting at the end of the month is unlikely to yield any Continue Reading
Energy prices have skyrocketed since the beginning of Russia’s assault on Ukraine, and analysts expect them to continue rising. The United States has banned all imports of Russian energy, and Continue Reading
Russia is estimated to have increased its crude oil production by 0.2 percent in February compared to January, but it is still likely more than 130,000 barrels per day (bpd) Continue Reading
OPEC+ will likely stick to modest oil output rises when it meets on Wednesday, officials said, as OPEC heavyweights Saudi Arabia and the United Arab Emirates (UAE) recommit to their Continue Reading
OPEC’s oil production increased last month by the most since July as conflict-torn Libya restored disrupted exports, and others delivered scheduled increases. The Organization of Petroleum Exporting Countries bolstered supplies Continue Reading
The Ukraine crisis could have an unexpected impact on the OPEC+ integrity. The Arab world has thus far not taken a position in the Ukraine crisis. Putin’s strategic moves during Continue Reading
Highlights MBS discusses Ukraine crisis’ energy impact in call with France’s Macron Saudi Arabia keen to maintain stable, balanced oil market, MBS says OPEC ministers have said no need to Continue Reading
Oil’s jump to $100 earlier this week hasn’t changed the dynamics in the OPEC+ group. A senior source with OPEC+ rejected the idea that the Russian attack on Ukraine could Continue Reading
OPEC+ decided to add 400,000 bpd to its production quota for March. A growing number of oil analysts think that OPEC+ may struggle to deliver on its output promises. Saudi Continue Reading
OPEC+ still expects the global oil market to be in a surplus this year, but has revised the overhang by 100,000 bpd to 1.3 million bpd, Reuters reported citing the Continue Reading
OPEC and its allies agreed to a small, planned increase in crude production amid soaring oil prices, with concerns over supply heightened due to a possible Russian invasion of Ukraine. The Continue Reading
OPEC and its allies agreeing to a modest output hike may do little to soothe Asian buyers struggling with high oil prices, as concerns loom about the group’s production target Continue Reading
OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers’ group said even as it expects demand to rise to new peaks Continue Reading
Bullish sentiment has taken over oil markets, with long positions outnumbering short positions by 13 to one as OPEC resists pressure to ramp up production. Chart of the Week – Continue Reading
Highlights Analysis shows 832,000 b/d shortfall to December quotas OPEC+ ministers meet Feb. 2 to decide March output levels Delegates say no discussion of potential Russia sanctions The oil market Continue Reading
OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers’ group said even as it expects demand to rise to new peaks Continue Reading
OPEC has again failed to meet its own production targets again in January as the group lifted production only 210,000 additional barrels per day for the month. Looking at this Continue Reading
The oil market is quickly realizing that many OPEC producers may not have the capacity to boost output much further. OPEC+ has been undershooting its collective production targets for months Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for January 2022 was published this past week. The last month reported in each of the charts that follow is December 2021 and Continue Reading
