Category: OPEC

OPEC+’s meeting that was put on the books at the last minute for Saturday is now being delayed to Sunday, according to anonymous Reuters sourc es. No reason for the Continue Reading

Oil prices are set for a fourth consecutive weekly gain as positive vaccine news and hopes of an OPEC+ production cut extension boosts bullish sentiment. For Global Energy Alert members Continue Reading

An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened Continue Reading

Nigeria is the latest OPEC member to urge the producer group to consider the economic implications of steep production cuts on its members ahead of the OPEC+ formal meeting next Continue Reading

OPEC+, a group of leading oil-producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week, a source with the knowledge of the matter said. Continue Reading

OPEC officials will meet this week on Wednesday, Thursday, and Friday to iron out details ahead of the meeting on November 30 and December 1 that will determine the fate Continue Reading

While the OPEC+ group considers extending the production cuts for three months, oil output in Libya continues to increase and has returned to 1.25 million bpd, the level the OPEC Continue Reading

Anonymous UAE officials claimed earlier in the week that the country was considering breaking away from OPEC, citing the difficulties it is facing due to the stringent production cuts it Continue Reading

The OPEC+ group has overproduced as much as 2.346 million barrels per day (bpd) over their collective quota since the start of the record production cuts, a source with knowledge Continue Reading

OPEC and its allies will keep the oil market guessing for a few weeks on whether they will maintain their deep production cuts into 2021, as traders largely expect and Continue Reading

Crude futures were little changed Nov. 17 after the OPEC+ Joint Ministerial Monitoring Committee failed to offer insight as to whether the group would extend its current output quotas into Continue Reading

Key oil ministers from OPEC and its allies will hold critical talks Nov. 17 on 2021 production quotas, steered towards an extension of current output cuts through March or June Continue Reading

The OPEC+ oil alliance should consider delaying its planned output boost by between three and six months, a technical panel that advises ministers suggested. The coalition — led by Saudi Continue Reading

The OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which Continue Reading

The OPEC+ group is getting closer to deciding how to proceed come January, according to several delegates who shared this insight with Bloomberg . After discussing the options, which included Continue Reading

Talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates. Saudi Arabia and Russia, Continue Reading

Saudi Arabia and Iraq will cooperate and coordinate their positions on oil policies within the organization of Petroleum Exporting Countries and will remain committed to decisions already made by the Continue Reading

Iraq and Saudi Arabia have affirmed their “full commitment” to the OPEC+ output curbs decision in order to achieve an oil price that is fair to both consumers and producers, Continue Reading

It’s the latest signal that the group is reconsidering plans to hike production in January. (Bloomberg) — OPEC+ ministers talked openly about the possibility of tweaking their oil-cuts deal, the Continue Reading

The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one Continue Reading

The low oil prices and the record OPEC+ production cuts are set to nearly halve the net oil export revenues of OPEC members this year compared to 2019, sending them Continue Reading

Cloudy global economic prospects, along with a recent slide in oil prices, could prompt OPEC and its allies to ratchet back their production cuts to historic levels, sources told S&P Continue Reading

With the most recent round of coronavirus-inspired lockdowns in various parts of the world, OPEC may face its biggest challenge yet: cutting even more production . Would the cartel and Continue Reading

OPEC’s effort to shore up world oil markets during the pandemic is facing a new threat — from the group’s own rising production. In the past few months, the resurgent Continue Reading

While the oil market speculates on whether or not OPEC+ will ease its production cuts in January amid sluggish demand, rumors emerged on Thursday that the three biggest OPEC producers Continue Reading

Global demand currently is not supportive for OPEC+ easing the oil production cuts on January 2021, Ibrahim Al-Buainain, president and chief executive of Aramco Trading, told Gulf Intelligence on Wednesday. Continue Reading

Global economic and oil demand recovery is still anemic, OPEC Secretary General Mohammad Barkindo said on Monday, but noted that the cartel doesn’t see another plunge in demand like in Continue Reading

As OPEC and its allies ruminate over whether to ease their collective production cuts at the end of the year, a very interested – though perhaps distracted by the US Continue Reading

Russia does not rule out the possibility that OPEC+ could extend its current 7.7 million barrels per day of production cuts into next year, according to Russian President Vladimir Putin Continue Reading

Oil markets retained strength over the past week despite many bearish factors influencing the global economy. COVID-19 cases spiked in Europe leading to new lockdown measures in France and the Continue Reading

The OPEC+ member countries are on the brink of a financial crisis if the latest assessments of the International Monetary Fund (IMF) are accurate. The IMF has presented a very Continue Reading

When OPEC and its allies met last month, Saudi Arabia’s energy minister dared oil speculators to test his determination to stabilize global markets. Now that a resurgent pandemic is threatening demand once Continue Reading

Data for the OPEC charts below are from the OPEC Monthly Oil Market Report and is in thousand barrels per day. All data is through September 2020. There was little Continue Reading

A panel of the OPEC+ group is discussing on Thursday the current major downside risks to oil prices—the return of oil supply from Libya and the rising coronavirus cases that Continue Reading

The OPEC+ alliance is optimistic that it will be able to gradually ease production cuts from January as planned, despite surging coronavirus cases in many countries, Russia’s Energy Minister Alexander Continue Reading

OPEC has again revised down world oil demand in 2021, according to the cartel’s latest Monthly Oil Market Report, and combined with OPEC’s consistent production quota laggards and rising U.S. Continue Reading

The OPEC+ group plans to taper the ongoing oil production cuts as of January 2021, as initially agreed, the energy minister of OPEC’s third-largest producer, the United Arab Emirates (UAE), Continue Reading

OPEC and its allies are still intending to taper their crude oil production cuts by almost 2 million b/d at the start of 2021, UAE energy minister Suhail al-Mazrouei said Continue Reading

OPEC raised its global oil demand forecast for 2020 by 60,000 b/d from last month to 90.29 million b/d on Oct. 13 as it sees an improvement in China’s demand Continue Reading

Oil demand is projected to increase from nearly 100 million barrels per day in 2019 to around 109 MMbpd in 2045, according to OPEC’s latest World Oil Outlook report. Oil Continue Reading

OPEC expects global oil demand will exceed the pre-pandemic levels in 2022 and grow steadily until the late 2030s, when it will begin to plateau, the cartel said on Thursday, Continue Reading

OPEC has for the first time forecast the peak in global demand, estimating that the world’s thirst for oil will stop growing in about 20 years. Receive daily email alerts, Continue Reading