Key Members Say OPEC+ Can Keep Reviving Supply
OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike. (Bloomberg) — OPEC and Continue Reading
OPEC+ Struggles To Lift Production As Oil Market Tightens Further
The OPEC+ group lifted its production in August, but underinvestment and maintenance work has hampered the group’s ability to raise production—and supply could be insufficient to meet the world’s growing Continue Reading
OPEC+ compliance with oil cuts rises to 116% in August, sources say
OPEC+ compliance with oil production cuts rose to 116% in August from 109% in July, two sources from the producer group told Reuters. Subscribe for our daily curated newsletter to Continue Reading
OPEC Update, September 2021
The OPEC Monthly Oil Market Report for September 2021 was published this past week. The last month reported in each of the charts that follow is August 2021 and output Continue Reading
China’s Oil Sale Is A Clear Message To OPEC+
China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg Continue Reading
OPEC+ Raises Oil Production But Remains Compliant
OPEC saw its crude oil production rise by 150,000 barrels per day (bpd) in August, data from secondary sources in the cartel’s monthly report showed, but even at higher quotas, Continue Reading
OPEC May Cut 2022 Oil Demand Forecast
OPEC could revise down its forecasts for global oil demand in 2022, in view of the increased uncertainty with the Delta variant, two OPEC+ sources told Reuters on Friday. OPEC Continue Reading
OPEC+ crude output up slightly in August, hampered by outages: S&P Global Platts survey
Highlights Alliance fails to take full advantage of rising quotas Iraq, Russia, Saudi Arabia, UAE post biggest increases Kazakhstan maintenance, Nigeria oil spill limit gains OPEC and its allies nudged Continue Reading
OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says
The head of Russia’s No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were “comfortable” for consumers and that the OPEC+ group of leading oil-producing nations was Continue Reading
OPEC Boosts Output as Some Members Left behind
OPEC boosted crude production last month as it continued the revival of supplies halted during the pandemic, but some members struggled to keep up. (Bloomberg) — OPEC boosted crude production Continue Reading
OPEC+ affirms plans to hike October crude oil production by 400,000 b/d
Highlights Producer alliance counting on tight market to absorb increase Delegates say no discussions of November output levels Next OPEC+ meeting scheduled for Oct. 4 Seeing hearty global oil demand Continue Reading
OPEC+ Ignores Biden, Keeps Output Plans Unchanged
The September meeting of OPEC+ today wasn’t expected to erupt in vehement disagreements. Unlike the last meeting, when a rift between Saudi Arabia and the UAE caused worry that the Continue Reading
OPEC+ sees tighter oil market until May 2022
OPEC+ expects the oil market to be in deficit at least until the end of 2021 and stocks to stay relatively low until May 2022, OPEC+ sources said on Tuesday, Continue Reading
OPEC+ Sees Oil Markets Tightening This Fall
Despite the COVID resurgence, the oil market will become increasingly tight this year, OPEC+ estimates show , but as the group continues to ease the production cuts into next year, Continue Reading
OPEC Raises Oil Production To Highest Since April 2020
OPEC has been pumping in August the highest volume of crude oil since April 2020, after the OPEC+ alliance agreed to ease the production cuts by 400,000 barrels per day Continue Reading
OPEC+ seen sticking to policy despite higher oil demand
OPEC and its allies will likely stick to their existing policy of gradual oil output increases despite revising up the 2022 demand outlook and facing U.S. pressure to raise production Continue Reading
Oil Could Rise Further As OPEC Suggests Keeping Output Cuts In Place
Crude oil prices could rise further if OPEC+ stops adding barrels to global supply, which is a possibility after the cartel’s next meeting, according to the Kuwaiti oil minister. “The Continue Reading
OPEC+ likely to keep oil output policy from September unchanged, sources say
OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three OPEC+ sources told Reuters. The Continue Reading
OPEC+ sees no need to meet U.S. call for more supply, sources say
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to Continue Reading
OPEC Update, August 2021
The OPEC Monthly Oil Market Report for August 2021 was published this past week. The last month reported in each of the charts that follow is July 2021 and output Continue Reading
Why The Market Doesn’t Need Much More OPEC+ Oil
While the Biden Administration calls on OPEC+ to boost production more than planned, the major oil forecasters scaled back their outlook on how much OPEC+ crude the market would need. Continue Reading
OPEC+ supply boost unlikely despite call from U.S. for more oil, says Goldman
U.S. investment bank Goldman Sachs said a recent call by the United States to OPEC+ to boost oil output is unlikely to result in higher production over the short-term given Continue Reading
A Major Rift Remains Within OPEC
Conflicts and major disagreements within OPEC usually go unnoticed as member states use consultation and decision-making mechanisms that prevent a public mess. The UAE’s recent decision to do the unexpected Continue Reading
U.S. calls on OPEC and its allies to pump more oil | Reuters
U.S. President Joe Biden’s administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global Continue Reading
Biden’s OPEC Plea Pits Fuel Price Fears Against Climate Push
President Joe Biden has pledged to wean the U.S. off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of Continue Reading
OPEC+ leaves Iran behind as it starts hiking crude oil production
Highlights Easing OPEC+ quotas squeeze Iran’s market share Iran’s oil hopes rest on stalled nuclear deal talks New Iranian president will be inaugurated Aug. 5 Iranian President-elect Ebrahim Raisi takes Continue Reading
OPEC July oil output hits 15-month high as demand recovers, survey shows
OPEC oil output rose in July to its highest since April 2020, a Reuters survey found, as the group further eased production curbs under a pact with its allies and Continue Reading
The Net-Zero Narrative Is Riddled With Holes
When the International Energy Agency released its Roadmap to Net Zero report, OPEC slammed it as “destabilizing.” Russia said the IEA’s plan could push oil to $200 per barrel. Even Continue Reading
OPEC, Energy Industry Should Thank Saudi Arabia For Oil Price Recovery
OPEC—as well as the entire energy industry—should be thanking Saudi Arabia for its “magnificent” job in managing their production during the Covid-19 pandemic, according to Robert Yawger, executive director of Continue Reading
OPEC Could Double Its Control Over Oil Market
OPEC could double its control over the oil market, to between 70% and 80%, according to Lukoil’s Vice President. OPEC will win its increased share by default, Leonid Fedun, Vice Continue Reading
OPEC+ gives the market more crude, but could leave some members behind
Highlights Deal calls for monthly 400,000 b/d output increases Some members will struggle to produce at their quotas Saudi Arabia, UAE, Russia hold most spare capacity OPEC and its allies Continue Reading
More OPEC+ Crude is Needed, How Much Depends on Who You Believe
The world needs the OPEC+ group to open the taps further to balance the oil market in the coming months, on that everyone agrees. But there’s less unanimity on just Continue Reading
OPEC+ Agrees to Boost Oil Output as Demand Roars Back
OPEC and its Russia-led oil-producing allies agreed to unleash millions of barrels of bottled-up crude over the next two years, committing to restore all the cuts they made at the start Continue Reading
Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal
OPEC+ has overcome an internal dispute and salvaged a deal to add more barrels to the market, with the group set to boost output by 400,000 barrels a day each Continue Reading
OPEC Update, June 2021
The OPEC Monthly Oil Market Report for July 2021 was published this past week. The last month reported in each of the charts that follow is June 2021 and output Continue Reading
Saudi Arabia And UAE To Lead OPEC Oil Production Increase
OPEC pumped 26.03 million barrels per day (bpd) of oil in June—up by 590,000 bpd from May, the cartel said on Thursday as it predicts demand for its crude at Continue Reading
OPEC sees world oil demand reaching pre-pandemic level in 2022
OPEC forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and Continue Reading
UAE Closes In on Oil Output Deal to Resolve Standoff With OPEC+
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
The Conflict Within OPEC Is Far From Over
As expected, OPEC leaders Saudi Arabia and UAE have reached a so-called solution to the current export quota conflict. For two weeks, the global oil market was shocked by the Continue Reading
The OPEC+ Stalemate Isn’t Over Just Yet
The battle over oil production quotas within OPEC+ is not yet resolved, according to an official statement from the UAE, although some earlier reports suggested that this was so. But Continue Reading
UAE Closes In on Oil Output Deal to Resolve Standoff With OPEC+
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
OPEC Spat Spotlights Saudi Arabia’s Struggle to Kick Oil Dependency – WSJ
Saudi Arabia’s crown prince pledged five years ago to unshackle the economy from oil by 2020. But as the world’s top crude exporter seeks to maintain growth and generate jobs, Continue Reading
Why Saudi Arabia Is Likely To Win The OPEC+ Standoff
OPEC+ could take until August to decide whether to adjust production baselines, Arab News reported , citing JP Morgan analyst Christian Malek. According to Malek, the oil cartel could take Continue Reading
OPEC+ Still Far From Resolving UAE-Saudi Spat
The odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and Continue Reading
OPEC+ impasse risks price war as demand surges, says IEA
Stalled talks by top oil producers over releasing more supply could deteriorate into a price war just as COVID-19 vaccines are sending demand for oil surging, the International Energy Agency Continue Reading
OPEC+ yet to make progress in resolving impasse, sources say
OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting Continue Reading
OPEC+ Uncertainty, Virus Variant Worries Linger in Oil Market, IEA Says
The recent failure of OPEC and its allies to agree on a plan to ease production cuts in August means oil-market investors face the contradictory worries of both undersupply and Continue Reading
OPEC’s Spat Isn’t Even About Oil
The UAE took oil market watchers by surprise this month when it dug its heels in and refused to agree to an extension of the current OPEC+ production control deal Continue Reading
OPEC+ hikes June output by 540,000 b/d amid higher demand for crude
Saudi pumps at a five-month high of 8.97 mil b/d Russian output flat at 9.51 mil b/d OPEC+ quota compliance dips to 110% Iraq, Nigeria improve their compliance OPEC and Continue Reading
OPEC Agreement At Risk As UAE Prepares To Open The Taps
In a relatively rare example of disagreement — or, at least, such public disagreement — usually close allies Saudi Arabia and the United Arab Emirates (UAE) have failed to reach Continue Reading