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
OPEC-led production cuts will likely pack a punch in lifting oil prices: survey
OPEC+’s landmark production cut deal along with a pickup in demand in the east of Suez may prove effective in raising the official selling prices for the Middle East crude Continue Reading
OPEC+ discussing advancing meeting on oil production cuts to June 4
OPEC+ ministers are considering moving up their meeting to June 4 instead of the previously scheduled June 9-10, so that July nominations can factor in any changes to oil production Continue Reading
OPEC delivers three quarters of record oil cut in May: survey
OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria Continue Reading
OPEC Compliance With Output Cuts Was Only 74% In May
Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production Continue Reading
Deja Vu: OPEC’s Recurring Oil Production Dilemma
Two conflicting reports about OPEC’s plans for oil production surfaced earlier this week–both citing unnamed sources. One set of sources claimed that Russia was considering an extension of the current Continue Reading
Putin, Saudi Prince Pledge Coordination Ahead of OPEC+ Meeting
Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group. The talks between President Vladimir Putin and Continue Reading
Goldman Sachs: OPEC To Dominate Oil Markets For The Foreseeable Future
OPEC will regain its position as a dominant force on international oil markets after the world emerges from the current crisis, Goldman Sachs analysts have forecast in a report titled Continue Reading
Back To The 90s For Oil, Says Goldman Sachs
It’s “back to the future” for oil, says Goldman Sachs, as low prices reshape the industry into how it looked in the 1990s, including a dominant position for the Organization Continue Reading
The OPEC+ Compliance Struggle
1. Rig count hits record low – The U.S. rig count has fallen to record lows, plunging to 339 rigs on May 12. Since record-keeping began by Baker Hughes back Continue Reading
OPEC+ Deal Could Collapse As Oil Prices Shoot Up
The OPEC+ coalition appears determined to ease the global oil glut and lift the oil prices that had cratered in April because of OPEC+ wrangling and crashing global demand in Continue Reading
Swift OPEC+ Cuts Revive Premiums in Asia Physical Oil Market
Swift and bold output cuts by OPEC and its allies are boosting prices of physical oil barrels in Asia as supply tightens. Premiums for a wide-ranging variety of crude from Continue Reading
OPEC+ Supply Cuts: Latest Oil Market News on Output Status
OPEC+ is responding to the oil market’s collapse with an urgency never seen before. The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million Continue Reading
OPEC April 2020 Production Data
All OPEC data in the charts below are from the OPEC Monthly Oil Market Report. The data is through April and is in thousand barrels per day. OPEC 13 crude Continue Reading
OPEC revises down global oil demand forecast again, with production cuts in focus
OPEC would have to nearly halve its crude oil production in the second quarter to balance the market, according to the organization’s latest analysis, as the COVID-19 outbreak continues to Continue Reading
Oil rises as OPEC looks to deepen, extend supply cuts
Oil prices rose on Tuesday after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want Continue Reading
What Will OPEC Do Next?
If you want to know where OPEC’s production is heading, one needs only to look at their next month’s OSP, particularly to its largest market, Asia. This week, Saudi Arabia Continue Reading
OPEC has much cutting to do after April crude output surge: Platts survey
Highlights Bloc pumped 30.79 million b/d in April Saudi Arabia, UAE, Kuwait hit record highs OPEC+ deal imposes tough quotas in May London — OPEC turned up the taps in Continue Reading
OPEC Middle East Oil Flows Surged in April as Saudis Opened Taps
Crude supplies from OPEC’s Middle East exporters, excluding Iran, soared in April to their highest level since at least January 2017. The surge came as Saudi Arabia and the United Continue Reading
OPEC+ Oil Production Hits 13-Month High As Output Cuts Start
After the collapse of the previous OPEC+ deal in early March, OPEC opened the taps in April, pumping at its highest level in 13 months. Top producer Saudi Arabia and Continue Reading
OPEC Sees Oil Rising To $40 In Second Half Of 2020
Oil prices are set to recover with the OPEC+ production cuts and gradual lifting of lockdowns around the world in the second half of 2020, when oil prices “will be Continue Reading
In Rare Development, Oil Majors Are Forced To Cut Output Under OPEC Deal
A British Petroleum-led project in Azerbaijan will have to cut production in May for the first time as Azerbaijan will need to take drastic measures to meet its new quota Continue Reading
OPEC+ Ministers Hold Impromptu Call to Reflect on Price Rout
Oil ministers from the OPEC+ coalition held an unscheduled conference call on Tuesday to discuss the collapse in crude prices, though a closing statement signaled they didn’t settle on any new Continue Reading
Market meltdown puts pressure on OPEC+ to seek deeper cuts
As oil prices continue to wilt before a much-hyped global supply accord takes effect in May, OPEC is keeping an eye on US President Donald Trump, awaiting cues that he Continue Reading
Demand For OPEC Oil Falls To 30-Year Low
The sharp contraction in global oil demand amid lockdowns and stalled industrial activity will lead to the lowest demand for OPEC crude in more than thirty years this quarter. Global Continue Reading
OPEC sees 10 mil b/d demand recovery by Q4 as market remains in ‘extreme’ shock
2020 oil demand to fall by 6.8 mil b/d, more downside likely Call on OPEC crude to average 24.52 mil b/d this year Demand for OPEC crude to fall to Continue Reading
OPEC March 2020 Production Data
All OPEC data reflected in the charts below are from the April edition of the OPEC Monthly Oil Market Report. https://momr.opec.org/pdf-download/ The data in in thousand barrels per day and Continue Reading
Why the record Opec cut is no match for coronavirus hit to demand
The oil market has spent the past few days sniffing around an Opec deal that promised the biggest cuts to production in history – and has decided it was undercooked. Continue Reading
OPEC+ production cut deemed ‘insufficient’ by banks
This weekend’s emergency OPEC+ teleconference meeting that saw the 23-member alliance agree to slash production by almost 10 million b/d is regarded as insufficient by several large banks, who say Continue Reading
OPEC+ Deal Is “Too Little And Too Late”
“The historic agreement that we saw…is only 10 mb/d. But that is only half of the story,” U.S. Secretary of Energy Dan Brouillette said on Fox Business. “When you add Continue Reading
Trump Wants OPEC+ To Double Its Production Cut
Shortly after Mexico won a historic “Mexican standoff” with Saudi Arabia on Sunday afternoon, and was exempt from a historic 9.7mmb/d oil production cut by OPEC+ member states (which Mexico Continue Reading
U.S., Saudi Arabia, Russia Lead Pact for Record Cuts in Oil Output
Saudi Arabia, Russia and the U.S. agreed to lead a multinational coalition in major oil-production cuts after a drop in demand due to the coronavirus crisis and a Saudi-Russian feud Continue Reading
Opec secures record global oil cuts deal under US pressure
Saudi Arabia and Russia ended their oil price war on Sunday by finalising a deal to make the biggest oil production cuts in history, following pressure from US President Donald Continue Reading
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow Continue Reading
OPEC+ oil deal is short-term band aid, better long-term bet: Russell
The agreement to cut global crude oil output, reached amid high drama over the Easter weekend, appears effectively to be in two parts. A short-term agreement that’s probably not enough, Continue Reading
Oil Spikes After Algeria Says OPEC+ Cuts Could Reach 10 Million Bpd
The price of a West Texas Intermediate barrel of oil shot up on Wednesday afternoon by nearly 7% shortly after OPEC’s President gave the market fresh optimism about tomorrow’s virtual Continue Reading
Interview: OPEC+ seeks outside help to hit 10 million to 15 million b/d cut deal: Kuwait minister
Fadhel says talks ongoing, but OPEC+ ready to act Russian rhetoric seen as negotiating tactic Kuwait production could hit 3.30 mil b/d in April London — The 23-country OPEC+ alliance Continue Reading
G20 announces emergency energy ministers meeting Friday on oil cuts, coronavirus
The G20 group of leading world economies will host an extraordinary energy ministers’ meeting Friday to discuss OPEC-led plans for a global crude production cut accord aimed at shoring up Continue Reading
OPEC+ awaits green light from other key producers as oil cut math gets complicated
OPEC’s ambitions for expanded global production cuts to level out the oil market’s coronavirus nosedive remain in the balance, with countries still far apart on many details — not least Continue Reading
Global Oil Deal Gains Traction With U.S. Predicting Big Drop
The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically. While the forecast reflects Continue Reading
Interview: Global cut won’t be enough to balance oil market: Goldman’s Currie
A globally coordinated oil production cut is “likely” but would fail to deliver the kind of reduction needed to balance the crude market, Goldman Sachs’ global head of commodities Jeff Continue Reading
Iran says US oil production must be known before OPEC+ call
Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia and others seeking to boost global energy prices. The meeting of Continue Reading
U.S. pushes back on call by OPEC+ to join big oil output cuts
Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in Continue Reading
OPEC Can’t Kill U.S. Shale
OPEC’s strategy in the past has been to alter its oil production in order to bring about market stability. However, the rise of U.S. shale oil forced the cartel to Continue Reading
OPEC Seeks to Rally Producers Over Fears of Filled Storage
A growing scarcity of oil storage space is driving some of the world’s biggest crude producers to negotiate a truce this week in a Saudi-Russian fight for market share that Continue Reading
OPEC, Allies Set to Debate Oil Cuts as Saudis Delay Pricing Move
The Saudi-led Organization of the Petroleum Exporting Countries will convene a virtual meeting on Thursday with other oil-producing nations including Canada and Russia, aiming to negotiate a truce in a Continue Reading
OPEC+ emergency meeting faces delay as Russia rift with Saudi grows
OPEC and its allies are regrouping over the weekend following signals from US President Donald Trump that American producers would not be joining any production cut and a rift between Continue Reading
OPEC’s Plan To Take Over The Global Oil Industry
The first three months of 2020 have shocked the global energy market to its foundations. The toxic mix of coronavirus, a global economic recession, and an unexpected OPEC+ price spat Continue Reading
Russia still supports international oil market negotiations: Kremlin spokesman
Russia still supports talks with other leading oil producers on stabilizing the market, Kremlin spokesman Dmitry Peskov said Sunday. “Russia was not a supporter of ending the OPEC+ deal. President Continue Reading
OPEC Invites U.S. Oil Official To Production Cut Meeting
OPEC will invite the U.S. oil regulator to take part in the emergency OPEC+ video meeting on Monday, a source involved in the preparation of the meeting told Russian news Continue Reading