The collapse of OPEC member Venezuela’s economy and the oil industry that has long driven it are well-known. International sanctions and the sorry state of refineries and other facilities contribute Continue Reading
Oil posted its largest three-day advance since May after Saudi Arabia forcefully renewed calls for OPEC+ members to adhere to their production quotas. Futures in New York climbed 2% on Continue Reading
Highlights Monitoring committee meets to review output cut compliance 2.375 mil b/d compensation cuts due for May-Aug excess Prince Abdulaziz calls for all compensation delivered by year-end London — Saudi Continue Reading
The OPEC+ coalition saw its overall compliance rate with the production cuts at around 101 percent in August, three sources in the group told Reuters on Wednesday, when OPEC+ panels Continue Reading
OPEC has turned more bearish on the oil market’s recovery from the coronavirus crisis, forecasting a more sluggish global economy and rising production from the US, Canada and Brazil, a Continue Reading
OPEC downgraded its outlook for the global oil market a few days before ministers meet, amid faltering demand and signs of a recovery in supply from U.S. shale drillers. The figures Continue Reading
OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second Continue Reading
All OPEC data below is from the September OPEC Monthly Oil Market Report. The data is through August 2020 and is in thousand barrels per day. View full article at Continue Reading
It has taken 60 years for Opec linchpin Saudi Arabia to find a non-Opec partner that it could see itself settling down with. The original Opec+ agreement led by Riyadh 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
OPEC turns 60 years today, but the celebration has been postponed in the light of the ongoing pandemic. The combination of demand destruction caused by COVID-19, a struggling global economy, Continue Reading
While bearish sentiment has returned to oil markets due to what appears to be a weakening demand recovery, oil prices climbed on Friday morning after steep losses earlier in the Continue Reading
OPEC headquarters In 1973, a handful of oil-rich countries, led by Saudi Arabia, Iran and Iraq, brought the mighty US economy to its knees by slapping an oil embargo on Continue Reading
The record oil production cuts that OPEC+ initiated in response to the demand and oil price collapse have helped the oil market to stabilize in recent months. Yet, oil prices Continue Reading
Despite a moderate price rebound on Wednesday, oil markets have been under significant pressure since last week. Brent prices closed the week at $42.66, down by 6.88% w/w , while Continue Reading
Highlights OPEC pumps 24.37 mil b/d, non-OPEC adds 12.67 mil b/d Saudi Arabia slightly below quota, while Russia just over UAE crude production surges to 2.74 mil b/d Iraq under Continue Reading
Saudi Arabia’s King Salman bin Abdulaziz al-Saud and Russian President Vladimir Putin both expressed “satisfaction” with the implementation of the OPEC+ crude oil output deal and discussed ways to address Continue Reading
OPEC’s 60th anniversary celebrations have been postponed in the wake of the Covid-19 pandemic. OPEC’s 60th anniversary celebrations have been postponed in the wake of the Covid-19 pandemic. The celebrations Continue Reading
OPEC produced more oil in August than it did in July as the cartel continued to relax its production cuts, a Reuters survey has revealed, with recovering demand also stimulating Continue Reading
The Saudi royal running the kingdom’s oil policy is achieving something his predecessor never did: bringing the quota cheats of OPEC+ to heel. Prince Abdulaziz bin Salman has done this through Continue Reading
The OPEC+ group has as much as 2.31 million barrels per day (bpd) of oil production above the collective quota for May-July to offset in August and September, Reuters reported Continue Reading
The oil market is on the path to rebalancing, but with uncertainties about how quickly the world can recover from the COVID-19 pandemic, the Saudi and Russian co-chairs of a Continue Reading
Saudi Arabia redoubled its crusade for OPEC+ compliance Aug. 19, laying pressure on the alliance’s quota violators to make up for their excess crude production with deeper cuts in the Continue Reading
Russia is complying 100% with the OPEC+ production cut quota, according to Alexander Novak, who spoke to Rossiya-24 television on Wednesday, Russian news agency Tass reported. “We are at a Continue Reading
OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic. Continue Reading
Saudi Arabia kept up the pressure on OPEC+ nations that have been exceeding their oil-output targets, hours before a meeting to discuss their agreement. King Salman bin Abdulaziz called Nigerian President Continue Reading
The OPEC+ coalition saw its compliance rate with the oil production cuts at 95 percent in July, four sources from the group told Reuters on Monday, which is a level Continue Reading
The data is through July 2020 and is in thousand barrels per day. OPEC crude only was up almost one million barrels per day in July. The lions share of Continue Reading
The OPEC+ Joint Ministerial Monitoring Committee has pushed back its next online meeting by a day to Aug. 19, due to a request from Russia, according to officials. The committee, Continue Reading
The OPEC+ panels will not be discussing next week any revisions of the ongoing production cut pact and are not expected to make any major decisions to tweak the deal, Continue Reading
Oil exports from OPEC’s Middle East producers rose in July after Saudi Arabia and key Persian Gulf allies reversed the voluntary production cuts they had made the previous month. The Continue Reading
OPEC’s crude production rose last month as Persian Gulf members phased out extra supply cutbacks, but the cartel largely persevered with its strategy to revive the global oil industry. Saudi Arabia, Continue Reading
From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge Continue Reading
OPEC is trying to come to terms with the idea that the coronavirus crisis may have brought with it permanent changes in consumer behavior, stifling oil demand over the next Continue Reading
The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals. Continue Reading
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much Continue Reading
An alliance of crude producers led by Saudi Arabia agreed on Wednesday to increase oil production starting in August, officials in the group said, amid signs that demand is recovering Continue Reading
In the first six months of 2020, henry hub natural gas prices averaged just $1.81/MMBtu, the lowest first half on record. – For the month of June, prices averaged $1.63/MMBtu, Continue Reading
All OPEC data below is from the July 2020 OPEC Monthly Oil Market Report . All OPEC data is through June 2020 and is in thousand barrels per day. All Continue Reading
OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy Continue Reading
OPEC+ compliance rose sharply in June, helping to tighten up the market. The improved compliance also boosted confidence and cohesion in the group’s collective effort ahead of a possible loosening Continue Reading
OPEC+ is seeking extra production cuts from members that haven’t missed their targets again in June, potentially tempering the impact of the supply resumption planned by the wider coalition next Continue Reading
In retrospect, it’s impressive that it lasted as long as it did. Four months after OPEC cobbled together a record production cut to offset the demand destruction unleashed by the Continue Reading
OPEC’s 13 members suffered an 18.4% contraction in their oil export revenue in 2019 on slumping prices, the organization’s Annual Statistical Bulletin showed July 13, denting their economies leading into Continue Reading
OPEC+ will hold a committee meeting this week to assess the status of the oil market and decide on its next steps. For now, the group appears ready to begin Continue Reading
Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the Continue Reading
Output cuts set to roll back to 7.6 million b/d in August Compensation cuts for May, June overages will add to total Middle East summer air conditioning to add to Continue Reading
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
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’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
