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
1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the extra curbs promised in June, Continue Reading
Oil cuts set to ease to 7.7 million b/d in August Current talks focused on ensuring compliance JMMC scheduled to meet July 15 OPEC and its allies have not discussed Continue Reading
The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. Continue Reading
OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led Continue Reading
Russia is offering Mohammed bin Salman a slew of beneficial deals in order to lure Saudi Arabia away from the U.S. and into Putin’s sphere of influence. Saudi Arabia is Continue Reading
Highlights Iraq, Kazakhstan submit plans to make up for overproduction OPEC+ still awaiting cut schedules from Nigeria, Angola Loading programs suggest cuts are in the works London — OPEC+ crude Continue Reading
All OPEC charts below were taken from the latest OPEC Monthly Oil Market Report . All data is through May 2020 and is in thousand barrels per day. OPEC crude Continue Reading
OPEC+ emerged from its Joint Ministerial Monitoring Committee (JMMC) on Thursday confident that all members would reach their respective production quotas as laid out in the Declaration of Cooperation—eventually. The JMMC Continue Reading
Global oil demand will start to recover in the second half of the year from the crash in the second quarter, but it will still be down by 6.4 million Continue Reading
In its latest monthly oil market report released June 17, OPEC kept its 2020 forecasts largely unchanged from the May outlook, noting a historic contraction in oil demand but improving Continue Reading
The OPEC+ technical committee that met today did not make any additional recommendations for further production cuts, focusing instead on members who are failing to adhere to the current agreement, Continue Reading
The leader of the non-OPEC group of the OPEC+ pact, Russia, is showing an unprecedented commitment to the ongoing record collective production cuts by almost complying with its share of Continue Reading
Oil-production limits adopted by a group of major crude suppliers will soon bring prices back to “normal,” according to the oil minister from the United Arab Emirates. When energy markets Continue Reading
Few markets have been hit harder by coronavirus than United States shale. While global oil prices as a whole have taken quite a beating from a fall in oil demand, Continue Reading
Faster oil market rebalancing could present OPEC and other producers with an opportunity to ramp production in 2021, the International Energy Agency said in its latest monthly report, as it Continue Reading
Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC. For the time being, the Organization of Continue Reading
Deciding the OPEC+ oil production cuts on a monthly basis during the oil price and COVID-19 crises undermines market stability, Oman’s oil minister Mohammed Al-Rumhy has told S&P Global Platts. Continue Reading
Several delegates within the OPEC+ alliance have voiced concerns over plans for the group to meet monthly to assess production levels, casting doubt on a cornerstone of its strategy to Continue Reading
OPEC and its allies slashed almost one-fifth of their crude oil production in May, the first month of their landmark supply accord, according to the latest S&P Global Platts survey Continue Reading
OPEC’s second-largest producer, Iraq, which also happens to be the least compliant member of OPEC+ since the group started managing supply to the market in 2017, may have finally started Continue Reading
Non-OPEC Mexico, which was the surprise holdout in the OPEC+ meeting in April, bailed out of the group’s one-month extension of the record production cuts. But Mexico’s share of the Continue Reading
Iraq wants OPEC+ to take into consideration the economic and living conditions of countries when assigning quotas in oil production cuts, the country’s finance minister said, as OPEC’s second-largest oil Continue Reading
A deal to extend record OPEC+ output cuts was going smoothly — until Saudi Arabia and Russia discovered just how much some of their allies had been cheating. In private conversations, Saudi Continue Reading
OPEC and its allies led by Russia meet on Saturday over plans to extend record oil production cuts and to push countries such as Iraq and Nigeria to comply better Continue Reading
OPEC+ gathers on Saturday to ratify a deal for at least an extra month of record production cuts that U.S. President Donald Trump said saved the American oil industry. After a Continue Reading
OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such Continue Reading
Ever since OPEC teamed with Russia and other allies in late 2016 to tackle a global oil glut through production cuts, Iraq has been a reluctant participant, repeatedly flouting its Continue Reading
OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to Continue Reading
Russia’s Energy Minister Alexander Novak is predicting a shortage in the oil market next month, Ifax reported on Thursday. Novak said that the global oil markets could see a shortfall Continue Reading
The leaders of OPEC+ gave fellow members an ultimatum: stop cheating on oil-output quotas or the strict measures that have revived oil prices may start to be phased out. Saudi Continue Reading
