OPEC+ is monitoring developments around the new coronavirus variant, sources said on Friday, with some expressing concern that it may worsen the oil market outlook less than a week before Continue Reading
Oil Market Overreacting to Covid News, Analyst Sen Says OPEC and its allies are increasingly inclined to ditch their plan to raise output next week, as a new virus variant Continue Reading
OPEC expects that oil stockpiles released by consuming nations could massively swell the surplus in global markets. The projections from OPEC’s advisory body — the Economic Commission Board — come Continue Reading
The International Energy Agency accused Saudi Arabia, Russia and other major energy producers of creating “artificial tightness” in global oil and gas markets, urging the OPEC+ cartel to accelerate the Continue Reading
Top oil producers Saudi Arabia and Russia are considering a move to pause their recent efforts to provide the world with more crude, according to people familiar with those discussions, Continue Reading
The Biden Administration wants the OPEC+ alliance to pump more oil to lower gasoline prices The group dominated by Middle Eastern oil producers and Russia can’t do much more than Continue Reading
The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Continue Reading
A set of top oil-consuming countries are taking the supply-side dynamics into their own hands. Tuesday marked the official emergence of an “anti-OPEC+”. That’s according to Rystad Energy’s senior oil Continue Reading
The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Continue Reading
Crude oil seaborne exports from West Africa slumped below 3.5 million barrels per day in October, down from 3.84 million bpd in September as the continent’s major producer, Nigeria, struggled Continue Reading
OPEC and its allies are expected to stick with their current plan of gradually increasing output monthly, unless disrupted by unforeseen external factors, said Joseph McMonigle, Secretary General of the Continue Reading
Oil Market to Return to Surplus in 2022, ING Says OPEC+ officials warned they’re likely to respond to plans by the world’s largest oil consumers to release oil from their Continue Reading
OPEC+ has issued a grave warning to countries that look to release crude oil from their strategic reserves OPEC delegates: releasing millions of barrels from major oil consumers’ SPRs is Continue Reading
Crude oil seaborne exports from West Africa slumped below 3.5 million barrels per day in October, down from 3.84 million bpd in September as the continent’s major producer, Nigeria, struggled Continue Reading
The so-called No Oil Producing and Exporting Cartels Act, would give the U.S. Department of Justice the powers to sue OPEC members for manipulating oil prices and controlling production The Continue Reading
OPEC+ compliance with oil production cuts stood at 116% in October, up from 115% the previous month, internal data seen by Reuters showed, indicating the group continues to produce less Continue Reading
The OPEC+ group’s compliance rate with the oil production cuts rose to 116 percent in October from 115 percent in September, as the alliance, especially the OPEC members in the Continue Reading
OPEC+ countries’ seaborne exports for October and the first half of November have seen a clear increase. Amid other factors, this has helped pause the oil price rally over the Continue Reading
OPEC is seeing signs of an oil supply surplus building from next month so its members and allies will have to be “very, very cautious” when they review output policy Continue Reading
OPEC said the global oil market will switch from being under- to over-supplied as early as next month as the economic rebound from the coronavirus pandemic falters. The group’s Secretary-General Continue Reading
Global energy demand will increase by 28 percent from now until 2045 due to rising economies and population, according to OPEC’s World Oil Outlook discussed at the ADIPEC energy forum Continue Reading
The OPEC Monthly Oil Market Report for November 2021 was published this past week. The last month reported in each of the charts that follow is October 2021 and output Continue Reading
Russia says there is no shortage of oil in the global market and there may even be a surplus from early next year, adding to the chorus of other OPEC+ Continue Reading
OPEC Secretary General Mohammad Barkindo said on Monday that oil and gas were “targeted” for the first time at COP26 as having no place in the energy transition. As an Continue Reading
Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster. President Joe Biden, concerned that gasoline Continue Reading
Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday. In a Continue Reading
Cuts fourth-quarter 2021 demand forecast by 330,000 bpd Sees demand at 100 mbpd in Q3 2022, later than earlier thought OPEC Oct output rises 220,000 bpd, but four members pump Continue Reading
The OPEC+ group doesn’t plan to change the pace of easing the collective production cuts at its next meeting in early December and will review the output schedule in the Continue Reading
The OPEC+ group has the capability to increase its crude oil supply to the market if there is demand, according to one of the key members of the coalition, the Continue Reading
Your problem isn’t our problem was the harsh message delivered by OPEC+ on Thursday at a post-OPEC+ meeting presser. Referring to the energy crisis soaring energy costs, Saudi Arabia’s Energy Continue Reading
Saudi Arabia and its OPEC+ allies put oil prices in the hands of U.S. President Joe Biden, rejecting his pleas for a large production hike and leaving him the choice Continue Reading
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies must choose whether to heed American demands for more oil. The cartel Continue Reading
OPEC+ added just 140,000 barrels daily of crude oil last month Bloomberg: production constraints in Angola and Nigeria were part of the problem Several OPEC members said in recent days Continue Reading
It should not be taken for granted that the OPEC+ alliance needs to raise its monthly oil production more than currently planned, Kremlin spokesman Dmitry Peskov said on Tuesday, commenting Continue Reading
OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices. On Continue Reading
The increase in OPEC’s oil output in October fell short of the rise planned under a deal with allies, a Reuters survey found on Monday, as involuntary outages in some Continue Reading
For the past year, oil consuming countries have become increasingly anxious at crude’s resurgence: first to $50 a barrel, then $75 and now to more than $85. And when Vladimir Continue Reading
The Biden administration’s senior energy official on Sunday blamed the Opec oil “cartel” for soaring petrol prices in the US, putting more pressure on the group to increase crude output Continue Reading
Oil pared an early decline as OPEC+ may resist mounting pressure this week to boost production at a faster clip, and traders looked beyond China’s release of fuel reserves to Continue Reading
A daily increase of 400,000 barrels in oil output would be enough to meet demand, according to Iraqi Minister Ihsan Abdul Jabbar. The minister commented days before representatives from some Continue Reading
Highlights Joint Technical Committee discussed bearish demand scenario: delegate OPEC+ ministers set to meet Nov. 4 to discuss December output Coalition under pressure from consumers to further boost production OPEC Continue Reading
An OPEC+ committee trimmed its forecasts for global oil demand growth this year to 5.7 million barrels per day from 5.8 million, two sources said, amid a continuing strong recovery Continue Reading
Tight market for lighter, sweet crude grades across US, Europe Buying interest not matched for heavier, sour grades OPEC focusing on physical market over futures Freight, arbitrage economics seen putting Continue Reading
Saudi Oil Minister: OPEC+ needs to remain cautious with its approach to oil production adjustments despite rising prices OPEC+ is adding 400,000 bpd to its combined output every month Some Continue Reading
Putin: “Currently, the OPEC+ countries are increasing production volumes, even slightly more than they agreed to do, but not everyone can do it,” Some OPEC+ members—including OPEC’s Angola and Nigeria Continue Reading
Even if OPEC+ were to boost oil supply to the market, as major consuming nations have called for, it wouldn’t have much difference on the global natural gas market, Saudi Continue Reading
Saudi Aramco has cut prices for Asia-bound cargoes in November 2021 by 10-50 cents per barrel, with the heaviest Arab Heavy stream seeing the most marked month-on-month change Seemingly eager Continue Reading
The OPEC+ group saw its overall compliance with the collective oil production cuts at 115 percent in September, a delegate told Argus on Monday, down from the 116-percent compliance in Continue Reading
OPEC+ compliance with oil cuts fell slightly to 115% in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face Continue Reading
The OPEC Monthly Oil Market Report for October 2021 was published this past week. The last month reported in each of the charts that follow is September 2021 and output Continue Reading
