If OPEC+ increases its production as planned from January, the world will have to face a new 200+ million barrel surplus through May, Rystad Energy calculates. If OPEC+ increases its Continue Reading
OPEC and its Russian-led partners have postponed a meeting until Thursday. The arrival of a vaccine is a blessing for oil producers. Hopes for a vaccine, however, are causing a Continue Reading
OPEC is hoping a couple of days away from the market’s glare will allow cooler heads to prevail and rescue a deal to extend production cuts that analysts say is Continue Reading
Highlights Ministers hope to regroup by Dec. 3 meeting Saudi Arabia favors 3-month extension of oil cuts UAE wants tighter enforcement of quotas London — OPEC is hoping a couple Continue Reading
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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
The US oil sector is emerging gingerly from this year’s price crash and may even start increasing output again — so long as an increasingly fractious Opec agrees this week Continue Reading
Driven by a faster-than-expected comeback of Libyan oil production, OPEC’s crude output jumped in November by 750,000 barrels per day (bpd), the fifth consecutive increase in the cartel’s production, the Continue Reading
Oil prices are falling today as news broke that there is no clear consensus yet among the OPEC+ alliance on how to proceed from January. Oil prices are falling today Continue Reading
Leaders of the OPEC oil cartel adjourned their virtual meeting Monday on future production as no agreement was announced on whether to extend output cuts into next year. The OPEC Continue Reading
The OPEC meeting ended on Monday without an agreement among its members regarding the production cuts next year. Instead, the meeting ended with three of its heavyweights—Russia, Saudi Arabia, and Continue Reading
OPEC and allies led by Russia have yet to find a consensus on oil output policy for 2021, after an initial round of talks on Sunday and ahead of crucial Continue Reading
OPEC+ members will consider whether to extend existing oil cuts for three to four months or to gradually increase output from January during their two days of talks that start Continue Reading
OPEC and its allies headed into a two-day meeting with ministers still split on plans to delay a production boost, after failing to reach consensus in talks on Sunday night. Continue Reading
Iraq isn’t seeking exemption from OPEC+ production cuts because it does not want crude prices to drop, Alsabaah newspaper reported Nov. 29, citing the country’s oil minister Ihsan Ismaael. Oil Continue Reading
Russia is expected to agree to a short-term extension of OPEC+ production cuts when the group meets next week, according to analysts, helped by the fact that Moscow is less Continue Reading
OPEC+’s meeting that was put on the books at the last minute for Saturday is now being delayed to Sunday, according to anonymous Reuters sourc es. No reason for the Continue Reading
Oil prices are set for a fourth consecutive weekly gain as positive vaccine news and hopes of an OPEC+ production cut extension boosts bullish sentiment. For Global Energy Alert members 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
Nigeria is the latest OPEC member to urge the producer group to consider the economic implications of steep production cuts on its members ahead of the OPEC+ formal meeting next Continue Reading
OPEC+, a group of leading oil-producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week, a source with the knowledge of the matter said. Continue Reading
OPEC officials will meet this week on Wednesday, Thursday, and Friday to iron out details ahead of the meeting on November 30 and December 1 that will determine the fate Continue Reading
While the OPEC+ group considers extending the production cuts for three months, oil output in Libya continues to increase and has returned to 1.25 million bpd, the level the OPEC Continue Reading
Anonymous UAE officials claimed earlier in the week that the country was considering breaking away from OPEC, citing the difficulties it is facing due to the stringent production cuts it Continue Reading
The OPEC+ group has overproduced as much as 2.346 million barrels per day (bpd) over their collective quota since the start of the record production cuts, a source with knowledge Continue Reading
OPEC and its allies will keep the oil market guessing for a few weeks on whether they will maintain their deep production cuts into 2021, as traders largely expect and Continue Reading
Crude futures were little changed Nov. 17 after the OPEC+ Joint Ministerial Monitoring Committee failed to offer insight as to whether the group would extend its current output quotas into Continue Reading
Key oil ministers from OPEC and its allies will hold critical talks Nov. 17 on 2021 production quotas, steered towards an extension of current output cuts through March or June Continue Reading
The OPEC+ oil alliance should consider delaying its planned output boost by between three and six months, a technical panel that advises ministers suggested. The coalition — led by Saudi Continue Reading
The OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which Continue Reading
The OPEC+ group is getting closer to deciding how to proceed come January, according to several delegates who shared this insight with Bloomberg . After discussing the options, which included Continue Reading
Talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates. Saudi Arabia and Russia, Continue Reading
Saudi Arabia and Iraq will cooperate and coordinate their positions on oil policies within the organization of Petroleum Exporting Countries and will remain committed to decisions already made by the Continue Reading
Russia is not ready to discuss changes to the ongoing OPEC+ oil production cuts before the Joint Ministerial Monitoring Committee (JMMC) next week, Russia’s top oil diplomat Alexander Novak told Continue Reading
All OPEC data for this report is from the OPEC Monthly Oil Market Report . All data is through October 2020 and is in thousand barrels per day. The combined Continue Reading
Iraq and Saudi Arabia have affirmed their “full commitment” to the OPEC+ output curbs decision in order to achieve an oil price that is fair to both consumers and producers, Continue Reading
It’s the latest signal that the group is reconsidering plans to hike production in January. (Bloomberg) — OPEC+ ministers talked openly about the possibility of tweaking their oil-cuts deal, the Continue Reading
OPEC+ crude oil output ticked up 210,000 b/d in October, the latest S&P Global Platts survey found, as the alliance readies to set production levels for 2021 in what may Continue Reading
India wants OPEC to review its pricing policies for the Asian market and end the premium it puts on its crude for Asia, Indian Oil Minister Dharmendra Pradhan said at Continue Reading
The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one Continue Reading
The low oil prices and the record OPEC+ production cuts are set to nearly halve the net oil export revenues of OPEC members this year compared to 2019, sending them Continue Reading
Cloudy global economic prospects, along with a recent slide in oil prices, could prompt OPEC and its allies to ratchet back their production cuts to historic levels, sources told S&P Continue Reading
With the most recent round of coronavirus-inspired lockdowns in various parts of the world, OPEC may face its biggest challenge yet: cutting even more production . Would the cartel and Continue Reading
OPEC’s effort to shore up world oil markets during the pandemic is facing a new threat — from the group’s own rising production. In the past few months, the resurgent Continue Reading
While the oil market speculates on whether or not OPEC+ will ease its production cuts in January amid sluggish demand, rumors emerged on Thursday that the three biggest OPEC producers Continue Reading
Global demand currently is not supportive for OPEC+ easing the oil production cuts on January 2021, Ibrahim Al-Buainain, president and chief executive of Aramco Trading, told Gulf Intelligence on Wednesday. Continue Reading
Global economic and oil demand recovery is still anemic, OPEC Secretary General Mohammad Barkindo said on Monday, but noted that the cartel doesn’t see another plunge in demand like in Continue Reading
As OPEC and its allies ruminate over whether to ease their collective production cuts at the end of the year, a very interested – though perhaps distracted by the US Continue Reading
Russia does not rule out the possibility that OPEC+ could extend its current 7.7 million barrels per day of production cuts into next year, according to Russian President Vladimir Putin Continue Reading
Oil markets retained strength over the past week despite many bearish factors influencing the global economy. COVID-19 cases spiked in Europe leading to new lockdown measures in France and the Continue Reading
