Iran’s crude oil production dropped by 371,000 bpd between the second quarter of this year—when the U.S. announced the return of the sanctions—and September, according to the secondary sources in Continue Reading
OPEC has revised down its oil demand growth estimates for this year and next—a third downward revision in as many months—citing potential headwinds to global economic growth ranging from trade Continue Reading
The below charts were created with data from the OPEC Monthly Oil Market Report and the data through September 2018 . OPEC crude only was up 132,000 barrels per day Continue Reading
Russia’s Energy Minister Alexander Novak considers unnecessary for the country to join the Organization of Petroleum Exporting Countries, or OPEC, as the current relationship makes it possible to reach accords Continue Reading
This week the State Department accused OPEC of hiding spare capacity exceeding 1.4 million barrels daily. It urged the cartel to use it to stop the oil price rally that Continue Reading
The US and OPEC appear to be talking past each other when it comes to the producer bloc’s spare output capacity. The two sides don’t agree on the definition of Continue Reading
Opec and its allies have been responding to requests from the US for increased oil production and doing what they can to prevent prices rising, Saudi Arabia’s Crown Prince Mohammed Continue Reading
Highlights OPEC, allies surpass targeted 1 million b/d increase Saudi Arabia raises output by 110,000 b/d in September Iran drops 100,000 b/d as customers flee Libya pumps most since June Continue Reading
The State Department said figures from the Energy Information Administration suggested that OPEC was withholding 1.42 million bpd of spare capacity and the department was working with the cartel to Continue Reading
Saudi Energy Minister Khalid al-Falih said OPEC is technically able to raise oil output by 1.3 million barrels per day (bpd), the TASS news agency reported on Thursday. The minister Continue Reading
