Category: OPEC

The OPEC+ member countries are on the brink of a financial crisis if the latest assessments of the International Monetary Fund (IMF) are accurate. The IMF has presented a very Continue Reading

When OPEC and its allies met last month, Saudi Arabia’s energy minister dared oil speculators to test his determination to stabilize global markets. Now that a resurgent pandemic is threatening demand once Continue Reading

Data for the OPEC charts below are from the OPEC Monthly Oil Market Report and is in thousand barrels per day. All data is through September 2020. There was little Continue Reading

A panel of the OPEC+ group is discussing on Thursday the current major downside risks to oil prices—the return of oil supply from Libya and the rising coronavirus cases that Continue Reading

Highlights Barkindo says global oil demand ‘still looking anemic’ Monitoring committee meets Oct 19, catch-up cuts in focus Market risks ‘skewed to the downside,’ OPEC+ analysis says London — With Continue Reading

The OPEC+ alliance is optimistic that it will be able to gradually ease production cuts from January as planned, despite surging coronavirus cases in many countries, Russia’s Energy Minister Alexander Continue Reading

OPEC has again revised down world oil demand in 2021, according to the cartel’s latest Monthly Oil Market Report, and combined with OPEC’s consistent production quota laggards and rising U.S. Continue Reading

The OPEC+ group plans to taper the ongoing oil production cuts as of January 2021, as initially agreed, the energy minister of OPEC’s third-largest producer, the United Arab Emirates (UAE), Continue Reading

OPEC and its allies are still intending to taper their crude oil production cuts by almost 2 million b/d at the start of 2021, UAE energy minister Suhail al-Mazrouei said Continue Reading

OPEC raised its global oil demand forecast for 2020 by 60,000 b/d from last month to 90.29 million b/d on Oct. 13 as it sees an improvement in China’s demand Continue Reading

Saudi Arabia’s de facto leader, Crown Prince Mohammed Bin Salman, and Russian President Vladimir Putin urged other OPEC+ oil producers to stick with agreed production cuts, as energy prices come Continue Reading

Oil demand is projected to increase from nearly 100 million barrels per day in 2019 to around 109 MMbpd in 2045, according to OPEC’s latest World Oil Outlook report. Oil Continue Reading

OPEC expects global oil demand will exceed the pre-pandemic levels in 2022 and grow steadily until the late 2030s, when it will begin to plateau, the cartel said on Thursday, Continue Reading

The coronavirus pandemic will slow the pace of refinery expansions, but the market will still see significant overcapacity in the years ahead, OPEC said Oct. 8 in its latest long-term Continue Reading

OPEC has for the first time forecast the peak in global demand, estimating that the world’s thirst for oil will stop growing in about 20 years. Receive daily email alerts, Continue Reading

OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the U.S. and elsewhere. The Organization of Petroleum Continue Reading

OPEC and its allies sharpened their output quota compliance to 99% in September, led by the Gulf states, but discipline from Russia and some African producers continued to slip, the Continue Reading

Opec expects oil demand to keep growing for the next two decades, in contrast to large segments of the energy sector that believe a peak in consumption is close. The research Continue Reading

OPEC’s crude output held steady last month as the United Arab Emirates pulled production back sharply in atonement for recent months of oversupply. The UAE slashed by 310,000 barrels a day, Continue Reading

The United Arab Emirates cut its oil exports to the lowest level in almost two years last month, a sign that the country may be making good on its pledge Continue Reading

The OPEC+ alliance has 2.375 million b/d of so-called “compensation cuts” due to make up for previous overproduction in violation of quotas, but not all members have submitted plans to Continue Reading

Just when they thought they had rebalanced the oil market, OPEC members were served an unpleasant surprise from exempted fellow Libya. The country’s warring factions reached a ceasefire, and some Continue Reading

“We do not need the extra oil,” said the head of commodities trader Mercuria Energy Group. (Bloomberg) — Global oil markets won’t be able to absorb planned production increases by Continue Reading

Global oil markets won’t be able to absorb planned production increases by OPEC+ members as demand remains weaker than expected, said the head of commodities trader Mercuria Energy Group.Oil stockpiles have Continue Reading

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

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

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 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