Nigeria Says OPEC Is Out of Spare Capacity
OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigeria’s Petroleum Minister Timipre Sylva told Anadolu Agency on Friday. Continue Reading
OPEC+ crude production falls as sanctions take bite out of Russia: S&P Global survey
Crude oil production by OPEC and its allies fell in March from February for the first time in more than a year, the latest S&P Global Commodity Insights survey found, Continue Reading
OPEC+ Considers Snubbing IEA Oil Data as Political Rift Deepens
The Organization of Petroleum Exporting Countries and its allies will no longer use oil data from the International Energy Agency to assess compliance with production quotas amid a deepening rift Continue Reading
OPEC Sees Smaller Oil Supply Surplus For Q1 2022
OPEC’s Joint Technical Committee has revised its estimates for Q1 supply and demand. In the Committee’s estimation, the supply surplus has shrunk to 600,000 bpd, versus its previous estimate of Continue Reading
OPEC Looks Beyond Politics, Focuses On Long-Term Production Plans
Gulf oil producers slam hypocritical attitude towards fossil fuels. The UAE and Saudi Arabia look to boost production capacity this decade. OPEC has its priorities, and it is sticking to Continue Reading
OPEC+ Expected to Rebuff Calls to Replace Lost Russian Oil
Oil Pares Losses After Dipping Below $100 OPEC and its allies are expected to rebuff calls this week to fill in the supply gap left by falling oil exports from Continue Reading
OPEC+ set for only slight output target increase despite Ukraine -sources
OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the group said, despite a surge in prices due to the Continue Reading
OPEC Warns A EU Ban On Russian Oil Could Have Serious Consequences
OPEC: EU oil embargo on Russia to hurt consumers. OPEC+ and OPEC have not officially commented on the Russian invasion of Ukraine. Nothing is off the table about additional EU Continue Reading
OPEC’s Best Kept Secret Will Soon Be Revealed
Russia’s invasion of Ukraine has sent oil prices soaring and could soon deprive oil markets of more than four million barrels of Russian oil. For decades, OPEC has been looked Continue Reading
OPEC+ Oil Production Is 1 Million Bpd Lower Than Target Level
Compliance with OPEC+ output cuts jumps to 136% in February. For more than seven months now, OPEC+ has actually added lower volumes to the market than the projected 400,000 bpd Continue Reading