OPEC+ gathers on Saturday to ratify a deal for at least an extra month of record production cuts that U.S. President Donald Trump said saved the American oil industry. After a Continue Reading
OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such Continue Reading
Ever since OPEC teamed with Russia and other allies in late 2016 to tackle a global oil glut through production cuts, Iraq has been a reluctant participant, repeatedly flouting its Continue Reading
OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to Continue Reading
Russia’s Energy Minister Alexander Novak is predicting a shortage in the oil market next month, Ifax reported on Thursday. Novak said that the global oil markets could see a shortfall Continue Reading
The leaders of OPEC+ gave fellow members an ultimatum: stop cheating on oil-output quotas or the strict measures that have revived oil prices may start to be phased out. Saudi Continue Reading
When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a Continue Reading
Saudi Arabia and Russia have reached a preliminary agreement to extend the current level of the OPEC+ production cuts by one month, provided that the laggards in compliance ensure over-compliance Continue Reading
As OPEC+ producers head toward a consensus on extending their output curbs, oil’s rally is prompting some U.S. producers to open their taps once again. With U.S. futures rising as Continue Reading
OPEC+ is set to bring forward its meeting to Thursday, with a short extension of the current production cuts as the most likely outcome. Originally scheduled to take place on Continue Reading
OPEC+’s landmark production cut deal along with a pickup in demand in the east of Suez may prove effective in raising the official selling prices for the Middle East crude Continue Reading
OPEC+ ministers are considering moving up their meeting to June 4 instead of the previously scheduled June 9-10, so that July nominations can factor in any changes to oil production Continue Reading
OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria Continue Reading
Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production Continue Reading
Two conflicting reports about OPEC’s plans for oil production surfaced earlier this week–both citing unnamed sources. One set of sources claimed that Russia was considering an extension of the current Continue Reading
Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group. The talks between President Vladimir Putin and Continue Reading
OPEC will regain its position as a dominant force on international oil markets after the world emerges from the current crisis, Goldman Sachs analysts have forecast in a report titled Continue Reading
It’s “back to the future” for oil, says Goldman Sachs, as low prices reshape the industry into how it looked in the 1990s, including a dominant position for the Organization Continue Reading
1. Rig count hits record low – The U.S. rig count has fallen to record lows, plunging to 339 rigs on May 12. Since record-keeping began by Baker Hughes back Continue Reading
The OPEC+ coalition appears determined to ease the global oil glut and lift the oil prices that had cratered in April because of OPEC+ wrangling and crashing global demand in Continue Reading
Swift and bold output cuts by OPEC and its allies are boosting prices of physical oil barrels in Asia as supply tightens. Premiums for a wide-ranging variety of crude from Continue Reading
OPEC+ is responding to the oil market’s collapse with an urgency never seen before. The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million Continue Reading
All OPEC data in the charts below are from the OPEC Monthly Oil Market Report. The data is through April and is in thousand barrels per day. OPEC 13 crude Continue Reading
OPEC would have to nearly halve its crude oil production in the second quarter to balance the market, according to the organization’s latest analysis, as the COVID-19 outbreak continues to Continue Reading
Oil prices rose on Tuesday after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want Continue Reading
If you want to know where OPEC’s production is heading, one needs only to look at their next month’s OSP, particularly to its largest market, Asia. This week, Saudi Arabia Continue Reading
Highlights Bloc pumped 30.79 million b/d in April Saudi Arabia, UAE, Kuwait hit record highs OPEC+ deal imposes tough quotas in May London — OPEC turned up the taps in Continue Reading
Crude supplies from OPEC’s Middle East exporters, excluding Iran, soared in April to their highest level since at least January 2017. The surge came as Saudi Arabia and the United Continue Reading
After the collapse of the previous OPEC+ deal in early March, OPEC opened the taps in April, pumping at its highest level in 13 months. Top producer Saudi Arabia and Continue Reading
Oil prices are set to recover with the OPEC+ production cuts and gradual lifting of lockdowns around the world in the second half of 2020, when oil prices “will be Continue Reading
A British Petroleum-led project in Azerbaijan will have to cut production in May for the first time as Azerbaijan will need to take drastic measures to meet its new quota Continue Reading
Oil ministers from the OPEC+ coalition held an unscheduled conference call on Tuesday to discuss the collapse in crude prices, though a closing statement signaled they didn’t settle on any new Continue Reading
As oil prices continue to wilt before a much-hyped global supply accord takes effect in May, OPEC is keeping an eye on US President Donald Trump, awaiting cues that he Continue Reading
The sharp contraction in global oil demand amid lockdowns and stalled industrial activity will lead to the lowest demand for OPEC crude in more than thirty years this quarter. Global Continue Reading
2020 oil demand to fall by 6.8 mil b/d, more downside likely Call on OPEC crude to average 24.52 mil b/d this year Demand for OPEC crude to fall to Continue Reading
All OPEC data reflected in the charts below are from the April edition of the OPEC Monthly Oil Market Report. https://momr.opec.org/pdf-download/ The data in in thousand barrels per day and Continue Reading
The oil market has spent the past few days sniffing around an Opec deal that promised the biggest cuts to production in history – and has decided it was undercooked. Continue Reading
This weekend’s emergency OPEC+ teleconference meeting that saw the 23-member alliance agree to slash production by almost 10 million b/d is regarded as insufficient by several large banks, who say Continue Reading
“The historic agreement that we saw…is only 10 mb/d. But that is only half of the story,” U.S. Secretary of Energy Dan Brouillette said on Fox Business. “When you add Continue Reading
Shortly after Mexico won a historic “Mexican standoff” with Saudi Arabia on Sunday afternoon, and was exempt from a historic 9.7mmb/d oil production cut by OPEC+ member states (which Mexico Continue Reading
Saudi Arabia, Russia and the U.S. agreed to lead a multinational coalition in major oil-production cuts after a drop in demand due to the coronavirus crisis and a Saudi-Russian feud Continue Reading
Saudi Arabia and Russia ended their oil price war on Sunday by finalising a deal to make the biggest oil production cuts in history, following pressure from US President Donald Continue Reading
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow Continue Reading
The agreement to cut global crude oil output, reached amid high drama over the Easter weekend, appears effectively to be in two parts. A short-term agreement that’s probably not enough, Continue Reading
The price of a West Texas Intermediate barrel of oil shot up on Wednesday afternoon by nearly 7% shortly after OPEC’s President gave the market fresh optimism about tomorrow’s virtual Continue Reading
Fadhel says talks ongoing, but OPEC+ ready to act Russian rhetoric seen as negotiating tactic Kuwait production could hit 3.30 mil b/d in April London — The 23-country OPEC+ alliance Continue Reading
The G20 group of leading world economies will host an extraordinary energy ministers’ meeting Friday to discuss OPEC-led plans for a global crude production cut accord aimed at shoring up Continue Reading
OPEC’s ambitions for expanded global production cuts to level out the oil market’s coronavirus nosedive remain in the balance, with countries still far apart on many details — not least Continue Reading
The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically. While the forecast reflects Continue Reading
A globally coordinated oil production cut is “likely” but would fail to deliver the kind of reduction needed to balance the crude market, Goldman Sachs’ global head of commodities Jeff Continue Reading
