Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia and others seeking to boost global energy prices. The meeting of Continue Reading
Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in Continue Reading
OPEC’s strategy in the past has been to alter its oil production in order to bring about market stability. However, the rise of U.S. shale oil forced the cartel to Continue Reading
A growing scarcity of oil storage space is driving some of the world’s biggest crude producers to negotiate a truce this week in a Saudi-Russian fight for market share that Continue Reading
The Saudi-led Organization of the Petroleum Exporting Countries will convene a virtual meeting on Thursday with other oil-producing nations including Canada and Russia, aiming to negotiate a truce in a Continue Reading
OPEC and its allies are regrouping over the weekend following signals from US President Donald Trump that American producers would not be joining any production cut and a rift between Continue Reading
The first three months of 2020 have shocked the global energy market to its foundations. The toxic mix of coronavirus, a global economic recession, and an unexpected OPEC+ price spat Continue Reading
Russia still supports talks with other leading oil producers on stabilizing the market, Kremlin spokesman Dmitry Peskov said Sunday. “Russia was not a supporter of ending the OPEC+ deal. President Continue Reading
OPEC will invite the U.S. oil regulator to take part in the emergency OPEC+ video meeting on Monday, a source involved in the preparation of the meeting told Russian news Continue Reading
OPEC and its allies will not hold their emergency virtual meeting on Monday and will likely postpone it until April 8 or 9 to allow more time for negotiations among Continue Reading
OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of worldwide supply in what they expect will be a global Continue Reading
The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified. The ongoing oil market volatility, the battle Continue Reading
Saudi Arabia and Russia are pressing the U.S. to coordinate oil output cuts in an attempt to stabilize prices, OPEC officials said, as the demand for crude plummets amid the Continue Reading
Energy Secretary Dan Brouillette told oil industry representatives Friday that he expected a Saudi-Russia deal on crude production cuts within days. Brouillette’s comments came during a conference call with a broad Continue Reading
Vladimir Putin said a cut to global oil production of about 10m barrels a day is possible, but only if all major crude producers including the US join in the Continue Reading
Putin urges the United States to participate in oil output cuts. The United States should join with Russia and the Organization of the Petroleum Exporting Countries in cutting crude oil Continue Reading
With oil prices below Russia’s budget breakeven and with over 20 percent of global oil demand wiped out by the coronavirus pandemic, Russian oil firms could be ready to participate Continue Reading
The OPEC+ alliance plans an extraordinary meeting Monday via webinar to try and broker a deal on production cuts, according to delegates, following mediation by US President Donald Trump this Continue Reading
It is thousand barrels per day and is through February 2020. The OPEC data no longer includes Ecuador. OPEC 13 was down 546,000 barrels per day in February. The only Continue Reading
Just hours after one of the most powerful officials in the biggest U.S. oil state was invited to OPEC’s inner sanctum in June, propspects for a rapprochement between two historically Continue Reading
U.S. oil industry regulators opened a dialogue with OPEC in talks that could help foster a truce between the world’s three largest oil producers and potentially resolve a Saudi-Russian price Continue Reading
Rosneft CEO Igor Sechin said Friday that OPEC+ has lost its ability to influence the market, but the world’s biggest oil producers should continue to talk. Receive daily email alerts, Continue Reading
U.S. antitrust laws prevent a formal deal and there is no suggestion the two sides would coordinate on production decisions. But the Texas regulator is considering curtailing output in America’s Continue Reading
The March 18 meeting of the OPEC+ panel monitoring the oil market and producers’ compliance with quotas has been canceled, a source in one delegation told Russia’s news agency TASS Continue Reading
This week’s oil price rout had become inevitable and cutting output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will Continue Reading
Despite the break-up of the OPEC+ production cut agreement, “the doors aren’t closed” to future cooperation between Russia and OPEC, Russia’s Energy Minister Alexander Novak told local news channel Rossiya Continue Reading
Talks between Opec and Russia over whether to cut oil production in response to the coronavirus outbreak collapsed without a deal on Friday, sending crude prices plunging more than 9 Continue Reading
OPEC+ oil producers overcomplied with their collective production cut deal in January, thanks to overcompliance from OPEC members, Russia’s TASS news agency reported on Friday, quoting two sources in OPEC+ Continue Reading
The coronavirus outbreak is dealing a heavy blow to global oil demand, which is now expected to grow by just 480,000 bpd in 2020, compared to expectations of 1.1-million-bpd growth Continue Reading
Saudi Arabia has put all of its eggs in Vladimir Putin’s basket, allowing the Russian president to decide the course of the OPEC+ alliance’s production policy and, indeed, whether their Continue Reading
Saudi Arabia’s oil giant Aramco usually tells customers on the 5 th of each month how much they will pay for Saudi crude oil for the following month. But this Continue Reading
OPEC ministers agreed among themselves that oil production should be cut by 1.5 million barrels a day to offset the huge demand hit from the coronavirus epidemic, gambling that they can Continue Reading
OPEC’s crude oil production fell to the lowest in more than ten years last month as a number of producers cut more deeply than they had agreed to and Libya’s Continue Reading
Experts from OPEC+ recommended that oil ministers consider a larger production cut when they meet this week, as the havoc wrought on the world economy by the coronavirus prompted Wall Continue Reading
OPEC for now is planning to hold its ministerial meeting as scheduled this week, pending a final decision Monday with a teleconference under consideration, sources told S&P Global Platts. “At Continue Reading
OPEC could agree further oil production cuts at its meeting in Vienna this week, even if Russia decides not to join them, unnamed sources in the know told Reuters. In Continue Reading
It’s finally upon us. The week when ministers from the oil-producing countries of OPEC and their allies meet to decide on the future of their latest round of output cuts. Continue Reading
OPEC for now is planning to hold its ministerial meeting as scheduled this week, pending a final decision Monday with a teleconference under consideration, sources told S&P Global Platts. Receive Continue Reading
Russian President Vladimir Putin said Sunday that current oil prices are acceptable for Russia and he backed continued cooperation through the OPEC+ agreement to ensure market stability and combat the Continue Reading
Saudi Arabia is pushing to make a substantial cut in oil production when Opec and its allies meet next week, as global energy producers scramble to respond to the coronavirus Continue Reading
The OPEC+ group should not be complacent about the impact of the coronavirus outbreak on oil demand, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told reporters on Tuesday, a Continue Reading
Saudi energy minister Prince Abdulaziz bin Salman on Tuesday said he has confidence in OPEC+ and Russia, which is leading the non-OPEC members in the OPEC+ alliance, as Moscow is Continue Reading
Russia is in no rush to announce its position on additional cuts proposed by OPEC, as nothing urgent is happening in the oil market and there are two more weeks Continue Reading
Despite the uncertainty on the oil market amid the coronavirus outbreak, there is a common understanding among the OPEC+ coalition that ministers do not need to move forward their meeting Continue Reading
OPEC and its allies will meet in Vienna on March 5-6, officials confirmed Wednesday, formally abandoning plans to hold an earlier summit to confront the coronavirus’ impact on oil markets. Continue Reading
As 2019 came to a close, oil prices were under pressure from the continued surge of U.S. shale oil. Although OPEC and its partners had already cut production by more Continue Reading
The coronavirus outbreak in China will curb global oil demand growth by at least a quarter this year, and the production cuts of 600,000 barrels per day (bpd) proposed by Continue Reading
All OPEC data below is from the February edition of the OPEC Monthly Oil Market Report. The data thousand barrels per day and is through January 2020. OPEC Monthly Oil Continue Reading
A week ago, at an emergency meeting of the OPEC’s Joint Technical Committee, Russia refused to agree to the cartel’s proposal to reduce production by an additional 600 000 barrels Continue Reading
OPEC slashed on Wednesday its global oil demand growth forecast for 2020, expecting the coronavirus outbreak to weigh heavily on fuel demand in the world’s oil demand growth driver, China. Continue Reading
