Russia’s energy minister Alexander Novak held a series of meetings Wednesday, first with his new Kazakh counterpart and later with Russian oil producers, as the country moves towards a decision Continue Reading
Russia is still reviewing the recommendation of the OPEC+ technical panel for additional cuts of 600,000 bpd in response to the slump in oil demand over the coronavirus outbreak, Russian Continue Reading
The technical panel of the OPEC+ group recommended extending the oil production cuts agreed last December to the end of 2020, the current president of OPEC, Algeria’s oil minister, told Continue Reading
OPEC remains hostage to Russia’s reluctance, with plans still in limbo on instituting deeper production cuts to ward off the Wuhan coronavirus’ impact on oil prices. Receive daily email alerts, Continue Reading
OPEC saw its crude oil production dip by nearly 500,000 bpd in January from December, overcomplying with the collective cut, the monthly S&P Global Platts survey showed on Friday, but Continue Reading
After deliberations, Russia appears set to support Saudi Arabia in the push for deeper production cuts. OPEC’s Joint Technical Committee met on Tuesday, and it was only supposed to be Continue Reading
Azerbaijan energy minister Parviz Shahbazov said it’s unlikely the OPEC+ coalition of oil producers will move up their meeting that’s scheduled for early March. Receive daily email alerts, subscriber notes Continue Reading
US equities recorded timid gains on Thursday, while stocks in Asia edged lower on renewed anxieties about the spreading coronavirus as a Chinese doctor in Wuhan was reported dead and Continue Reading
Russia will support deeper oil production cuts across OPEC and its partners, Foreign Minister Sergey Lavrov told media at an event in Mexico. “We support this idea,” the top diplomat Continue Reading
OPEC’s crude production plunged by 470,000 b/d in January, according to the latest S&P Global Platts survey, with Saudi discipline and a Libyan blockade bringing the group’s output down to Continue Reading
While a technical panel of the OPEC+ coalition is recommending an additional cut of 600,000 bpd in response to the lower oil demand due to the coronavirus outbreak, OPEC’s key Continue Reading
Saudi-led efforts to implement deeper oil cuts to tackle the coronavirus’ impact on the market remained in limbo Thursday, with key ally Russia not yet on board with a proposal Continue Reading
Key oil producing countries led by Saudi Arabia and Russia appear set to implement 600,000 b/d of new production cuts for three months starting in March to counter the demand Continue Reading
OPEC and its allies ended the first half of a two-day technical committee meeting Tuesday with no pronouncements on new production cuts, but heard from a Chinese official who said Continue Reading
OPEC and its coalition partners are discussing deeper cuts to oil output in the wake of the global coronavirus outbreak and slowing Chinese demand. The technical committee of the 23-member Continue Reading
OPEC analysis estimates 200,000-400,000 b/d demand fall Analysts see OPEC+ agreeing on cuts of at least 500,000 b/d Ministerial meeting would need to be scheduled for vote Officials from OPEC Continue Reading
If you haven’t received our latest Global Energy Alert report , I strongly recommend you to sign up and read it immediately. From the latest breaking news on the Coronavirus Continue Reading
OPEC and its key ally in the OPEC+ coalition, Russia, are set to convene an extraordinary meeting of a joint technical committee on Tuesday or Wednesday this week, to discuss Continue Reading
Saudi Arabia and Russia are ready for “further coordination of actions” to ensure the stability of the global oil markets as oil prices have plunged amid concerns that the coronavirus Continue Reading
OPEC and its allies are considering a further cut in their oil output of 500,000 barrels per day (bpd) due to the impact of the coronavirus on oil demand, two Continue Reading
OPEC + will hold a technical meeting on Tuesday and Wednesday to discuss the impact of the deadly coronavirus on oil demand, OPEC sources told S&P Global Platts on Sunday, Continue Reading
Not all members convinced earlier meeting needed Mar cargoes set, so any new cuts would impact Apr Production data lag may force Saudi Arabia to decide blindly A coronavirus-triggered 10% Continue Reading
Not all members convinced earlier meeting needed Mar cargoes set, so any new cuts would impact Apr Production data lag may force Saudi Arabia to decide blindly A coronavirus-triggered 10% Continue Reading
OPEC is in discussions to bring forward its scheduled March 5-6 meeting as the oil market continues to be buffeted by the impacts of the coronavirus outbreak. Receive daily email Continue Reading
After several days of losses, oil prices stabilized on Tuesday morning after OPEC and partners announced their intent to extend output cuts till June of this year. Chart of the Continue Reading
OPEC is inclined to extend the ongoing production cuts at least through June and could discuss deeper cuts if need be, OPEC sources told Reuters on Tuesday, as oil prices Continue Reading
As leading OPEC producers downplayed fears of crippled demand growth in an attempt to calm the oil market on Monday, the cartel is said to be considering extending the ongoing Continue Reading
The oil market hinges and moves on forecasts. Whether it’s an oil demand growth forecast or a production forecast, no forecast is more closely watched and scrutinized than that provided Continue Reading
OPEC members are discussing a potential extension of the oil production cuts through the end of 2020, an OPEC source told Russian news agency TASS on Friday. Talks are at Continue Reading
U.S. efforts to rein in OPEC’s influence over global oil markets are losing momentum as the Trump administration takes a wait-and-see approach to energy prices. While supporters of a bill Continue Reading
Somebody big has got their analysis of the 2020 oil market flat wrong. That’s the bottom line from a comparison of supply-and-demand forecasts provided by OPEC, the International Energy Agency Continue Reading
In classic Putin style, the Russian president is now trying to push through reforms that would weaken the future presidency at the expense of the future prime ministerial post in Continue Reading
All OPEC data for the charts below are from the OPEC Monthly Oil Market Report https://momr.opec.org/pdf-download/ OPEC crude oil production continued to slide in December. OPEC production was down 161,000 Continue Reading
Healthier global economic growth in 2020 is expected to lead to higher oil demand growth this year, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) on Wednesday. OPEC Continue Reading
OPEC+ members will remain united in their stewardship of the oil market, whether or not their current production cuts are extended beyond their currently scheduled March expiry, OPEC Secretary General Continue Reading
OPEC not only continued to cut its crude oil production in December 2019, but it also managed to reach its deeper-cut target for Q1 2020 a month earlier than planned, Continue Reading
OPEC pared its crude oil production by 100,000 b/d in December, the latest S&P Global Platts survey finds, putting the bloc under its new, more-stringent quotas a month early. OPEC Continue Reading
Having exited the deal, Russia will be able to overcome stagnation in oil production, which threatens to become the longest since Soviet times. Despite a 9 percent decrease, Urals spot Continue Reading
OPEC+ officials say they see no need to reverse their production cuts in the face of heightened geopolitical tensions in the Middle East, with UAE energy minister Suhail al-Mazrouei declaring Continue Reading
OPEC’s crude oil production further declined in December as the cartel’s leader Saudi Arabia continued to lead by example cutting much more than required and as the biggest laggards in Continue Reading
OPEC and its allies thought they’d be facing a potential crisis of oversupply in the oil market in the early goings of 2020, but instead the assassination of Iranian General Continue Reading
OPEC and non-OPEC allies, including Russia, might consider ending their oil output curtailment deal next year in order to preserve market share and implement projects, according to Russian energy minister Continue Reading
The OPEC data for the charts below are from the OPEC Monthly Oil Market Report . and is thousand barrels per day. OPEC 14 was down 193,000 barrels per day Continue Reading
OPEC’s crude oil production declined by 193,000 bpd in November from October, as the cartel’s leader Saudi Arabia cut production ahead of the OPEC+ meeting, Iraq tried to fall in Continue Reading
OPEC will need tight discipline with its new, more stringent production quotas in the first quarter of 2020 if it wants to keep the oil market balanced and prevent prices Continue Reading
The price of oil has been trapped in the mid-$50s because of fear: 1) Fear that OPEC+ would break ranks and flood the global market with oil. 2) Fear of Continue Reading
With global gas supplies growing faster than demand and forecasters warning of a deepening glut , it was only a matter of time before analysts began talking about a gas Continue Reading
The OPEC+ deal could push oil prices back to $70 per barrel next year, assuming all goes according to plan. The combination of raising the production cuts to 1.7 million Continue Reading
OPEC+ agreed to cut production by 500,000 bpd, sending oil prices higher on Friday. During mid-day trading, WTI was just shy of $60 per barrel, and Brent moved closer to Continue Reading
OPEC’s “whatever it takes” strategy has so far meant that Saudi Arabia would make additional production cuts where non-complying members failed. Some members are banking on OPEC employing that strategy Continue Reading
