OPEC Confident About Oil Demand Despite Omicron Cases
While the IEA believes Omicron will dent global oil demand, OPEC remains confident that demand will continue to bounce back strongly from its pandemic lows. Chart of the Week – Continue Reading
OPEC upbeat on 2022 oil demand, says Omicron impact to be mild
Raises first-quarter 2022 demand forecast by 1.11 mbpd Sees demand at 100 mbpd in Q3 2022, as previously forecast OPEC November output rises 220,000 bpd No further U.S. shale growth Continue Reading
OPEC Sees ‘Mild And Short-Lived’ Omicron Impact On Oil Demand
The impact of the Omicron COVID variant on global oil demand will be mild and short-lived, OPEC said on Monday, leaving its 2021 and 2022 demand growth forecasts unchanged. In Continue Reading
OPEC’s November Oil Production Still Below Target
OPEC raised its crude oil production by 285,000 barrels per day (bpd) to 27.72 million bpd in November as it continues to ease the cuts per the OPEC+ deal, but Continue Reading
OPEC+ to continue to restore oil supply to meet growing demand -Novak
The OPEC+ alliance of oil producers will continue to restore supply to meet growing demand, Russia’s Deputy Prime Minister Alexander Novak said on Friday. Volatility on the oil market is Continue Reading
Russia’s Gazprom Neft supports OPEC+ deal after 2022
Alexander Dyukov, the head of Russian oil producer Gazprom Neft, said on Friday it would be “logical” to keep the current OPEC+ agreement to manage oil output after 2022. In Continue Reading
OPEC+ lifts crude output by 500,000 b/d in November amid omicron uncertainty
Highlights OPEC boosts output by 300,000 b/d Non-OPEC allies lift production by 200,000 b/d Saudi Arabia, Kazakhstan, Iraq, Nigeria post steady gains OPEC+ quota compliance dips to 112.31% OPEC and Continue Reading
COVID cases spike even as US hits 200M vaccine milestone
The number of Americans fully vaccinated against COVID-19 reached 200 million Wednesday amid a dispiriting holiday-season spike in cases and hospitalizations that has hit even New England, one of the Continue Reading
OPEC official hits at ‘misguided’ efforts to pare oil and gas
Attempts to cut investment in oil and gas to combat climate change are “misguided,” OPEC Secretary-General Mohammad Barkindo told an energy conference on Wednesday, arguing that producers have a critical Continue Reading
How OPEC+ Regained Control Of Oil Markets
The combination of strategic petroleum releases from major oil importers and the discovery of a new Covid variant sent oil prices crashing last week There was plenty of pressure on Continue Reading