Lukoil’s chief executive Vagit Alekperov has joined Rosneft’s Igor Sechin in voicing his opposition to another extension of the OPEC+ oil production cut agreement, Reuters reports , citing Russian news Continue Reading
OPEC will consider at its December meeting instituting even deeper production cuts, OPEC sources told Reuters today, even though not everyone in the group is complying to the existing production Continue Reading
OPEC and its Russia-led non-OPEC partners in the production cut pact are currently not discussing changing the terms of their agreement, Russian Energy Minister Alexander Novak said on Monday. The Continue Reading
Data for the OPEC charts below were taken from the October OPEC Monthly Oil Market Report OPEC 14 crude oil production was down1,318,000 barrels per day in September. Most of Continue Reading
Increased cooperation is the best recipe for overcoming intensified uncertainties and heightened volatility on the global oil market, OPEC Secretary General Mohammad Barkindo said this week, inviting all 97 oil Continue Reading
The latest mission by OPEC and its partners to contain a crude oil glut is entering its most critical phase. Saudi Arabia, Russia and other major crude exporters have struggled Continue Reading
OPEC is currently restricting production to keep oil prices from tumbling in an oversupplied market fearful of faltering demand growth. But the national oil companies (NOCs) of the cartel’s largest Continue Reading
OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya—exempt from the production cut pact—and other members offset large increases Continue Reading
OPEC on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain Continue Reading
Venezuela’s output falls to 690,000 b/d as sanctions deadline looms Iraq, UAE to be main sources of OPEC growth in 2019 EIA sees ‘generally balanced’ market in 2020 Washington — Continue Reading
FILE PHOTO: Iraqi Oil Minister Thamer Ghadhban speaks to the media at the ministry’s headquarters in Baghdad, Iraq October 31, 2018. REUTERS/Khalid Al-Mousily/File Photo BAGHDAD (Reuters) – The OPEC+ group’s Continue Reading
OPEC has asked on Monday for a timely settlement to the tensions that have flared up between the United States and Iran and Venezuela, Anadolu Agency reported on Monday, citing Continue Reading
A form of cognitive dissonance seems to be taking over oil market watchers, a sort of a blind belief that US shale oil production is set to grow, and grow Continue Reading
OPEC’s crude oil production dropped to below 30 million bpd in June, down by 170,000 bpd from May and the lowest monthly output since April 2014, as higher Saudi oil Continue Reading
OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and Continue Reading
Excess inventories, weakening demand growth, and oil prices some $15 a barrel lower than this time last year left OPEC and its allies little choice but to roll over their Continue Reading
While OPEC and its allies successfully reached a deal to extend its production cut quotas into 2020, the oil price response was markedly disappointing, leaving the market to wonder if Continue Reading
OPEC and its partners came into their meetings this week in Vienna aiming to show the oil market some muscle; they left with oil prices falling. The 24-country coalition, which Continue Reading
Early on Tuesday, following their meeting in Vienna, the Organization of Petroleum Exporting Countries (OPEC) announced a nine-month extension to the existing agreement to limit oil production. The initial deal Continue Reading
OPEC on Monday approved a nine-month extension of its production cut agreement after a seven-hour meeting, renewing its commitment to shoring up oil prices at the expense of its market Continue Reading
OPEC and its partners have decided to roll over the existing production cut agreement for another 9 months. After weeks of deliberations, infighting, global pressure and media hype, OPEC and Continue Reading
After so much hype and anticipation, it seems that the OPEC meeting in Vienna was all but over before it had even begun. Russia and Saudi Arabia have agreed to Continue Reading
OPEC’s 14 member nations and a group of 10 countries led by Russia are gathering Monday and Tuesday for a high-stakes meeting in Vienna to discuss ways to balance the Continue Reading
OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia Continue Reading
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production, Russian President Vladimir Putin said. Putin, speaking after talks Continue Reading
Russian president Vladimir Putin said Saturday that Russia and Saudi Arabia have agreed to support an extension of the OPEC+ deal, which may be in force for an additional 6 Continue Reading
As part of the plan, Saudi Arabia will apply pressure to laggard producers, including Iraq and Nigeria, which haven’t complied with their pledged output curbs under the current agreement, the Continue Reading
Russian Energy Minister Alexander Novak said on Friday he hoped a meeting of G20 nations in Japan would provide clarity for OPEC and non-OPEC oil producers as they consider whether Continue Reading
OPEC is expected to roll over a deal on cutting supplies at a meeting next week and discuss deepening the curbs that have been in place since Jan. 1, Iraq’s Continue Reading
A deal between OPEC and other oil producers to curb oil output has played a positive role in stabilizing oil markets, Russian President Vladimir Putin was quoted as saying in Continue Reading
Highlights Rollover of supply cut agreement likely outcome G20 talks may overshadow OPEC meeting Secretary general up for term renewal London — Three months ago, OPEC and its allies deferred Continue Reading
Oil output in Iran and Venezuela, under U.S. sanctions, has fallen by more than that of other OPEC members party to a supply cut pact, suggesting President Trump’s policies have Continue Reading
It’s too early to say if OPEC and its Russia-led non-OPEC allies will extend next week their pact to cut oil production through the end of the year, Russia’s Energy Continue Reading
Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran Continue Reading
Gulf OPEC producers will keep their July oil production within their OPEC target despite the current global supply cut pact expiring at end of June, OPEC sources said on Thursday, Continue Reading
After weeks of disagreements, conflicting reports, and discussions about scheduling conflicts, OPEC has finally decided when it will hold its key meeting to decide whether to extend the oil production Continue Reading
With less than two weeks before OPEC’s production cuts are set to expire, the producer group and its allies appear no closer to choosing when their next meeting will be. Continue Reading
Saudi Arabia will back an extension of OPEC curbs in the second half of the year, the kingdom’s energy minister, Khalid al-Falih, said Monday, according to news reports. When OPEC Continue Reading
Iran’s oil minister met his Russian counterpart in Iran on Monday, industry sources said, raising hopes of progress in resolving an impasse over when OPEC and its allies will hold Continue Reading
“Fewer owners are willing to take their vessels into the Middle East and those that do demand a premium for the service,” said Anoop Singh, a tanker analyst for Braemar Continue Reading
The below charts, unless otherwise noted, were taken from the OPEC Monthly Oil Market Report . The data is through May, 2019 and is in thousand barrels per day. OPEC Continue Reading
OPEC and non-OPEC producers should raise oil production starting from the second half of the year in order to keep the market balance and acceptable oil prices, Alexander Dyukov, the Continue Reading
OPEC has cut its forecast for growth in global oil demand due to trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply Continue Reading
OPEC on Thursday said it faces a challenging second half of 2019, with demand-dampening trade disputes combining with expected robust non-OPEC supply growth to complicate the producer bloc’s oil market Continue Reading
OPEC and other producers including Russia are in final talks for an agreement, that may be signed in early July, to cooperate on oil supplies on a long-term basis, Japan’s Continue Reading
OPEC brought its oil production down to 29.876 million barrels per day in May according to the latest edition of OPEC’s Monthly Oil Market Report (MOMR) released on Thursday—a five-year Continue Reading
For all the geopolitical acrimony between the two countries, on the matter of OPEC oil production policy Saudi Arabia and Iran would appear aligned. Slumping prices and persistent builds in Continue Reading
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran Continue Reading
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran Continue Reading
Russia is not ready to commit to further production cuts under an OPEC/non-OPEC supply accord, with the oil market facing many uncertainties in the months ahead, the country?s energy minister Continue Reading
