The Bearish Threat Within OPEC
After a prolonged oil price plunge, pushing price levels down to around $59 Brent per barrel, signs are showing that the market believes the downward trend has overshot its target. Continue Reading
Saudi’s Falih: only Russia is still undecided on OPEC deal extension – TASS
Saudi Energy Minister Khalid al-Falih said Russia was the only remaining oil exporter still undecided on the need to extend the global output deal between OPEC and its allies until Continue Reading
Russia Calls The Shots In A Fractured OPEC
The fact that Russia and most OPEC members are happy at different oil price levels has never been a secret. Now, President Putin has said it as bluntly as possible: Continue Reading
Oil cut rollover ‘almost in the bag for OPEC,’ but talks continue with non-OPEC: Falih
OPEC is ready to commit to an extension of its oil production cuts beyond their June expiry, Saudi energy minister Khalid al-Falih said Friday, but non-OPEC partners, led by Russia, Continue Reading
Saudis: OPEC Close To Extending Output Cut Deal
OPEC is close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June, Khalid al-Falih, the energy minister of OPEC’s Continue Reading
Saudi energy minister says OPEC close to agreeing oil pact extension
Saudi Arabia said on Friday that OPEC and its allies should extend oil production cuts at around current levels as the kingdom did not want a fight for market share Continue Reading
Many oil exporters ready for a July 2-4 OPEC meeting in Vienna: Novak
Many oil exporting countries have confirmed they are prepared to hold a policy meeting with OPEC in Vienna over July 2-4, instead of the scheduled date later this month, Russian Continue Reading
Saudis and Russia Debate Response to Oil-Price Swoon
Saudi Arabia and Russia—the world’s top crude exporters—disagree about how to respond to a free fall in oil prices, and their energy ministers are set to meet in Russia in Continue Reading
Putin signals rift with OPEC over ‘fair’ oil price target
Russian President Vladimir Putin on Thursday laid the onus on Saudi Arabia to make the case for continuing a supply cut agreement set to expire at month’s end, saying he Continue Reading
OPEC+ should not raise oil output, with prices slumping: Lukoil CEO
Lukoil CEO Vagit Alekperov said Thursday he saw no need for the OPEC/non-OPEC producer coalition to raise crude output, given the recent fall in oil prices, and indicated he would Continue Reading
Russia, OPEC have ‘different understanding of the fair price’ of oil: Putin
Russia and OPEC have divergent views on a “fair price” for oil, but the two sides will continue to cooperate on managing the market, Russian President Vladimir Putin said Thursday. Continue Reading
Russian, Saudi energy ministries to meet on June 10 in Moscow
Russia and Saudi Arabia’s energy ministers, Alexander Novak and Khalid al-Falih, will chair a trade and economy commission in Moscow on June 10, the Russian energy ministry said on Wednesday. Continue Reading
Iran Opposes OPEC Rescheduling Meeting To Early July
Three weeks before the OPEC meeting currently scheduled for June 25-26, it looks like the cartel is at odds even about whether this meeting should be held in that particular Continue Reading
Russia Is Silently Preparing For An OPEC+ Deal Extension
Russia’s largest oil producer Rosneft is in talks with the government for possible compensation for losses in case OPEC and its Russia-led non-OPEC partners decide to extend the production cut Continue Reading
North American Imports Of OPEC Crude Oil Drop In 2018
The amount of crude oil making its way from OPEC member countries to the North America dropped in 2018 to an average of 2.813 million barrels per day—a drop of Continue Reading
OPEC+ Has Only One Choice As Oil Prices Slide
The meltdown for oil prices came to a halt, at least temporarily, after Saudi Arabia signaled that the OPEC+ production cuts would be sticking around for a little while longer. Continue Reading
OPEC says declining US market share trend continued in 2018
Highlights OPEC oil production declined 1.3% year on year in 2018 Group’s oil exports to North America declined 12.6% US oil output surged 17.2% over same period London — OPEC Continue Reading
Saudis Pledge To Rebalance Markets After Price Plunge
After oil prices booked in May their worst decline in six months amid fears that trade wars would slow down global economic and oil demand growth, the price of oil Continue Reading
OPEC Oil Output Set For Drop Despite Saudi Production Boost
OPEC’s oil production dropped to a 2015 low of 30.17 million bpd in May, as a major 200,000-bpd increase in Saudi Arabia’s production was unable to offset an even larger Continue Reading
Trump’s sanctions hit OPEC oil output despite Saudi boost – survey
Top oil exporter Saudi Arabia has raised production in May, a Reuters survey found, but not by enough to compensate for lower Iranian exports which collapsed after the United States Continue Reading
Trump’s sanctions hit OPEC oil output despite Saudi boost: survey
Top oil exporter Saudi Arabia has raised production in May, a Reuters survey found, but not by enough to compensate for lower Iranian exports which collapsed after the United States Continue Reading
Russia to consider extending oil output cut with OPEC: deputy PM
Russia’s Finance Minister Anton Siluanov speaks during a session of the VTB Capital Investment Forum “Russia Calling!” in Moscow, Russia, November 28, 2018. REUTERS/Maxim Shemetov NUR-SULTAN (Reuters) – Russia will Continue Reading
OPEC Signals Intention to Keep Limits on Oil Supply for All of 2019
Energy ministers from OPEC and its allies met to discuss prices and production cuts, in Jiddah, Saudi Arabia, Sunday, May 19, 2019. The meeting took place as tensions flare in Continue Reading
Oil Markets In Limbo After OPEC+ Meeting
Oil was flat at the start of trading on Tuesday, still caught between U.S.-Iran tensions on the one hand, and the downside risk of the U.S.-China trade war. – Venezuela’s Continue Reading
OPEC+ Top Priority: Don’t Crash Oil Prices
OPEC+ is considering increasing production in the second half of 2019, as the oil market tightens following a series of major outages. OPEC+ met in Jeddah over the weekend to Continue Reading
OPEC Considers Extending Production Cuts Till End-2019
OPEC and its partners may decide to keep the oil production cuts until the end of the year as the cartel fears a steep price drop if cuts were to Continue Reading
Analysis: Saudi energy minister says world does not need any more oil in coming months
Supply risks abound from Iran to Venezuela to Libya and the peak summer oil demand season is just around the corner, but Saudi energy minister Khalid al-Falih still sees a Continue Reading
Saudi Arabia says oil producers want to reduce inventories
Saudi Energy Minister Khalid al-Falih said on Sunday there was a consensus among OPEC and allied oil producers to drive down crude inventories “gently” but his country would remain responsive Continue Reading
Analysis: Saudi energy minister says the world does not need any more oil in coming months
Supply risks abound from Iran to Venezuela to Libya and the peak summer oil demand season is just around the corner, but Saudi energy minister Khalid al-Falih still sees a Continue Reading
Soaring oil prices cast shadow on US ahead of Opec meeting
In November 2018, Donald Trump tweeted : “Oil prices getting lower … a tax cut for America and the world! Enjoy! $54 … Thank you to Saudi Arabia.” Five months Continue Reading
Exclusive: Saudi’s Falih says oil stocks still building, but OPEC to act if needed
Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market’s needs, but that he was not sure there is an oil shortage Continue Reading
Russia Finally Brings Oil Production Below OPEC+ Cap
A month before OPEC and allies are set to discuss the future of their production cut deal, the leader of the non-OPEC group, Russia, appears to have finally fallen in Continue Reading
OPEC To Meet In Saudi Arabia To Discuss ‘Oil Supply Security’
As a panel of OPEC and Russian ministers is meeting this weekend in Saudi Arabian city of Jeddah to assess oil market conditions ahead of the full OPEC+ meeting in Continue Reading
Russia Hints At OPEC+ Deal Exit
OPEC’s key ally in all production cut agreements since 2017—Russia—appears to have somewhat reluctantly agreed to cut output in each of the OPEC/non-OPEC pacts over the past two years. Now Continue Reading
OPEC April Production Data
The data below was taken from the OPEC Monthly Oil Market Report . All data is through April 2019 and is in thousand barrels per day. The data is crude Continue Reading
OPEC sees more 2019 demand for its oil as it keeps cutting output
OPEC said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a Continue Reading
OPEC Oil Output Sees Small Dip In April Despite Deep Cuts
Crude oil production in the Organisation of Petroleum Exporting Countries fell by just 45,000 bpd in April, according to the cartel’s latest Monthly Oil Market Report , despite continued deep Continue Reading
Oil supply crunch to test OPEC’s spare capacity
Oil production capacity could fall to under one percent of global oil demand by the end of the year if OPEC compensates falling production from Iran and Venezuela, leaving oil Continue Reading
Will Russia Abandon The OPEC+ Oil Deal?
A month and a half before OPEC and its allies are set to sit down and discuss how to proceed with their production cut pact, the leader of the non-OPEC Continue Reading
Oil Slips Despite Bullish OPEC Report
Crude oil production in OPEC inched up by a modest 30,000 bpd to 30.26 million bpd last month, a survey by S&P Global Platts suggested, after four months of steady Continue Reading
OPEC in the dark on oil supply as Russia, Iran cut exports
OPEC is in the dark on the oil supply outlook for the second half of this year, with Iranian and Russian outages looking increasingly significant but Saudi Arabia reluctant to Continue Reading
Significant Supply Outages Put OPEC In A Very Difficult Position
Mounting uncertainty over oil supply disruptions are clouding OPEC’s outlook on global supply for the rest of this year, a month and a half before the cartel is set to Continue Reading
OPEC pumps 30.26 mil b/d in April, as sanctions-hit Iran’s output falls: Platts survey
After four months of decline, tightening the oil market considerably, OPEC’s collective crude oil production in April held relatively steady from March, rising just 30,000 b/d to 30.26 million b/d, Continue Reading
US confident OPEC will meet any supply gap from tougher Iran sanctions: DOE chief
The world’s major oil producers can offset any potential supply disruption as tougher US sanctions remove more Iranian barrels from the market, the US Department of Energy said Thursday. Energy Continue Reading
Has OPEC Reached Its Real Output Cut Goals?
OPEC production estimates from a couple of surveys are in and they suggest the cartel, despite its best efforts, has not been completely successful in its efforts to drive prices Continue Reading
Nations using oil ‘as a weapon’ causing damage to OPEC -Iran oil minister
Iran’s oil minister hit out on Wednesday against the use of oil sanctions “as a weapon” by the United States and the damage it was doing to OPEC, according to Continue Reading
Goal of June OPEC meeting to extend output cuts: Oman energy minister
The Organisation of the Petroleum Exporting Countries, Russia and other producers will be looking to extend their oil output cut agreement when they meet in June, Oman’s energy minister Mohammed Continue Reading
OPEC Oil Production Slips To 4-Year Low
Crude oil production from OPEC declined to the lowest in four years last month, a Reuters survey has suggested, largely because of the continued fall in Venezuelan output and lower Continue Reading
OPEC tries to depoliticize oil, secretary-general Barkindo says in Tehran
OPEC tries to depoliticize oil, the producer group’s secretary-general was quoted by the Iranian oil ministry as saying on Thursday, following accusations by Iran that the United States is using Continue Reading
Saudi Arabia, UAE “Draw The Death And Collapse Of OPEC”
In among the multitude of threats that Iran has made public since the US sanctions on Iran were levied, Iran has now heralded the collapse of OPEC, if OPEC members Continue Reading