OPEC and other oil producers in the cuts pact are following developments in Venezuela and other countries to ensure an energy crisis is avoided, Secretary General Mohammed Barkindo said Thursday. Continue Reading
OPEC oil supply hit a four-year low in April, a Reuters survey found, due to further involuntary declines in sanctions-hit Iran and Venezuela and output restraint by top exporter Saudi Continue Reading
A global deal on oil production led by Russia and Saudi Arabia could be extended to the end of 2019, Saudi Energy Minister Khalid al-Falih told RIA news agency on Continue Reading
The end of the Iranian sanction waivers by the Trump Administration has put oil traders on edge. While most analysts are optimistic about OPEC leader Saudi Arabia being able to Continue Reading
On Monday, in a decision that rocked oil market participants around the world, the Trump administration announced that they will not be renewing or extending oil waivers they had granted Continue Reading
Saudi Arabia’s energy minister said on Wednesday he saw no need to raise oil output immediately after the United States ends waivers granted to buyers of Iranian crude, but added Continue Reading
Gulf OPEC producers can step in to meet any oil supply shortage following a U.S. decision to end waivers on buyers of Iranian crude, but will first wait to see Continue Reading
Highlights US sanctions aim at Iran’s 1.2 million b/d crude exports IEA pegs OPEC spare capacity at 3.30 mil b/d OPEC/non-OPEC quotas provide less cushion London — The looming lapse Continue Reading
The decision by Washington to not extend waivers on Iranian crude oil imports will be a key topic of discussion when OPEC members meet in Jeddah in May, and any Continue Reading
Saudi Arabia is ready to start pumping more oil if the United States indeed ends the sanction waivers they granted eight Iranian oil importers last November, Reuters reports , citing Continue Reading
Two sets of oil producers are fighting for dominance: the growing U.S. shale patch and the Organization of the Petroleum Exporting Countries. Investors are trying to figure out which side Continue Reading
Russia’s Energy Minister Alexander Novak, speaking about Moscow’s position on extending a global oil output deal, said on Wednesday it was too early to speak about preferable options. “We should Continue Reading
OPEC and heavyweight Russia may fight America for its share of the oil market, Russia’s Finance Minister Anton Siluanov told TASS on Saturday, even if it means quitting the OPEC Continue Reading
Artificial intelligence has been making inroads into the oil and gas industry for a while now after the industry realized all the benefits it could reap from the deployment of Continue Reading
OPEC may raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the Continue Reading
The Middle East is heading for a crisis in its oil industry. Unfortunately, the market doesn’t realize there is any danger on the horizon because it mainly focuses on how Continue Reading
Oil prices ran into a brick wall on Thursday, falling more than 1 percent on news that U.S. inventories jumped and OPEC may be considering an exit from its production Continue Reading
OPEC could raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying because extending production cuts with Russia and other allies could overtighten the Continue Reading
OPEC’s crude oil production dropped by more than 500,000 bpd month on month in March, to the lowest since February 2015, as Saudi Arabia followed through its commitment to cut Continue Reading
OPEC’s research and analysis arm pointed towards a much tighter market in 2019 as the group has seen its production fall significantly this year, led by curbs to Saudi Arabian Continue Reading
The below OPEC charts were taken from data in the OPEC Monthly Oil Market Report . All data is through March 2019 and is in thousand barrels per day. There Continue Reading
A senior Russian official has suggested Russia will press for an end of the OPEC+ production cuts after the end of June when the original agreement expires, Reuters reports . Continue Reading
Participants in the OPEC/non-OPEC crude production cut deal may change their approach to output levels this year, but the cooperation can withstand such changes, the head of the Russian Direct Continue Reading
The Saudi energy minister said on Monday it was premature to say whether a consensus existed among OPEC and its allies to extend oil supply cuts, but a meeting next Continue Reading
Over-delivering Saudi Arabia and blackouts in Venezuela helped push OPEC’s crude oil production down by 570,000 bpd from February to 30.23 million bpd in March—the lowest production from the cartel Continue Reading
As oil prices approach $70 a barrel, Rystad Energy expects that a short-lived price rally through the first half of 2020 will then lose momentum and be replaced by a Continue Reading
OPEC oil supply sank to a four-year low in March, a Reuters survey found, as top exporter Saudi Arabia over-delivered on the group’s supply-cutting pact while Venezuelan output fell further Continue Reading
OPEC’s oil production in March 2019 fell to its lowest level since February 2015, as Saudi Arabia cut more than it had pledged under the output cut deal and Venezuela Continue Reading
President Donald Trump called OPEC out on Twitter once again on Thursday, pressing the oil “monopoly” to stop driving prices higher. The US President’s latest tweet, while calling on the Continue Reading
Saudi Arabia is having a hard time convincing Russia to stay much longer in an OPEC-led pact cutting oil supply, and Moscow may agree only to a three-month extension, three Continue Reading
Russia is dragging its feet over the oil production cut deal that it has reached with OPEC and other non-OPEC countries. The deal, which was to go into effect on Continue Reading
OPEC decided to maintain deeper cuts for the next few months, but it also decided to delay until June a decision on whether or not to extend the supply curbs. Continue Reading
The United Arab Emirates’s energy minister said on Wednesday he expects OPEC to finalize the long-term cooperation charter with its non-OPEC partners in June. The UAE is committed to delivering Continue Reading
Oil producer group OPEC on Monday scrapped its planned meeting in April and will decide instead whether to extend output cuts in June, once the market has assessed the impact Continue Reading
The investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed Barkindo said. Barkindo was Continue Reading
Saudi Arabia’s energy minister said on Sunday he was optimistic about continued commitment to the oil supply cut agreement between OPEC and non-OPEC members. “I am obviously optimistic that implementation Continue Reading
OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the Continue Reading
OPEC and a group of 10 oil-producing nations led by Russia are deepening their crude production cuts, but remain split on whether the curbs should remain in place through the Continue Reading
OPEC and its allies are not likely to decide whether to extend their oil production cuts until June, close to their scheduled expiry, Saudi energy minister Khalid al-Falih said Monday. Continue Reading
OPEC (plus Russia) is meeting in Baku this weekend, and the Saudis are playing a delicate balancing act—not only disappointed in Trump’s less aggressive tactics against Iran, but also disappointed Continue Reading
The following OPEC charts were created with data from the OPEC Monthly Oil Market Report . All OPEC charts are through February 2019 and is in thousand barrels per day. Continue Reading
The Organization of Petroleum Exporting Countries will once again become a nemesis for U.S. shale if the U.S. Congress passes a bill dubbed NOPEC, or No Oil Producing and Exporting Continue Reading
OPEC will continue producing less crude oil than it could until at least June as April, when OPEC+ meets, would be too early to end the cuts, Saudi Arabia’s Energy Continue Reading
Saudi oil minister Khalid al-Falih said on Sunday that China and the U.S. would lead healthy global demand for oil this year but that it would be too early to Continue Reading
The global oil market will be watching Houston this week for signals out of the CERAWeek by IHS Markit conference on the path forward on US sanctions on PDVSA, the Continue Reading
Increased production by Nigeria and Iraq above the agreed quota by members of the Organisation of the Petroleum Exporting Countries (OPEC), in February, saw compliance level hitting 79 per cent Continue Reading
Goldman Sachs expects OPEC to succeed in clearing what it has deemed excessive oil supply by April, when the latest production cut deal will be reviewed at a meeting of Continue Reading
OPEC and its partners are unlikely to decide on their output policy in April as it would be too early to get a clear picture of the impact of their Continue Reading
Russia plans to speed up oil output cuts this month and by the end of the month it will bring the combined oil production cut level to 228,000 barrels per Continue Reading
Russia will speed up its oil production cuts this month and plans to reach its share of the OPEC/non-OPEC output reduction by end-March or early April, Russian Energy Minister Alexander Continue Reading
