OPEC’s production dropped to a four-year low in February, helped by Saudi Arabia and its Arab Gulf allies overachieving in their shares of the cuts, the monthly Reuters survey showed Continue Reading
OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter, Saudi Arabia and its Gulf allies over-delivered on the group’s supply pact while Continue Reading
The U.S. energy secretary said on Thursday the United States needs to be cautious about legislation allowing the Trump administration to sue OPEC and other oil producers oversupply cuts because Continue Reading
Trump ‘always concerned’ about rise in oil price US energy policy aims for stable prices: Perry IMO 2020 could raise diesel, jet fuel prices: IEA chief Washington — Receive daily Continue Reading
Brent is creeping back up towards the high-$60s per barrel, prompting a scolding of OPEC by President Trump via tweet earlier this week. Trump’s irritability with high oil prices is Continue Reading
Oil futures inched up on Tuesday after news that OPEC would continue production cuts despite comments from U.S. President Donald Trump, who criticized the producer group for rising crude prices Continue Reading
Eleven members of the Organisation of the Petroleum Exporting Countries (OPEC), and 10 other nations are collectively trying to remove about 1.2 million barrels of daily production to stabilize the Continue Reading
A monitoring committee for an OPEC and non-OPEC oil supply reduction deal found compliance with the cuts at 83 percent, four delegates from the group told Reuters on Wednesday. The Continue Reading
Even as oil-producing states in OPEC and beyond begin implementing the output cuts they agreed in December, the world’s need for their crude is shrinking further, suggesting that they will Continue Reading
Goldman Sachs thinks Saudi Arabia is leading oil cartel Opec in a policy of “shock and awe,” making bigger than expected supply cuts in an effort to lift pnces. Khalid Continue Reading
Russian Energy Minister Alexander Novak said on Thursday that there are risks for global oil markets from the political crisis in Venezuela, yet there are no proposals to reverse the Continue Reading
OPEC is having some success in heading off another oil market downturn, but over the medium-term the cartel faces much more serious risks. “OPEC’s production growth outlook over the medium Continue Reading
Venezuela’s Nicolas Maduro has sought OPEC support against U.S. sanctions imposed on his country’s oil industry, citing their impact on oil prices and potential risks for other members of the Continue Reading
The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC. Energy Minister Alexander Novak said in December it was Continue Reading
Rosneft’s chief executive Igor Sechin wants Russia to quit its production control deal with OPEC, Reuters reported last week, citing sources that have seen a letter Sechin wrote to President Continue Reading
Legislation targeting OPEC is suddenly gaining steam in the U.S. Congress, raising alarm bells for the cartel. On Thursday, the House Judiciary Committee passed a bill that would allow the Continue Reading
A senior administration official said on Friday that U.S. national security depends on affordable energy, and slammed cartels when asked if President Donald Trump would support a bill targeting the Continue Reading
Igor Sechin, head of Russian oil giant Rosneft and one of Vladimir Putin’s closest allies, has written to the Russian president saying Moscow’s deal with OPEC to cut oil output Continue Reading
OPEC and Russia are officially working to establish a formal alliance that would allow for the indefinite management of the oil market. The OPEC/non-OPEC coalition, often referred to as “OPEC+”, Continue Reading
OPEC’s crude oil production plummeted by nearly 1 million bpd from December to 30.86 million bpd in January, marking the lowest production for the cartel since March 2015, as Saudi Continue Reading
OPEC and non-OPEC countries could discuss a charter outlining open-ended cooperation in April, TASS news agency cited Russian Energy Minister Alexander Novak as saying on Thursday. Novak said in December Continue Reading
Saudi Arabia and its Persian Gulf allies are backing a formal partnership with a 10-nation group led by Russia to try to manage the global oil market, according to OPEC Continue Reading
The already strained relationship between U.S. lawmakers and two of President Trump’s staunchest supporters, Saudi Crown Prince Mohammed bin Salman and Abu Dhabi’s Sheikh Mohammed bin Zayed, seems to be Continue Reading
The political power struggle in Venezuela is heating up, and there seems to be no real solution on the horizon yet. The surprise move by Venezuela’s opposition leader Juan Guaido Continue Reading
OPEC and its allies do not rule out taking further action at their next meeting in April should oil inventories build up in the first quarter, OPEC’s secretary general told Continue Reading
OPEC highlights engagement with US producers Barkindo says Trump scoldings just ‘miscommunication’ Hess Corporation CEO thanks OPEC for oil cuts London — The head of a US shale oil company Continue Reading
U.S. oil producers sought on Wednesday to soothe OPEC’s worries about losing market share, telling the group that investors in the U.S. firms wanted a reduction in growth and higher Continue Reading
The oil production cuts that OPEC and its partners led by Russia agreed at the end of last year are proving slower to materialize than most observers expected, with Russia Continue Reading
The “journey to a balanced market will take time, and is more likely to be a marathon than a sprint.” The International Energy Agency (IEA) said that the OPEC+ cuts Continue Reading
OPEC published on Friday the long-awaited list of oil production quotas for each country in the OPEC+ deal, as it seeks to shore up market confidence that the cartel and Continue Reading
The International Energy Agency on Friday raised its estimate of the increase in non-OPEC oil supply this year on the back of supply surges from Russia and the US and Continue Reading
Qatar has left OPEC and is not included in this months report. All Qatar historical data has been removed from all OPEC charts. OPEC 14 production was down by 751,000 Continue Reading
OPEC has decided to hold an extraordinary full ministerial meeting on April 17 in Vienna to discuss the state of the oil market and the production cut deal, while the Continue Reading
The Energy Information Administration expects OPEC’s combined crude oil production this year to be 1 million barrels per day lower than in 2018, when the cartel produced an average 31.92 Continue Reading
Iraq’s oil production topped 4.6 million barrels per day (mb/d) in late 2018, roughly double production levels from a decade earlier. – Iraq is the second largest oil producer in Continue Reading
Crude oil production from members of OPEC is expected to fall to below 30.73 million b/d by the end of this year, the group’s lowest monthly output since February 2015, Continue Reading
The date for the next meetings of the Organization of Petroleum Export Countries and its allies has been proposed for 17 and 18 April, though this has yet to be Continue Reading
There is no need for the Organization of Petroleum Exporting Countries to schedule an extraordinary meeting before April, Saudi Arabia’s Energy Minister, Khalid al-Falih, told media, as quoted by Reuters. Continue Reading
OPEC plans to publish this week the quotas for individual countries under the new OPEC/non-OPEC production cut deal agreed upon on December 7 and in force since January 1, an Continue Reading
OPEC and US Shale have been duking it out in the oil markets for a few years now—ever since the days of $100 oil. OPEC, led by Saudi Arabia, took Continue Reading
OPEC crude cargoes leaving for the United States in December dropped to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm Kpler show. Continue Reading
When OPEC+ agreed to begin cutting crude oil production again in December, hardly anyone in the cartel thought the effect of the news on prices would be as lackluster as Continue Reading
The United States received in December the lowest volume of OPEC-derived crude oil in five years, according to market intelligence firm Kpler and data from Refinitive Eikon, cited by Reuters Continue Reading
OPEC and Russia-led non-OPEC oil producers are highly unlikely to create some kind of a formal joint organization for managing the oil market, due to the additional bureaucracy and to Continue Reading
OPEC has come through some turbulent times in the last few years as oil prices fell to decade lows. It has implemented production cuts, has rallied Russia to climb onboard Continue Reading
Russia’s budget has received an additional US$120 billion since Moscow’s cooperation deal with OPEC started two years ago, Russian Energy Minister Alexander Novak told local business daily Kommersant in a Continue Reading
Just a couple of weeks after OPEC and its partners agreed to implement another round of production cuts, the cartel is ready to extend these cuts as international prices continue Continue Reading
Russia continues to be the key partner of OPEC and its largest producer Saudi Arabia in managing the oil market. For a second production cut deal in a row, Moscow Continue Reading
OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per Continue Reading
Oil producer group OPEC plans to release a table detailing voluntary output cut quotas for its members and allies such as Russia in an effort to shore up prices, OPEC’s Continue Reading
