OPEC Update, October 2021
The OPEC Monthly Oil Market Report for October 2021 was published this past week. The last month reported in each of the charts that follow is September 2021 and output Continue Reading
How Much Oil Can OPEC Realistically Add?
Only 5 producers in the OPEC+ alliance are able to significantly boost output in the short term Africa’s oil giants Nigeria and Angola are the hardest hit, with the pair Continue Reading
OPEC+ Is Hesitant About Boosting Oil Supplies: Here’s Why
Global oil stockpiles will continue to drain for the rest of the year, but things could look very different in 2022, with supply set to exceed demand if the OPEC+ Continue Reading
Rising U.S. Oil Production Unlikely To Spoil OPEC’s Party
Permian oil production could reach pre-pandemic levels soon Control over the market’s marginal oil supply and oil prices is firmly in the hands of OPEC+ Overall, America’s production growth next Continue Reading
OPEC Cuts 2021 Oil Demand Forecast
In this month’s report, OPEC revised downward its 2021 estimate due to lower-than-expected actual data for the first three quarters of the year In its closely watched Monthly Oil Market Continue Reading
Platts: OPEC+ Is Producing Less Crude Than It’s Supposed To
OPEC+ is producing less oil than it is supposed to, a survey by Platts has revealed, as cited by Forex Live. The oil cartel was supposed to pump a combined Continue Reading
Middle East Oil Producers Set For $165B Current Account Surpluses
This year’s oil price rally will help Middle Eastern oil producers book current account surpluses of $165 billion in 2021, compared to current account deficits of $6 billion in 2020, Continue Reading
U.S. Likely to Ask OPEC for More Oil Supplies, Yergin Says
The U.S. is likely to ask OPEC member states to pump more crude to help ease a surge in energy prices, according to oil historian Daniel Yergin. “Joe Biden knows Continue Reading
Why OPEC Didn’t Boost Production By 800,000 Bpd
Concern that demand for oil may weaken in the future was one of the reasons OPEC+ didn’t add additional barrels OPEC+ members aren’t keen to derail the current oil price Continue Reading
OPEC+ Holds Both the Knife and the Cake
OPEC+ holds both the knife and the cake in the oil market, according to Rystad Energy. OPEC+ holds both the knife and the cake in the oil market, especially as Continue Reading