A global oil glut has been virtually eliminated, figures published by OPEC showed on Monday, thanks to an OPEC-led pact to cut supplies that has been in place since January Continue Reading
The OPEC charts below were created with data from the OPEC Monthly Oil Market Report. The PDF File can be downloaded from here: OPEC MOMR All OPEC data is through Continue Reading
In OPEC’s May Oil Market Report, the group noted that non-OPEC supply continues to grow at a rapid rate, adding 0.87 million barrels per day (mb/d) in 2017, with expectations Continue Reading
As has been widely discussed in the aftermath of President Trump’s decision to withdraw from the Iran nuclear deal, the return of sanctions on Iran could disrupt oil shipments, with Continue Reading
Iraqi Oil Minister Jabar al-Luaibi said on Wednesday that OPEC will discuss a possible shortfall in global crude oil supplies following U.S. President Donald Trump’s decision to withdraw from the Continue Reading
United Arab Emirates Energy Minister Suhail al-Mazroui said on Tuesday that OPEC and non-OPEC efforts to rebalance the oil market and encourage oil investment “are progressing well”. “OPEC is a Continue Reading
Venezuela output lowest in survey history, save ’02-’03 strike Angola production falls to 18-month low Saudi output 9.95 mil b/d, Iraq 4.42 mil b/d, Iran 3.83 mil b/d OPEC crude Continue Reading
OPEC could achieve its goal of eliminating the oil inventory surplus this month. But the goal posts will now move to another metric in order to justify keeping the production Continue Reading
OPEC oil output fell in April to a one-year low due to declining production in Venezuela and lower shipments from African producers, a Reuters survey found, sending compliance with a Continue Reading
Angola’s crude exports fall to lowest since at least 2008 OPEC disruptions could send prices above $80 a barrel: BofAML While plunging output in Venezuela captures the oil world’s attention, Continue Reading
It’s “mission accomplished” for OPEC in its battle against bulging global inventories of oil, thanks to the production cuts it has had in place for nearly 18 months. The Organization Continue Reading
Extending the OPEC cuts beyond their current expiry date at the end of 2018 would seem unnecessary if oil prices keep rising, Iran’s Oil Minister Bijan Zangeneh told the Iranian Continue Reading
Global benchmark Brent crude turned positive in volatile trade on Monday as it jockeyed between downward pressure after Iran dashed hopes that OPEC would extend its production cap pact and Continue Reading
A constant feature of the oil market is the prospect of unforeseen supply outages, whether from war, industrial accidents, sabotage, natural disasters or more mundane operational problems. These outages range Continue Reading
In late 2016 OPEC engineered significant oil production cuts in order to address an oversupplied oil market. Global crude oil inventories had reached record highs, and the price of oil Continue Reading
A group of some of the world’s biggest crude producers said they would keep a tight grip on output for the rest of the year, and perhaps into next, capitalizing Continue Reading
All OPEC and non-OPEC oil producers including Russia are committed to supply cuts until the end of the year, UAE Energy Minister Suhail Mohamed al-Mazrouei said on Monday. UAE’s Oil Continue Reading
A meeting of the Joint Technical Committee (JTC) of the OPEC and non-OPEC oil producers part of the supply-cut pact found on Thursday that oil inventories in developed economies had Continue Reading
A joint OPEC and non-OPEC ministerial committee established to monitor compliance with a global supply cut agreement plans to meet again in Algeria in late September, sources said on Friday. Continue Reading
The oil production cuts and healthy oil demand growth have helped the global inventory surplus to nearly vanish and it certainly looks very much like OPEC and allies have a Continue Reading
Saudi Arabia’s Energy Minister Khalid al-Falih said on Friday global oil inventories had declined from their peak but had not yet fallen far enough. “Today (inventories) are still about 2.8 Continue Reading
Talk of higher oil prices usually sends oil prices higher, and the situation was supported Wednesday by a drain on U.S. crude oil inventories. A surprise draw on U.S. crude Continue Reading
Iranian Minister for Oil Bijan Zanganeh sees the relationship with Russia blossoming as both countries face increasing economic pressure from the United States. File Photo by Maryam Rahmanian/UPI April 18 Continue Reading
While the continuing Russia-OPEC discussions are dominating headlines, with a focus on a possible extension of the oil production cut agreement into 2019, the market is far from stable. Growing Continue Reading
OPEC and allies will keep the oil production cuts through the end of 2018, and will discuss at their June meeting whether to extend those cuts further, Kuwait’s Oil Minister Continue Reading
The legacy of oil refining in India, one of the world’s largest economies, shows the industry can develop with little risk to the climate, OPEC’s leader said. Mohammad Barkindo, the Continue Reading
The International Energy Agency said in its latest Oil Market Report that the supply overhang has pretty much vanished, thanks to OPEC’s efforts at limiting production. “It is not for Continue Reading
Oman’s oil minister Mohammed bin Hamad al-Rumhi called on all OPEC and non-OPEC producers who took part in the global supply cut pact to continue their cooperation to maintain suitable Continue Reading
The global oil stocks surplus is close to evaporating, OPEC said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from Continue Reading
OPEC said Thursday its crude oil output fell last month amid compliance with the oil cartel’s agreement to cut production , even as the world’s total oil supply continued to Continue Reading
All OPEC data below was taken from the April issue of The OPEC Monthly Oil Market Report . The data is through March 2018 and is thousands of barrels per Continue Reading
The rally in oil prices over the past year likely had more to do with higher demand rather than merely the supply taken off of the market by the OPEC/non-OPEC Continue Reading
A majority of the OPEC and independent oil producers participating in a current deal to cut supply like the idea of a long-term producers’ alliance, the energy minister of the Continue Reading
A thaw in the trade relationship between China and the United States and talk of $80 oil put crude oil prices squarely in rally mode in Tuesday trading. Without naming Continue Reading
Venezuelan output plunges as refining woes aggravate Saudi output 9.92 mil b/d, Iraq 4.46 mil b/d, Iran 3.82 mil b/d Angolan production falls to 18-month low UAE, Iraq, Ecuador see Continue Reading
Crude oil prices jumped a percent today on comments from Saudi Arabia’s Energy Minister Khalid al-Falih, who said he expected the OPEC+ production cut deal would be extended into next Continue Reading
Russian Energy Minister Alexander Novak said that an arrangement under which Moscow cooperates with the OPEC oil group could become indefinite once a current deal to curb oil production expires Continue Reading
OPEC oil output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey found, sending compliance Continue Reading
Tensions between Iran and Saudi Arabia triggered doubts about the success of the OPEC+ oil production cut deal two years ago when it was first being hatched. Now, with the Continue Reading
OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are Continue Reading
A number of oil exporting countries have suggested a six-month extension to the oil supply cut deal agreed by OPEC countries and non-OPEC crude producers, Iraqi oil minister Jabar al-Luaibi Continue Reading
Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years. Saudi Arabia’s Crown Prince Mohammed Continue Reading
This Day In Market History, March 26: OPEC Raises Crude Oil Prices By 9% Each day, Benzinga takes a look back at a notable market-related moment that occurred on this Continue Reading
A year and a half on from OPEC’s original deal to limit output, the surplus oil stashed in storage tanks around the world are nearly back to average levels. However, Continue Reading
Russian Energy Minister Alexander Novak said on Monday it was too early to consider exiting the global oil output deal and that any withdrawal from the agreement should be done Continue Reading
OPEC’s ministerial committee tasked with monitoring a deal with non-OPEC countries led by Russia to curb oil output by 1.8 million barrels per day until the end of this year Continue Reading
Crude oil prices jumped a percent today on comments from Saudi Arabia’s Energy Minister Khalid al-Falih, who said he expected the OPEC+ production cut deal would be extended into next Continue Reading
If U.S. oil production continues to boom at the current pace, OPEC and Russia should extend their production cut pact into 2020, Leonid Fedun, the vice president of Russia’s second-largest Continue Reading
Oil prices rose by around 1 percent on Friday, pushed up by Saudi plans for OPEC and Russian-led production curbs introduced in 2017 to be extended into 2019 to further Continue Reading
Compliance with a global deal to cut oil supply hit a new high in February and an inventory glut is shrinking fast, a joint OPEC and the non-OPEC committee said, Continue Reading
