OPEC Update, August 2021
The OPEC Monthly Oil Market Report for August 2021 was published this past week. The last month reported in each of the charts that follow is July 2021 and output Continue Reading
Why The Market Doesn’t Need Much More OPEC+ Oil
While the Biden Administration calls on OPEC+ to boost production more than planned, the major oil forecasters scaled back their outlook on how much OPEC+ crude the market would need. Continue Reading
OPEC+ supply boost unlikely despite call from U.S. for more oil, says Goldman
U.S. investment bank Goldman Sachs said a recent call by the United States to OPEC+ to boost oil output is unlikely to result in higher production over the short-term given Continue Reading
A Major Rift Remains Within OPEC
Conflicts and major disagreements within OPEC usually go unnoticed as member states use consultation and decision-making mechanisms that prevent a public mess. The UAE’s recent decision to do the unexpected Continue Reading
U.S. calls on OPEC and its allies to pump more oil | Reuters
U.S. President Joe Biden’s administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global Continue Reading
Biden’s OPEC Plea Pits Fuel Price Fears Against Climate Push
President Joe Biden has pledged to wean the U.S. off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of Continue Reading
OPEC+ leaves Iran behind as it starts hiking crude oil production
Highlights Easing OPEC+ quotas squeeze Iran’s market share Iran’s oil hopes rest on stalled nuclear deal talks New Iranian president will be inaugurated Aug. 5 Iranian President-elect Ebrahim Raisi takes Continue Reading
OPEC July oil output hits 15-month high as demand recovers, survey shows
OPEC oil output rose in July to its highest since April 2020, a Reuters survey found, as the group further eased production curbs under a pact with its allies and Continue Reading
The Net-Zero Narrative Is Riddled With Holes
When the International Energy Agency released its Roadmap to Net Zero report, OPEC slammed it as “destabilizing.” Russia said the IEA’s plan could push oil to $200 per barrel. Even Continue Reading
OPEC, Energy Industry Should Thank Saudi Arabia For Oil Price Recovery
OPEC—as well as the entire energy industry—should be thanking Saudi Arabia for its “magnificent” job in managing their production during the Covid-19 pandemic, according to Robert Yawger, executive director of Continue Reading