OPEC+: impact Omicron on oil prices temporary OPEC + is meeting this week to discuss output plans Bloomberg polled analysts: group may decide to keep outcut cut plans unchanged OPEC+ Continue Reading
OPEC+ sees smaller oil market surplus at the beginning of 2022 Lower expected oil supply from non-OPEC+ producing nations was the key reason for a downgrade in the surplus estimate Continue Reading
OPEC ministers are due to hold a meeting on Monday to discuss the appointment of a new secretary-general, two OPEC sources said, with Kuwait’s candidate for the job holding widespread Continue Reading
OPEC and its allies are expected to revive more oil supplies when they meet next week, underscoring the group’s optimism in the outlook for global demand. The 23-nation alliance led Continue Reading
2021 was a challenging year for OPEC+ as prices began to recover, presenting a temptation that has always been difficult to resist. OPEC+ exercised restraint, however, refusing to open the Continue Reading
The OPEC+ group will likely proceed with its oil production policy of the past few months by deciding next week to add another 400,000 barrels per day (bpd) to its Continue Reading
Russia’s Deputy PM and top OPEC+ negotiator Alexander Novak explains in a recent interview why the group decided not to heed the U.S. call for more production Novak: Oil production Continue Reading
Highlights Omicron variant, geopolitics cloud the outlook for oil Shrinking spare capacity to impact alliance’s dynamics Prince Abdulaziz warns traders not to bet against OPEC+ After 11 meetings in 2021 Continue Reading
Sees OPEC+ raising output by 400,000 b/d at Jan meeting Expects oil price of $60-80/b throughout 2022 Russia’s second-largest crude producer Lukoil expects the OPEC+ group to continue its current Continue Reading
Oil has had a breakout year, and while some analysts remain optimistic, others are beginning to change their tune. The IEA has become the first market expert to actually issue Continue Reading
While the IEA believes Omicron will dent global oil demand, OPEC remains confident that demand will continue to bounce back strongly from its pandemic lows. Chart of the Week – Continue Reading
Raises first-quarter 2022 demand forecast by 1.11 mbpd Sees demand at 100 mbpd in Q3 2022, as previously forecast OPEC November output rises 220,000 bpd No further U.S. shale growth Continue Reading
The impact of the Omicron COVID variant on global oil demand will be mild and short-lived, OPEC said on Monday, leaving its 2021 and 2022 demand growth forecasts unchanged. In Continue Reading
OPEC raised its crude oil production by 285,000 barrels per day (bpd) to 27.72 million bpd in November as it continues to ease the cuts per the OPEC+ deal, but Continue Reading
The OPEC+ alliance of oil producers will continue to restore supply to meet growing demand, Russia’s Deputy Prime Minister Alexander Novak said on Friday. Volatility on the oil market is Continue Reading
Alexander Dyukov, the head of Russian oil producer Gazprom Neft, said on Friday it would be “logical” to keep the current OPEC+ agreement to manage oil output after 2022. In Continue Reading
Highlights OPEC boosts output by 300,000 b/d Non-OPEC allies lift production by 200,000 b/d Saudi Arabia, Kazakhstan, Iraq, Nigeria post steady gains OPEC+ quota compliance dips to 112.31% OPEC and Continue Reading
The number of Americans fully vaccinated against COVID-19 reached 200 million Wednesday amid a dispiriting holiday-season spike in cases and hospitalizations that has hit even New England, one of the Continue Reading
Attempts to cut investment in oil and gas to combat climate change are “misguided,” OPEC Secretary-General Mohammad Barkindo told an energy conference on Wednesday, arguing that producers have a critical Continue Reading
The combination of strategic petroleum releases from major oil importers and the discovery of a new Covid variant sent oil prices crashing last week There was plenty of pressure on Continue Reading
OPEC+ managed to stabilize oil prices after what had been an incredibly volatile week, with the cartel adding plenty of caveats to its decision to stick to its plan vis-a-vis Continue Reading
OPEC+ agreed to ease production cuts in January by 400,000 bpd OPEC+: There will also be an extension of the compensation cuts Saudi Arabia and Russia had already signaled that Continue Reading
OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil Continue Reading
Highlights Increase in oil output would require drilling investment Russia has pushed for increase to output quota in past Gap narrows between Russian, Saudi Arabian breakeven oil prices Lower fiscal Continue Reading
OPEC has once again failed to hit its target production level, falling 34,000 bpd short Both Saudi Arabia and Iraq saw production increases in line with the target OPEC+ meets Continue Reading
OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price rout and Continue Reading
Global oil stocks are set to rise faster than previously expected, according to an internal report prepared for the technical committee meeting of the OPEC+ group seen by Energy Intelligence Continue Reading
Omicron variant detected in more countries OPEC delays technical meetings to assess Omicron impact-sources Talks on reviving 2015 Iran nuclear deal will resume on Monday TOKYO, Nov 29 (Reuters) – Continue Reading
Oil prices plunged on Friday on renewed fears of a COVID-19-fueled drop in demand. OPEC has been slow to open the taps despite soaring oil prices over the past several Continue Reading
OPEC meetings moved to Wednesday/Thursday Policy decision likely on Thursday at OPEC+ meeting Oil plunged on Friday on new virus variant fears Fall was exacerbated by low market liquidity OPEC Continue Reading
Russia sees no need for urgent action on the oil market over the new Omicron coronavirus variant, Deputy Prime Minister Alexander Novak was quoted as saying on Monday, downplaying possibility Continue Reading
OPEC+ is monitoring developments around the new coronavirus variant, sources said on Friday, with some expressing concern that it may worsen the oil market outlook less than a week before Continue Reading
Oil Market Overreacting to Covid News, Analyst Sen Says OPEC and its allies are increasingly inclined to ditch their plan to raise output next week, as a new virus variant Continue Reading
OPEC expects that oil stockpiles released by consuming nations could massively swell the surplus in global markets. The projections from OPEC’s advisory body — the Economic Commission Board — come Continue Reading
The International Energy Agency accused Saudi Arabia, Russia and other major energy producers of creating “artificial tightness” in global oil and gas markets, urging the OPEC+ cartel to accelerate the Continue Reading
Top oil producers Saudi Arabia and Russia are considering a move to pause their recent efforts to provide the world with more crude, according to people familiar with those discussions, Continue Reading
The Biden Administration wants the OPEC+ alliance to pump more oil to lower gasoline prices The group dominated by Middle Eastern oil producers and Russia can’t do much more than Continue Reading
The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Continue Reading
A set of top oil-consuming countries are taking the supply-side dynamics into their own hands. Tuesday marked the official emergence of an “anti-OPEC+”. That’s according to Rystad Energy’s senior oil Continue Reading
The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Continue Reading
Crude oil seaborne exports from West Africa slumped below 3.5 million barrels per day in October, down from 3.84 million bpd in September as the continent’s major producer, Nigeria, struggled Continue Reading
OPEC and its allies are expected to stick with their current plan of gradually increasing output monthly, unless disrupted by unforeseen external factors, said Joseph McMonigle, Secretary General of the Continue Reading
Oil Market to Return to Surplus in 2022, ING Says OPEC+ officials warned they’re likely to respond to plans by the world’s largest oil consumers to release oil from their Continue Reading
OPEC+ has issued a grave warning to countries that look to release crude oil from their strategic reserves OPEC delegates: releasing millions of barrels from major oil consumers’ SPRs is Continue Reading
Crude oil seaborne exports from West Africa slumped below 3.5 million barrels per day in October, down from 3.84 million bpd in September as the continent’s major producer, Nigeria, struggled Continue Reading
The so-called No Oil Producing and Exporting Cartels Act, would give the U.S. Department of Justice the powers to sue OPEC members for manipulating oil prices and controlling production The Continue Reading
OPEC+ compliance with oil production cuts stood at 116% in October, up from 115% the previous month, internal data seen by Reuters showed, indicating the group continues to produce less Continue Reading
The OPEC+ group’s compliance rate with the oil production cuts rose to 116 percent in October from 115 percent in September, as the alliance, especially the OPEC members in the Continue Reading
OPEC+ countries’ seaborne exports for October and the first half of November have seen a clear increase. Amid other factors, this has helped pause the oil price rally over the Continue Reading
OPEC is seeing signs of an oil supply surplus building from next month so its members and allies will have to be “very, very cautious” when they review output policy Continue Reading
