A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said. The move, which was Continue Reading
Saudi Arabia is reportedly ready to extend current OPEC+ production cuts over May and June and also keep cutting 1 million bpd in oil output unilaterally, according to an unnamed Continue Reading
Abu Dhabi allowed trading of a futures contract linked to its flagship grade of crude for the first time on Monday in a debut that could test OPEC’s grip on Continue Reading
Russia, the leader of the non-OPEC group in OPEC+, favors a rollover of the alliance’s oil production cuts while seeking a slight increase for itself to meet higher seasonal demand, Continue Reading
OPEC+ will likely decide to keep oil production essentially steady for another month, according to four Reuters sources. Saudi Arabia and the UAE have both spoke out in favor of Continue Reading
The OPEC+ alliance led by Saudi Arabia and Russia is set to push global oil inventories back to 2019 levels later this year with demand recovering in China and the Continue Reading
The world’s growing thirst for oil, combined with lackluster upstream investment, will require OPEC to pump close to maximum capacity in the coming years, leaving the market more vulnerable to Continue Reading
Oil prices will likely remain at the current high levels in March and April, with Brent Crude prices averaging between $65 and $70 per barrel, after the OPEC+ group unexpectedly Continue Reading
U.S. oil firms focused exclusively on the shale patch are expected to only marginally increase their combined production this year compared to 2020, according to Bloomberg Intelligence data of listed Continue Reading
The OPEC Monthly Oil Market Report for March 2021 was published this past week. The last month reported in each of the charts that follow is February 2021 and output Continue Reading
